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Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of debt accumulation episodes in 100 emerging market and...
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momentum for improving policy frameworks, institutions, and business climates seems to have slackened. The experience of the … shocks. The subsequent decade of anemic growth underlines the need for sound policy frameworks, institutions, and business …
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