Birth order effects in developed countries are consistently negative. That is, the later a child is born within a family, the worse their adult economic outcomes relative to their earlier-born siblings are. However, studies of birth order effects in emerging countries are scarcer and yield...

This paper explores the link between default risk and fiscal procyclicality. We show that countries with higher sovereign risk have a more procyclical fiscal expenditure policy, which is driven mostly by transfers. We build a small open economy model with income inequality, social transfers, and...

This is an excerpt from Frontier and Developing Asia: the Next Generation of Emerging Markets. Frontier and developing Asia, which includes countries such as Vietnam, Cambodia, and Bangladesh, is located in the world's fastest-growing region and has favorable demographics. Despite their...