We develop a multicountry model in which default in one country triggers default in other countries. Countries are linked to one another by borrowing from and renegotiating with common lenders with concave payoffs. A foreign default increases incentives to default at home because it makes new...

We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms' saving and capital misallocation. We first document the features of the data in terms of firm dynamics and debt financing. State-owned firms have higher leverage and pay much...

La région du Sahel et de l'Afrique de l'Ouest est confrontée à une grave crise de sécurité alimentaire et nutritionnelle : des taux de dénutrition sévère élevés y côtoient une forte prévalence des carences nutritionnelles et de la suralimentation – le « triple fardeau de la...

The Sahel and West Africa region is facing a serious food and nutrition security crisis with high rates of acute malnutrition, combined with high rates of malnourishment and over-nourishment – the "triple burden of malnutrition". Poor-quality diets are the root of all forms of malnutrition, as...

What are a country's policy options in the face of emerging technologies development in a global economy? To answer this question, we examine optimal dynamic policies in an open economy where technology is endogenously accumulated through R&D innovation. Our key insight is that a country has...

We study the reasons for the large, coincident increases in unbalanced international trade and overall trade from 1970 to 2019. We show that these two salient features--a rise in net and gross international trade--are largely a consequence of a reduction in intratemporal trade barriers rather...