Fiscal policy is procyclical in developing countries. An ample literature has explained this fact and explored its consequences for aggregate cyclical fluctuations. Multilateral Development Banks (MDBs) are an important source of finance for governments and therefore play a role in the execution...

Ausgelöst durch das Zusammentreffen niedriger Zinsen in reichen Ländern und einem hohen Finanzierungsbedarf für Infrastruktur in vielen ärmeren Ländern befindet sich die Verschuldung der Länder des Globalen Südens seit Jahren auf einem dramatisch hohen Niveau. Hohe Schuldendienstzahlungen...

This paper studies how the lender structure of external debts affects open economies' credit conditions via a model with heterogeneous lenders of different sizes. While atomic lenders take the collateral price as given, large lenders internalize the pecuniary externality whereby selling...

A Opening Addresses -- I International Lending in a Fragile World Economy -- II International Lending in a Fragile World Economy: The Point of View of a Commercial Banker -- III International Lending in a Fragile World Economy: A Supervisory Perspective -- B The Growth of International Lending:...