Should state-owned enterprises change chief executive officer before privatizing? We test competing views on this question by complementing a recently released database with newly collected data. We are able to cover 77 telecommunications privatizations, which account for nearly 80 percent of...

This paper tests the efficiency of different structures of bank ownership in terms of its ability to target manufacturing sectors in need of credit. We find that state- owned banks do not play a significant role in the development of industries that rely more on external finance and/or that have...

This paper presents a new dataset on electoral systems and outlines its potential uses in further research exploring the connections between electoral systems and economic outcomes. The dataset provides indicators of the degree to which individual politicians can further their careers by...

Our review of the main proposals on international financial architecture currently under consideration gives reasons for concern that excessive emphasis on improving stability by impeding capital flows will have a deleterious development impact. Sustainable development requires initiatives...

In this paper we review the literature on sovereign debt with particular emphasis on indexation and maturity and the main policy proposals related to these topics. We also advance some implications derived from our work. In Alfaro and Kanczuk (2005a, b, c), we modeled sovereign debt as a...

Spreads on sovereign bonds are at an all-time low, at least since the current era of emerging economy bond markets began in the 1990s. This paper examines the current state of the international and domestic bond markets and asks whether the current favorable trends will constitute a durable...

This paper shows that budget deficits account for a relatively small fraction of debt growth and that stock-flow reconciliation, which is often considered a residual entity, is one of the key determinants of debt dynamics. After having explained the importance of the stock-flow reconciliation,...

The aim of this paper is to provide comprehensive empirical evidence on recent theories that link democracy and income inequality for the period 1960-1995. In simple cross-country regressions I find a non-monotonic link between these two variables when using ordinary least squares, instrumental...

Der Diskussionsprozess um ein internationales Klimaabkommen und zur Klimagerechtigkeit dauert an. Die Autoren stellen ein Modell vor, das Klimagerechtigkeit schrittweise und mit marktbasierten Instrumenten umsetzt. Sie fordern eine internationale Weltklimaordnung, die auf der Weltklimakonferenz...