This paper discusses the performance of the Philippine economy as it recovers from the Asian financial crisis and the challenges the country faces in sustaining the recovery and propelling the economy to a higher growth path. The economy has some strengths such as relatively healthy financial...

The strong recovery of the five crisis-affected countries of East Asia between 1999 and 2000 has revived the debate on the causes of the 1997 financial crisis. Initially there had been an emerging consensus that the crisis had originated from the capital account. However, some analysts see the...

The COVID-19 crisis comes at a complex moment for European climate policy as it pivots from a 40% 2030 emissions reduction target to a European Green Deal that is in better alignment with long-term Paris Agreement goals. Here, the implications of the dramatic fall in economic output associated...

The paper looks at two aspects of the Covid-19 pandemic. These are (i) the nature of this event and its implication for evaluating past policy and policy into the future, and (ii) the suitability of proposed changes in the implementation of competition policy affecting firm behaviour, market...

Most states have implemented quite strict measures designed to slow down the spread of the coronavirus among their populations. For most sectors, these measures have resulted in a significant reduction of economic activity, output, and hence also output-related emissions. Commitment to these...

This Working Paper provides a concrete illustration of how the existing international financial architecture could be activated more fully to mobilize the large sums required to respond decisively to the 'great divergence' in COVID-19 crisis recovery between advanced and developing countries as...

We develop a new methodology to nowcast the effects of the COVID-19 crisis and forecast its evolution in small, export-oriented countries. To this aim, we exploit variation in financial indexes at the industry level and relate them to the expected duration of the crisis for each industry, under...

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

Between 1914 and 1918, the Ottoman Empire was involved in the First World War, which caused economic disruptions, huge budget deficits, surmounted inflation rates and excessive devaluation of Lira, the Ottoman currency. Based on the value of Lira against the currencies of three selected...