Numerous studies predict that developing countries with low human capital may not benefit from the strengthening of intellectual property rights. The authors extend an influential theoretical framework to highlight the role of intellectual property rights in the process of innovation and...

The authors propose four economic principles for use in deciding taxing responsibilities for various levels of government. These are: 1) efficiency of the internal common market - for efficiency in internal common market, taxes on mobile factors and tradable goods should either be assigned to...

This paper examines how different types of workers in seventeen middle-income countries were affected by labor market retrenchment during the great recession. Average employment growth slowed dramatically, particularly for wage and industrial sector workers, with corresponding increases in...

Financial globalization, defined as global linkages through cross-border financial flows, has become increasingly relevant for emerging markets as they integrate financially with the rest of the world. This paper argues that, because of the way it is often measured, it has also led to the...

The 2009 global recession demonstrated, once again, the importance of crisis prevention as well as the critical need for preserving policy room so that emerging market and developing economies (EMDEs) can act when their economies are hit by shocks. And now, with the global growth outlook still...

Although emerging market and developing economies (EMDEs) weathered the global recession a decade ago relatively well, they now appear less well placed to cope with the substantial downside risks facing the global economy. In many EMDEs, the room for monetary and fiscal policies to respond to...

This paper analyzes power utilities in 15 jurisdictions to understand the determinants of success for reforms aimed at improving financial viability and cost recovery in the power sector and the impacts of these reforms on metrics of sector performance. The analysis finds that electricity...

Like many emerging markets, the Arab Republic of Egypt is keen to promote distributed solar, defined here as systems below 500 kilowatts, but has struggled to create conditions for growth in the sector. The aim of this paper is to identify policy actions to unlock the distributed solar market...

This paper analyzes the spillover effects of U.S. monetary policy announcements on emerging market economies since end-2008, the period coinciding with the use of unconventional policy measures. Monetary policy surprises are measured by changes in two-year Treasury yields in short windows of...

The seven largest emerging market economies -- China, India, Brazil, Russia, Mexico, Indonesia, and Turkey -- constituted more than one-quarter of global output and more than half of global output growth during 2010-15. These emerging markets, called EM7, are also closely integrated with other...