New thinking on the nature of fragility and risk shows a shift from a one-dimensional understanding of fragility towards a more holistic approach in which degrees of fragility exist on a spectrum. This approach recognises the need for collaborative, regional and global solutions to tackle the...

The literature on aid and growth has not found a convincing instrumental variable to identify the causal effects of aid. This paper exploits an instrumental variable based on the fact that since 1987, eligibility for aid from the International Development Association (IDA) has been based partly...

At a time when aid budgets are under pressure and scrutiny, there is a need to improve accountability. This is especially true in the case of aid for trade, which has become an increasingly important priority in development co-operation. Strengthening Accountability in Aid for Trade looks at...

This paper explores whether one of the most important U.S. policies towards Africa of the past few decades achieved its desired result. In 2000, the United States dropped trade restrictions on a broad list of products through the African Growth and Opportunity Act (AGOA). Since the Act was...

We study how a demand shock in an export market propagates to the exporting country's banking system. Using the dual shocks of sanctions and falling oil prices suffered by Russia in 2014, we investigate the effects on Italian firms and banks more exposed to the Russian market. This event implied...