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WORKING PAPERS
May 02, 2023
Wage inequality in the public sector is an important determinant of the effectiveness of anti-corruption policies. Increasing the wages of public officials could help reduce corruption in countries with low public sector wage inequality, but in countries where public sector wages are highly unequal,...
Blog Post
April 27, 2023
The IMF should be applauded for implementing the Resilience and Sustainability Facility (RSF). That said, it is highly improbable that extending RSF financing to an additional 44 countries will be feasible in the next one or two years as it would require a major change in the mindset of borrowing co...
Blog Post
April 26, 2023
The COVID-19 pandemic caused a sharp reduction of economic activity in the first months of 2020, which negatively affected the revenues, liquidity, and, potentially, the solvency of many firms. In response to this crisis, the European Central Bank (ECB) announced the Pandemic Emergency Purchase Prog...
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 ...
Blog Post
April 21, 2023
At the Spring Meetings of the World Bank, a range of shareholders repeated their call for multilateral development banks (MDBs) to do more, particularly with regard to climate finance. At the same time, client countries are demanding these institutions preserve their core mandate to support developm...
Blog Post
April 19, 2023
According to the IDB’s independent evaluation office, only 53 percent of IDB sovereign projects in the latest validation cycle were successful in the four core areas of relevance, effectiveness, efficiency, and sustainability. This falls considerably short when compared to the World Bank's 80 percen...
Blog Post
April 14, 2023
The dialogue around World Bank reform proposals has been dominated by Northern voices. But in the last week, representatives of World Bank Group client countries both based in the city and visiting for the World Bank-IMF Spring Meetings have helped to rebalance the discussion.
Blog Post
April 13, 2023
Debt suspension clauses (DSCs) are having their moment in the international policy arena spotlight. Also known as “pause clauses” or climate-resilient debt clauses, DSCs are mechanisms that allow a country to temporarily suspend debt repayments for a pre-agreed period (generally 1-2 years) if a nat...
Blog Post
April 10, 2023
On the face of it, the case for a general capital increase for the World Bank should be obvious and urgent in our age of the polycrisis. It is a very efficient way to support an increase in development and climate lending by an order of magnitude. A $20 billion paid-in capital increase would support...
Blog Post
April 03, 2023
The world has changed since the creation of the International Monetary Fund and the World Bank—the world’s first international financial institutions—over 75 years ago. The shared challenges facing humanity have only grown more pressing and existential. From pandemics to climate change to financial ...