We propose a "debt view" to explain the dominant international role of the dollar and provide broad empirical support for it. Within a simple capital structure model in which firms optimally choose the currency composition of their debt, we derive conditions under which all firms issue debt in a...

This article aims to contribute to the ongoing debate on post-capitalist economy by exploring the contours of a sustainability-oriented model of economic governance. To this end, the article analyzes the issues of sustainable development in the three main strands of international economic law...

Widespread economic recessions and protracted financial crises have been documented as setting back gender equality and other development goals in the past. In the midst of the current global crisis - often referred to as “the Great Recession” - there is grave concern that progress made in...

William Shakespeare's Tragedy of King Richard III, written approximately in 1592, is the story of evil acts by the detested and misshapen hunchback, Richard, who plots to sow discontent among his brother, the King, and others, and has his brother murdered along with other wicked deeds in order...

Illicit financial flows (IFFs) threaten countries' ability to achieve the Sustainable Development Goals (SDGs). Progressing on the IFFs target is thus crucial, as is the ability to measure achieved progress. In this paper we explore how to best statistically measure tax avoidance by...

There are substantial disagreements on the impact of macroeconomic policies on poverty. While past criticism of stabilization and adjustment programs have led to considerable changes in program implementation and program content, heated debates on the impact of macroeconomic policies on poverty...

This study was drafted as the EU topical report for IFA's general report on the topic reconstructing the treaty network and deals with the intersection of three areas: i) European Union law; ii) the OECD's Base Erosion and Profit Shifting project (BEPS) and its implementation, and; iii) member...

Conventional economic analysis assumes that Central Counterparties (CCPs) may help to reduce systemic risk and avoid future financial crises by mandating the central clearing of over-the-counter (OTC) derivatives. This view largely goes unchallenged by governments, regulators, practitioners, and...

The World Bank is no stranger to criticism of its projects, especially in respect of its privatization and private sector development projects. Critics point to the environmental, social and cultural damage that certain projects have caused, which for some appears not just to be a product of the...