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Research
Innovative, independent, peer-reviewed. Explore the latest economic research and policy proposals from CGD’s global development experts.
TESTIMONY
Remarks to the European Parliament on EFSD/ EFSD+
September 24, 2025
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SPEECH
November 01, 2024
There is a strong case for investing in education. It is a key driver of economic growth and fosters productivity gains, as seen by recent experiences in several Asian countries. While the benefits of education are well recognized, realizing these outcomes depends on the availability of fiscal space...
CGD NOTE
October 18, 2024
The IMF’s Resilience and Sustainability Facility (RSF) is now two years old. Demand for new RSF programs appears to be declining despite the significant climate finance needs in many lower- and middle-income countries. To enhance the RSF’s appeal, we propose three recalibrations to program design.
BRIEF
July 09, 2024
On March 19, 2024, the European Parliament's Committee on Development hosted a workshop titled “Confronting Debt, Climate Change, and Poverty: Global Financial Architecture Reform and the Fiscal Space of Developing Countries.” CGD experts contributed briefing on key elements of the discussion: the c...
CGD NOTE
March 15, 2024
The November guidance on RSF seems to have addressed some of the shortcomings observed in the initial RSF programs. However, as we highlight in this note, other deficiencies remain unresolved and require attention from the IMF’s Executive Board during the upcoming RSF review.
WORKING PAPER
October 31, 2022
We construct a novel database covering more than 450 fiscal consolidation episodes in 185 countries during the period 1979-2019. Using discrete choice models, we then examine the (broader macroeconomic and political) factors motivating these fiscal consolidation episodes.
POLICY PAPER
June 06, 2022
Before the pandemic, the achievement of the SDGs by 2030 was doubtful in part because of the slow pace in generating additional revenues from domestic sources. As the financing needs have increased after the pandemic, the achievement of these goals will be delayed beyond 2030, unless additional fina...
WORKING PAPER
April 06, 2022
This paper discusses how fiscal policy can help foster more inclusive growth in developing Asia. On average, government expenditures in developing Asia are higher, as a share of gross domestic product, than those in Latin America and the Caribbean. Relative to Latin America, developing Asia spends m...
