The global financial sector recently suffered from two interrelated crises: the credit crisis and the sovereign debt crisis. A common question is whether there, for the sovereign debt crisis, has been any lessons learnt from the credit crisis. One interesting specific question is the...

The term «Corporate Governance» has become publicly known throughout continental Europe in the early 2000s, following a number of high-visibility corporate scandals. The underlying concepts, however, have a much longer history and date back to the early stages of the rise of corporations....

Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of debt accumulation episodes in 100 emerging market and...

The paper compares fiscal cyclicality across regions and countries from 1960 to 2016. It finds that more than half of 170 countries analyzed in seven regions had, in more recent years, limited fiscal space, and that their fiscal policy was either cyclical or procyclical. This was particularly...

Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past debt buildups have often ended in widespread...

Exemplifying the negative consequences of a variety of inappropriate fiscal and social policies, Zimbabwe has failed to realize its potential to become a strong, independent state, going from the admiration and envy of its neighbours to near-complete collapse and abject poverty. Economic...