This paper calls attention to the role of the secondary market in shortening the duration of sovereign debt renegotiation. Consider a dynamic bargaining game with incomplete information between a government and creditors. The creditors' reservation is private information, and the government...

Conventional wisdom suggests that financial liberalization can help countries insure against idiosyncratic risk. There is little evidence, however, that countries have increased risk sharing despite recent widespread financial liberalization. This work shows that the key to understanding this...

Policies and programs often aim to improve the affordability of nutritious diets, but existing food price indexes are based on observed quantities which may not meet nutritional goals. To measure changes in the cost of reaching international standards of diet quality, we introduce a new Cost of...

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...

Policies and programs to improve global nutrition increasingly aim to improve diet quality through systemic change in food environments, often focusing on the availability and price of diverse food items. Almost all of the world’s governments conduct nationally representative surveys of retail...