Board of Governors of the Federal Reserve System

International Finance

The Division of International Finance is responsible for basic research, policy analysis, and reporting in the areas of foreign economic activity, U.S. external trade and capital flows, and developments in international financial markets and institutions. Research responsibilities are shared by staff economists in the sections listed below as well as by the officers in the Program Direction group.

Emerging Market Economies

The Emerging Market Economies section provides the Board with reports, policy analysis, forecasts, and basic research on the economic problems and policies of developing countries and their implications for the United States and the rest of the world. Special attention is given to the emerging market economies of Asia and Latin America and to the transition economies of Eastern Europe and the former Soviet Union. The section monitors the progress of IMF adjustment programs in countries experiencing crises and contributes to the debate regarding reforms of the international financial architecture. The section's work is concerned largely with open-economy macroeconomic issues, and many research topics have a cross-country flavor.