This public expenditure review (PER) is the first comprehensive assessment of public spending on disaster response, recovery, and reconstruction activities in the Philippines. Despite the high exposure of the country to natural disaster shocks and climate risks, no comprehensive review has been...

This paper examines how a country's weak institutions and polarized government can affect the likelihood of its default on sovereign debt. Using a data set of 90 countries, it shows that strong institutions are associated with fewer sovereign default crises. In addition, when institutions are...