To face a debt crisis, countries often implement variousforms of fiscal consolidation policies aiming at addressingfiscal imbalances. This paper investigates how debt andfiscal consolidation could influence government expenditureon education. It shows that increased external debt isassociated...

This paper discusses both the relevance of economic and social rights (ESRs) for environmental, social, and governance (ESG) investing in the sovereign debt asset class and how to start incorporating these rights into the investment process in a practical way. Many in the investment industry...

The World Bank and the International Monetary Fund use the Low-Income Country Debt Sustainability Framework to assess the sustainability of sovereign debt in about 75 low- and middle-income developing countries. It is overdue for a review, and this paper recommends that it be replaced for three...

As climate change intensifies, dry rainfall shocks and droughts are a growing concern. At the same time, scientific evidence suggests that the world has surpassed the safe planetary boundary for green water, which is water stored in biomass and soil that is crucial for maintaining climate...

Debt moratoria that allow borrowers to postpone loan payments are a frequently used tool intended to soften the impact of economic crises. This paper reports results from a nationwide experiment with a large consumer lender in India, designed to study how debt forbearance offers affect loan...

Since the Global Financial Crisis in 2008-2009, there has been flourishing literature on the role of fiscal policy in stimulating demand when the economy is in a deep recession. Past studies suggest the stimulus may make sense if it is temporary, targeted, and withdrawn quickly. However, since...