We analyze how a wealth shift to emerging countries may lead to instability in developed countries. Investors exposed to expropriation risk are willing to pay a safety premium to invest in countries with good property rights. Domestic intermediaries compete for such cheap funding by carving out...

This paper presents the largest globally comparable panel database of education quality. The database includes 163 countries and regions over 1965-2015. The globally comparable achievement outcomes were constructed by linking standardized, psychometrically-robust international and regional...

This paper presents the most expansive and current cross-country dataset on education quality. The database includes 164 countries/territories covering over 98 percent of the global population from 2000-2017. Of these countries, 111 are low or middleincome economies. Harmonized learning outcomes...

Rates of return to investments in schooling have been estimated since the late 1950s. In the 60-plus year history of such estimates, there have been several attempts to synthesize the empirical results to ascertain patterns. This paper presents comparable estimates, as well as a database, that...

Little is known about which of the skills that make up workers' human capital contribute to higher earnings. Past empirical evidence suggest that most of the return to schooling is generated by effects or correlates unrelated to the skills measured by the available tests. This paper uses the...