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WORKING PAPERS
April 23, 2024
This paper explores the potential implications of a declining absolute labor force on economic outcomes. It explores key macroeconomic variables during periods of negative and positive prime age (15-65) population growth (PAPG). These variables include 10-year bond yields, consumer price indices, fe...
WORKING PAPERS
April 26, 2023
This paper finds that shareholders of highly leveraged firms benefit relatively less compared to bondholders from the corporate quantitative easing (QE) announcements by the European Central Bank and the Bank of England in March 2020, as evidence of debt overhang. Firms more heavily impacted by the ...
WORKING PAPERS
March 03, 2023
This paper examines the impact of the COVID-19 crisis on the reallocation of economic activity across firms, and whether this reallocation depends on the competition environment. The paper uses the World Bank’s Enterprise Surveys COVID-19 Follow-up Surveys for about 8,000 firms, including both small...
WORKING PAPERS
October 12, 2020
We compile a new data set, combining official sources with transaction-level records scraped from the World Bank website, spanning all commitments, disbursements, and payments on all World Bank loans from before the 2008-09 Global Financial Crisis through August 2020, allowing us to compare the...
WORKING PAPERS
October 07, 2020
The Development Assistance Committee (DAC) recently produced a long-awaited set of rules for how debt relief on loans should be scored as Official Development Assistance (ODA). Unfortunately, the rules suffer from a number of statistical problems and the DAC needs to take these rules back to th...
WORKING PAPERS
May 14, 2020
The IMF’s forecasts of GDP growth in 2020 suggest a substantially muted impact of the COVID crisis for developing countries compared to advanced economies. We hope that the relative optimism will not induce complacency and elicit a less-than-forceful response by countries themselves nor legitim...
WORKING PAPERS
June 24, 2010
As the International Development Association (IDA) pushes for more funding for the neediest and most vulnerable countries, visiting fellow Ben Leo examines whether IDA’s existing performance-based allocation system (PBA) gives the developing world its fair share of funds. He says the system already ...
WORKING PAPERS
November 23, 2009
Benjamin Leo, formerly of the U.S. Treasury and National Security Council and a key behind-the-scenes player in the inception and implementation of Multilateral Debt Relief Initiatives, examines the potential risk of renewed debt re-accumulation by countries that have only recently completed the HIP...
WORKING PAPERS
November 13, 2009
Zimbabwe faces a daunting array of obstacles to full economic recovery, including a crippling external debt burden. Todd Moss and Benjamin Leo urge that the current government must address the legacy of debt arrears and manage external debt in order to generate opportunities for reconstruction and g...