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We draw on a newly collected historical dataset of fiscal variables for a large panel of countriesโto our knowledge, the most comprehensive database...
Contrary to the traditional assumption of interest rates on government debt exceeding economic growth, negative interest-growth differentials have bec...
Is rapid economic growth experienced by the East African Community during the past decade built on solid foundations? To gain some clues, we use a var...
Now and Forever?
Forecasters often predict continued rapid economic growth into the medium and long term for countries that have recently experienced strong growth. Us...
We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007โ17 in 37 countries based on publicly a...
Getting Granular
This is a Chinese translation of "Rethinking Macro Policy II" (SDN/13/03). This note explores how the economic thinking about macroeconomic management...
The Global Financial Crisis (GFC) and the COVID-19 pandemic are associated with the largest increases in public debt ratios since World War II. We dec...
During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support meas...
This paper takes stock of the main fiscal risks facing the EAC partner countries. These include macroeconomic shocks, and specific risks, such as the ...
This note provides an overview of recent studies that have begun to investigate how differing moral perspectives shape attitudes toward tax and spendi...
Empirical investigation of the factors underlying the growing usage of crypto-assets is in its infancy, owing to data limitations. In this paper, we p...
Financial globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and develop...
Why Some Countries Do Better
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The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution...
This paper documents the scale of capital flight from Russia, compares it with that observed in other countries, and reviews policy options. The evide...
This paper analyzes the Corporation of Foreign Bondholders (CFB), an association of British investors holding bonds issued by foreign governments. The...
The third stage of European Economic and Monetary Union (EMU) was implemented in January 1999 against the specter of persistently high unemployment in...
This paper examines the costs, benefits, preconditions, and implications of an Association of Southeast Asian Nations (ASEAN) regional currency arrang...
This paper studies net employment growth across 21 OECD economies in 1980-97, focusing on experiences within the European Union. It finds that sectora...
This paper seeks to revive the case for countries to self-insure against economic growth slowdowns by issuing GDP-indexed bonds. We simulate the effec...
Are there any differences in how workers of different skill levels respond to regional shocks? This paper addresses that question using the methodolog...
The Case of Spain
This study constructs an index of human capital for the Spanish labor force over the past two decades and projects it over the next decade on the basi...
While a number of emerging market crises were characterized by widespread contagion during the 1990s, more recent crises (notably, in Argentina) have ...