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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
June 14, 2021
There will be 95 million fewer working-age people in Europe in 2050 than in 2015, under business as usual. The paper compares business as usual estimates of inflows to 2050 with the size of the labor gap in Europe. Under plausible estimates, business as usual will fill one-third of the labor gap. Th...
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
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
February 21, 2018
This report examines the impact of the REDD+ agreement between Guyana and Norway on indigenous communities in the country. It aims to understand the concerns, hopes, and fears of indigenous communities at the start of the agreement, and the effects, if any, that communities have faced from REDD+.
WORKING PAPERS
December 04, 2014
The concept of Reducing Emissions from Deforestation and Forest Degradation (REDD+) and its framing of forest protection as a climate mitigation approach mark a clear paradigm shift – after decades of up-front financing of traditional ODA projects REDD+ follows the logic of ex-post payments fo...
WORKING PAPERS
December 03, 2014
Norway – a small northern country with only 5 million inhabitants – is at present a global leader in REDD+ financing. In this paper, we explain why and how this happened by telling the story about the emergence of Norway’s International Climate and Forest Initiative (NICFI) in 2007...