A state-contingent financing facility would be an effective way to help mediate the economic and financial shocks resulting from the COVID-19 pandemic. An SSB could mobilize large amounts of financial resources from the international capital markets and provide cash flow relief to sovereign...

Many emerging market countries are facing urgent liquidity needs in light of economic and financial shocks resulting from the COVID-19 pandemic. Official resources by themselves have been insufficient to meet needs and should be complemented by private resources at reasonable cost. To overcome...

When implementing an economic institution in the field or in the laboratory, the participants' action spaces and the institution's outcomes are typically discrete, while our theoretical analysis of the institution often assumes the sets are continuous. Predictions by the continuous model...