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This paper considers the implications for developing countries of a new wave of technological change that substitutes pervasively for labor. It makes simple and plausible assumptions: the AI revolution can be modeled as an increase in productivity of a distinct type of capital that substitutes...
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wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and …
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globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies …
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This paper focuses on the debt build-up that frontier low-income developing countries (LIDCs) have faced since 2012. First, it documents a 20-percentage point increase in the external and government debt-to-GDP ratios, a composition shift toward higher non-concessional debt, and a rise in...
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Monetary and fiscal policies around the world are in better shape today than two decades ago. This paper studies … whether financial globalization has helped induce governments to pursue better macroeconomic policies (the ""discipline effect … robust causal evidence. There is some evidence that financial globalization may have induced countries to pursue low …
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