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Argues that inequality in income distribution retards the growth process of countries. Carries out an empirical investigation on the determinants of economic growth for a group of 45 countries.

Reviews some empirical evidence on the recent performance of alternative exchange rate arrangements in emerging markets. Examines the concrete circumstances under which either polar regime should be adopted. Studies how to make flexibility work in practice, with special attention to inflation targets and alternativie monetary policy rules. Focuses on the possible role of capital controls as a complementary policy.