Fiscal vulnerabilities depend on both the level and composition of government debt. This study examines the role of debt thresholds and debt composition in driving the non-linear behavior of long-term interest rates through a novel approach, a panel smooth transition regression with a general...

This paper presents a comprehensive examination of the determination and evolution of inflation expectations, with a focus on emerging market and developing economies (EMDEs). The results suggest that long-term inflation expectations in EMDEs are not as well anchored as those in advanced...

This paper investigates how the sector-specific source or the changing sectoral composition of labor productivity has contributed to Ø-convergence, using a newly constructed eightsector database. The main findings are twofold. First, both within and sectoral reallocation have become important...