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An Overlooked Channel of International Business Cycle Transmission?
This paper shows that remittance flows significantly increase the business cycle synchronization between remittance-recipient countries and the rest o...
After several decades of increasing global economic integration, the world is facing the risk of policy-driven geoeconomic fragmentation (GEF). This n...
This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries’ growth ...
Domestic private saving rates have been on a declining trend in many Emerging Markets (EMs), raising questions about countries’ ability to generate ...
Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is the...
Economic Impact over the Short and Longer Term
This paper studies the short and longer-term impact of IMF engagement in Low-Income Countries (LICs) over nearly three decades. In contrast to earlier...
Fiscal Costs, Gains, and Support
Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of ...
While the level of disparities across regions in 10 advanced European economies studied in this paper mostly reflects productivity gaps, the increase ...
While the unemployment rate in the Baltics has fallen sharply from its crisis-peaks, it remains close to double digits. This paper estimates the struc...
Remittances to the Rescue?
This paper analyzes the link between remittances inflows and nonperforming loans (NPLs) in a large sample of developing countries. Theoretical transmi...
Theory and Evidence
This paper shows that high energy subsidies and low public social spending can emerge as an equilibrium outcome of a political game between the elite ...
This paper investigates the microeconomic origins of aggregate economic fluctuations in Europe. It examines the relevance of idiosyncratic shocks at t...
We analyze the impact of trade policy uncertainty on investment in the euro area. Our identification strategy assumes that countries that are relative...
The paper shows that foreign holdings of local currency government bonds in emerging market countries (EMs) have reduced bond yields but have somewhat...
This paper identifies a remittances channel that transmits exogenous shocks, such as business cycles in remittance-sending countries, to the public fi...
The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit p...
This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), condi...
Focusing on Low-Income Countries, we investigate the behavior of fiscal variables during and after elections. The results indicate that during electio...
Foreign holdings of emerging markets (EMs) government bonds have increased substantially over the last decade. While foreign participation in local-cu...
In the aftermath of the COVID-19 pandemic, emerging market and developing economies are grappling with economic scarring, social tension, and reduced ...
This paper aims to assess the economic impact of the IMF’s support through its facilities for low-income countries. It relies on two complementary e...