This paper proposes a general framework for monitoring macro-critical energy sectors in low-income countries, defined as consisting of the three subsectors of crude oil and natural gas production, refinery, and electricity production. It aims to derive consistent information on physical and...

There is a strong economic rationale for close cooperation between the public and private sectors. This has resulted in a significant increase in the demand for the provision of public services through instruments combining public and private money such as public-private partnerships (PPPs or...

Intro -- Contents -- I. INTRODUCTION -- II. THE SCOPE OF PUBLIC-PRIVATE PARTNERSHIPS -- III. BUILD-OPERATE -- IV. IDENTIFICATION OF THE ENDOGENOUS AND EXOGENOUS RISKS -- V. "WHITE ELEPHANTS" -- VI. COST-BENEFIT ANALYSIS: PRICES AND DISCOUNT RATES -- VII. THE ALLOCATION OF RISK BETWEEN THE PUBLIC...

Intro -- Contents -- I. INTRODUCTION -- II. MEASURING THE QUASI-FISCAL DEFICIT -- III. MACROECONOMIC RELEVANCE OF QUASI-FISCAL DEFICITS -- IV. ENERGY SECTOR CONDITIONALITY -- V. OUTCOMES AND LESSONS LEARNED -- VI. POLICY OPTIONS -- VII. EPILOGUE -- References.

The Debt Sustainability Analysis (DSA) for low-income countries (LICs) is a standardized analytical tool to monitor debt sustainability. This paper uses DSAs from three periods around the time of the global economic crisis to analyze the projected trajectories of debt ratios for a sample of...

The degree of an economy's monetization, which has an important implication on economic growth, can be affected by the conduct of monetary policy, financial sector reform, and episodes of financial crises. The paper finds that monetization--measured by the ratio of broad money to nominal GDP--...

We develop a model to study the macroeconomic effects of public investment surges in low-income countries, making explicit: (i) the investment-growth linkages; (ii) public external and domestic debt accumulation; (iii) the fiscal policy reactions necessary to ensure debt-sustainability; and (iv)...

We analyze factors driving persistently higher financial intermediation costs in low-income countries (LICs) relative to emerging market (EMs) country comparators. Using the net interest margin as a proxy for financial intermediation costs at the bank level, we find that within LICs a...

This paper studies tariff-tax reforms in a calibrated two-region global New Keynesian model composed of a developing and an advanced region. In our baseline calibration, a revenue-neutral reform that lowers tariffs in developing countries can reduce domestic welfare. The reason is that the...

This paper provides a historical perspective on the role of international reserves in low-income countries as a cushion against large external shocks over the last three decades - including the current global crisis. The results suggest that international reserves have played a role in buffering...