We investigate the interplay between government credibility and the visibility of policy-making, using the choice of a nominal anchor as an important example of how governments control visibility. We show that visibility has an important influence on how governments acquire credibility, and for...

A state-contingent financing facility would be an effective way to help mediate the economic and financial shocks resulting from the COVID-19 pandemic. An SSB could mobilize large amounts of financial resources from the international capital markets and provide cash flow relief to sovereign...

Many emerging market countries are facing urgent liquidity needs in light of economic and financial shocks resulting from the COVID-19 pandemic. Official resources by themselves have been insufficient to meet needs and should be complemented by private resources at reasonable cost. To overcome...

Frontmatter -- CONTENTS -- List of Figures -- List of Tables -- Acknowledgments -- Foreword -- Introduction -- PART I DEBT CRISIS IN THE THIRD WORLD -- Chapter 1 The Outlook for Development -- Chapter 2 External Shocks, Adjustment, and Income Distribution -- Chapter 3 Losers Pay Reparations, Or...

What determines the capacity of countries to design, approve and implement effective public policies? To address this question, this book builds on the results of case studies of political institutions, policymaking processes, and policy outcomes in eight Latin American countries. The result is...

Over the past 30 years, democratic freedoms and competitive electoral processes have taken hold as never before in Latin America. How Democracy Works takes a detailed look, from an institutional perspective, at each of the main actors on the policymaking stage in Latin America, emphasizing the...