This paper documents the expanding economic linkages between low-income countries (LICs) and a narrow group of "Emerging Market leaders" that have become major players in regional and global trade and financial flows. VAR models show that these linkages have increased the share of growth...

This paper examines monetary policy transmission in Armenia in light of the authorities' intention to shift to an inflation-targeting regime over the medium term. We find that the capability of monetary policy to influence economic activity and inflation is still limited, as important channels...

Unpaid work, such as caring for children, the elderly, and household chores represents a significant share of economic activity but is not counted as part of GDP. Women disproportionately shoulder the burden of unpaid work: on average, women do two more hours of unpaid work per day than men,...