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Rigidities, Polarization, and Fear of Japanification
South Korea's economic miracle is a well-known story. However, today Korea is confronting a new set of internal and external risks, which may foreshad...
This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over...
Public Deficits, Volatility, and Growth
One of the most striking macroeconomic developments during the last three decades is the rise and persistence of large fiscal deficits in a number of ...
Financial Repression or Income Catch-Up?
The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for larg...
This paper shows that increasing government social expenditures can make a substantive contribution to increasing household consumption in China. The ...
What Do the Data Say?
The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are...
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