This paper examines the factors affecting the persistence of fiscal consolidation in 25 emerging market countries during 1980-2001. It proposes a new approach for defining spells of fiscal consolidation. The results indicate that the probability of ending a fiscal adjustment is affected by the...

This paper fills a gap in the macroeconomic literature on renewable sources of energy. It offers a definition of green investment and analyzes the trends and determinants of this investment over the last decade for 35 advanced and emerging countries. We use a new multi-country historical dataset...

This paper decomposes the sources of the peace dividend into global, regional, and country-specific factors, and analyzes their relative importance. It finds that the easing of international and regional tensions and the existence of IMF-supported adjustment programs are systematically related...

This study assesses effects of expenditure composition and other variables on the duration of fiscal adjustment episodes in a sample of 29 developing countries. Using survival analysis, the study finds that expenditure composition, size of the fiscal consolidation, and past performance on fiscal...

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where...

The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought distributional issues to the top of the policy agenda. The challenge for many governments...

The electoral campaign of Argentina's new president Javier Milei has revived the debate over the pros and cons of dollarization. Critics argue that dollarizing would force Argentina to import the monetary policy of the Federal Reserve, regardless of whether the Fed's policies are appropriate for...

This paper provides mathematically consistent calculations of the forward, backward, and total linkages in the Brazilian economy in 1975. Our results reveal, among other things, that: 1) high linkages cannot be exclusively associated with modern industrial sectors; 2) none of our linkage...