This paper extends the World Bank's Long-Term Growth Model (LTGM) with the addition of a natural resource sector to analyze how long-run growth evolves in resource-rich countries and the growth impacts...
Ratings of Public Expenditure and Fiscal Risk Management Project for Peru were as follows: overall outcome was satisfactory, relevance of prior actions was satisfactory, and achievement of objectives...
Macroeconomic shocks refer to any unpredicted disturbance to the economy through internal or external factors. The external shocks lead to volatilities and impose high risks on the economies. They may...
The COVID-19 pandemic has triggered a massive increase in global debt levels and exacerbated the trade-offs between the benefits and costs of accumulating government debt. This paper examines these...
Since the Great Depression of the 1930s, and through the more recent Asian Crisis of 1997 and Great Recession of 2008/09, governments have experimented with Keynesian style fiscal stimulus to support...
The deep recession in many of the emerging market transition economies of Europe and Central Asia caused by the COVID-19 crisis has raised fears of long-term damage to potential output through scarring...
Economies in the Middle East and North Africa (MENA) remain in crisis. The World Bank estimates the regional output to have contracted 3.8 percent in 2020 and expects it to rebound by only 2.2 percent...
Economies in the Middle East and North Africa (MENA) remain in crisis. The World Bank estimates the regional output to have contracted 3.8 percent in 2020 and expects it to rebound by only 2.2 percent...
Economies in the Middle East and North Africa (MENA) remain in crisis. The World Bank estimates the regional output to have contracted 3.8 percent in 2020 and expects it to rebound by only 2.2 percent...
Zoning laws that restrict rural land to agricultural production pose an important institutional barrier to industrial development. This paper studies the effects of the Industrial Areas (IA) program...
Waves of debt accumulation have been a recurrent feature of the global economy over the past 50 years. In emerging market and developing economies, there have been four major debt waves since 1970...
Many governments in developing countries have pursued policies targeting specific geographic areas over the past several decades. However, only a few have rigorously evaluated the causal impact of these ...
This is a statement by Guy Ryder, Director-General, International Labour Organization, at the 102nd meeting of the Development Committee held on October 16, 2020. Workplace closures continue to disrupt...
This is a statement by Dr. Mukhisa Kituyi, Secretary-General, at the 102nd meeting of the Development Committee held on October 16, 2020. While policy-makers around the world have reacted quickly and ...
It is conventional wisdom that industrial policies can be at odds with competitive markets. This note examines the historical basis for industrial policy and empirical effects. Although the direct effects...
Commodity-exporting developing economies are often characterized as having needlessly procyclical fiscal policy: spending when commodity prices are high and cutting back when prices fall. The standard...
Recent research on productivity spillovers from affiliates of multinational corporations in developing and emerging economies finds that backward linkages from affiliates of foreign-owned firms to local ...
The study is comprised of two volumes. Volume I provides a systematic review of the relevant international experience in fiscal decentralization for the mid-level of government. The work focuses primarily ...
This paper reviews the performance of fiscal rules across the world and provides some evidence oftheir effectiveness in improving fiscal performance. Moving beyond the usual approach, the analysisconsiders...