This report provides a systematic review and empirical evidence related to the experiences of middle-income countries and economies participating in the Programme for International Student Assessment (PISA), 2000 to 2015. PISA is a triennial survey that aims to evaluate education systems...

"We find that in a sample of emerging economies business cycles are more volatile than in developed ones, real interest rates are countercyclical and lead the cycle, consumption is more volatile than output and net exports are strongly countercyclical. We present a model of a small open economy,...