stochastic policy mix lead to suboptimal allocations if banks do not internalize insolvency costs. The policy of forbearance may … make banks internalizing such costs and improves the efficiency of intermediation. …

This publication brings together two reference works by Angus Maddison: The World Economy: A Millennial Perspective …, first published in 2001 and The World Economy: Historical Statistics, published in 2003. This new edition contains Statlinks …, a service providing access to the underlying data in Excel® format. These two volumes bring together estimates of world …