The COVID-19 pandemic has imposed major fiscal shocks to emerging market economies (EMEs) from output and revenue loss and from relief expenditures and government credit support. In some economies there has been partially compensating alleviation from lower interest rates. This study examines...

We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and associated lock-down measures on low-income countries. We focus on the impact over the medium-run of the degradation of health and human capital caused by the pandemic and its aftermath, exploring the trade-offs between...

This working paper takes into account six sources of financing - international reserves, swap arrangements, EFSD, IMF, multilateral development banks and bilateral financial support for macrostabilization. The analysis is of particular importance in the context of the current crisis associated...

This paper finds that tightening global financial conditions can worsen emerging economies' public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global risk aversion. Latin America and emerging Europe are the regions most likely to be...

The financial turmoil that hit Russia in August 1998 was extremely confusing to many foreign observers working in Russia. It was astonishing to see a country that seemed on its way to prosperity suddenly experiencing an economic meltdown. As part of my work, I was often asked to provide...

We extend the model used in recent quantitative studies of sovereign default, allowing policymakers of different types to alternate in power. We show that a default episode may be triggered by a change in the type of policymaker in office, and that such a default is likely to occur only if there...

Die Situation der griechischen Wirtschaft spitzt sich aktuell dramatisch zu. Eine Besserung der Lage setzt einen wettbewerbsfähigen Exportsektor voraus. Dabei wäre die Wiedereinführung der Drachme eine Option, die der Autor allerdings für schwer durchführbar hält.

Côte d'Ivoire is the world’s largest producer and exporter of cocoa beans, it accounts for 40% of the WAEMU's output, and 11% of its population are immigrant workers. Any political instability in the country will not only affect the domestic economy, but it will also affect the international...

The book analyzes distorted structures of the monetary and banking systems in developing countries which are common features. They negatively affect their macroeconomic efficiency and eventually lead to economic distorted performance and distortions. Sudan as an example of LDCs the banking...