The authors revisit the debt overhang question. They first use nonparametric techniques to isolate a panel of countries on the downward sloping section of a debt Laffer Curve. In particular, overhang countries are ones where a threshold level of debt is reached in sample, beyond which (initial)...

This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt...

This paper acknowledges the fact that some countries have to borrow in foreign currencies due to the various constraints they face. Starting from this point, the author reviews approaches for trying to determine the currency structure for sovereign debt, and discusses some issues inherent in...

The authors apply stochastic simulation methods to assess debt sustainability in emerging market economies and provide probability measures for projections of the external and public debt burden over the medium term. The vulnerability of public debt to adverse shocks is determined by a number of...

This paper discusses the analytical foundations of international comparisons for assessing a country's potential for improvement along various dimensions of social and economic development. The paper presents the Stochastic Frontier approach and applies it to estimate feasible frontiers or...

The main purpose of this paper is to provide a critical overview of the recent empirical contributions that use cross country data to study the effect of product market regulation and reform on a country's macroeconomic performance. After a brief review of the theoretical literature and of...

Using panel data models, the author examines the threshold effects of the productivity of infrastructure investment in developing countries. He considers various specifications of an augmented production function that allow for endogenous thresholds. More precisely, these specifications are...

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...

Bangladesh has achieved robust economic growth over the past 10 years, with real GDP growing by more than 6 percent on average each year. This paper investigates whether the country will be able to maintain such high levels of growth going forward. A simple growth model calibrated to the...

This paper uses data from the National Financial Inclusion Survey 2018 to understand the determinants of financial inclusion in Sri Lanka and their significance for inclusive growth. The findings highlight that gender, education, and formal employment are important determinants of financial...