This paper presents simulations for the period 2013-2030 of measures that permit increased spending on infrastructure and human development, the priority areas in Liberia's 2013-2017"Agenda for Transformation"and for its national vision, Liberia Rising 2030. The simulations are carried out with...

This paper presents empirical analysis of corporate savings in Egypt using two datasets: a survey of small and medium enterprises and data from accounting statements for the largest publicly traded firms. There are two main findings. First, larger firms invest more (they have more physical...

Over the last three decades, China's product, labor, and capital markets have become gradually more integrated within its borders, although integration has been significantly slower for capital markets. There remains a significant urban-rural divide, and Chinese cities tend to be under-sized by...

This paper reports the results of an experiment designed to test for the presence of debt aversion. The population who participated in the experiment were recent financial aid candidates and the experiment focused on student loans. The goal is to shed new light on different aspects of the...

The authors employ a novel dataset on almost 30,000 trade credit contracts to describe the broad characteristics of the parties that contract together; the key contractual terms, such as the discount for early payment; and the days by when payment is due. Whereas prior work has typically used...

This paper uses data on publicly listed companies in Jordan to evaluate corporate vulnerability and perform corporate stress testing. The exercise finds that both earnings and interest rate shocks have significant impact on corporate vulnerability. Because different banks have different sector...

The authors of this paper claim that modeling financial markets based on probability theory is a severe systematic mistake that led to the global financial crisis. They argue that the crisis was not just the result of risk managers using outdated financial data, but that the employed efficiency...

This paper starts by analyzing past growth trends and sources of growth in Togo, as well as the structure of the economic actors in the country. The second part explores the current binding constraints to rapid and sustainable growth. For increased international competitiveness and growth, Togo...

This paper analyzes the macroeconomic implications of population aging in Brazil. Three alternative yet complementary methodologies are adopted, and depending on policy responses to the fiscal implications of aging, there are two main findings: First, saving rates could increase and not...

How do borrowers respond to improvements in a lender's ability to punish defaulters? This paper reports the results of a randomized field experiment in rural Malawi that examines the impact of fingerprinting borrowers in a context where a unique identification system is absent. Fingerprinting...