This paper discusses the way in which the existence of foreign currency debt affects debt-sustainability analysis. We show that a devaluation of the local currency can significantly change the path of a sustainable fiscal policy. Our model expands previous research as the adjustment comes not...

This paper studies the cyclical behavior of public spending on health and education in 145 countries during 1987–2007. It finds that spending on education and health is procyclical in developing countries and acyclical in developed countries. In addition, education and health expenditures...

This paper constructs an efficiency-adjusted public capital stock series and re-examines the public capital and growth relationship. The paper also examines the effects of four specific stages of the public investment process—appraisal, selection, implementation and evaluation—on capital...

We examine the effect of strategic sale, which is the sale of banks to strategic foreign investors, on bank performance. The Government of Indonesia implemented such a policy as part of a bank restructuring in the aftermath of the 1998 banking crisis. Using difference-in-differences models, we...

Increasing awareness of food safety issues has led to intensive use of sanitary, phytosanitary and quality-related regulations and standards, imposing a burden on exporting countries worldwide. This study assesses the impact of such regulations and standards estimating a gravity model for...

Regarding scholarship on the political determinants of inequality, little attention has been paid to policy implementation. We examine the 2004 Chilean health reforms that sought to regulate private insurers, and measure their effects on gender and age inequality. We find that reforms intended...