This paper presents a novel framework to estimate the elasticity between nighttime lights and quarterly economic activity. The relationship is identified by accounting for varying degrees of measurement errors in nighttime light data across countries. The estimated elasticity is 1.55 for...

This paper provides new empirical evidence of the impact of an unanticipated change in public debt on real GDP. Using public debt forecast errors, we identify exogenous changes in public debt to assess the impact of a change in the debt to GDP ratio on real GDP. By analyzing data on gross public...

The coronavirus crisis has stiffened debt and development-related headwinds that had become strong even before 2020. Sustaining development while maintaining debt sustainability has been made harder by the protracted effects of the pandemic on public finances, earnings and employment, and human...

This paper provides the first review of the adequacy of PRGT finances since the comprehensive reform of the Poverty Reduction and Growth Trust (PRGT) in July 2021. It describes the lending response to the unprecedented pandemic-related demand; updates the PRGT demand scenarios and the estimates...

Contents: Preface -- 1. The idea of economic growth -- 2. Why manage without growth? -- 3. Systems, information and prices -- 4. Pricing nature -- 5. Limits to growth - sources -- 6. Limits to growth - sinks and services -- 7. Limits to growth - synthesis -- 8. Scale, composition and technology...

Recommended readings (Machine generated): 1. James E. Meade (1958), 'Is the National Debt a Burden?', Oxford Economic Papers, 10 (2), June, 163-83 -- 2. Franco Modigliani (1961), 'Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt', Economic Journal, 71...