Ms.Catherine A. Pattillo

After Paris

Fiscal, Macroeconomic and Financial Implications of Global Climate Change

This paper discusses the implications of climate change for fiscal, financial, and macroeconomic policies. Most pressing is the use of carbon taxes (o...

Second-Generation Fiscal Rules

Balancing Simplicity, Flexibility, and Enforceability

Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or intro...

Assessing Bias and Accuracy in the World Bank-IMF's Debt Sustainability Framework for Low-Income Countries

The World Bank and the IMF have adopted a debt sustainability framework (DSF) to evaluate the risk of debt distress in Low Income Countries (LICs). At...

Are Currency Crises Predictable? a Test

This paper evaluates three models for predicting currency crises that were proposed before 1997. The idea is to answer the question: if we had been us...

Some Misconceptions about Public Investment Efficiency and Growth

We reconsider the macroeconomic implications of public investment efficiency, defined as the ratio between the actual increment to public capital and ...

Commodity Price Volatility and Inclusive Growth in Low-Income Countries

In the years following the global financial crisis, many low-income countries experienced rapid recovery and strong economic growth. However, many are...

From Ambition to Execution

Policies in Support of Sustainable Development Goals

The formal launch of the Sustainable Development Goals (SDGs) sets the global development agenda through 2030, placing significant emphasis on promoti...

Is the Glass Half Empty Or Half Full?

Issues in Managing Water Challenges and Policy Instruments

This paper examines water challenges, a growing global concern with adverse economic and social consequences, and discusses economic policy instrument...

Public Investment, Growth, and Debt Sustainability

Putting together the Pieces

We develop a model to study the macroeconomic effects of public investment surges in low-income countries, making explicit: (i) the investment-growth ...

The End of An Era? the Medium- and Long-Term Effects of the Global Crisison Growth in Low-Income Countries

This paper investigates the medium- and long-term growth effects of the global financial crises on Low-Income Countries (LICs). Using several methodol...

After Paris

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Flight Capital As a Portfolio Choice

This paper sets flight capital in the context of portfolio choice, focusing upon the proportion of private wealth that is held abroad. There are large...

Anticipating Balance of Payments Crises

The Role of Early Warning Systems

Recent years have witnessed an increase in the frequency of currency and balance of payments crises in developing countries. More important, the crise...

Sub-Saharan Africa

Financial Sector Challenges

Financial sectors in low-income sub-Saharan Africa (SSA) are among the world's least developed. In fact, assets in most low-income African countries a...

Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa

This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. Th...

Global Shocks and their Impacton Low-Income Countries

Lessons From theglobal Financial Crisis

This paper investigates the short-run effects of the 2007-09 global financial crisis on growth in (mainly non-fuel exporting) low-income countries (LI...

Is the Glass Half Empty Or Half Full?

Issues in Managing Water Challenges and Policy Instruments

This paper examines water challenges, a growing global concern with adverse economic and social consequences, and discusses economic policy instrument...

From Ambition to Execution

...

Global Shocks and Their Impact on Low-income Countries

Lessons from the Global Financial Crisis

...