We establish a causal role for banking access in the spread of the Industrial Revolution over the period 1817–1881 by exploiting...

This paper introduces intra- and inter-sectoral technology diffusion via FDI and imports into a recursive-dynamic CGE model for...

This report, by the co-chairs of the T20 process during Germany’s G20 Presidency 2017, presents 20 key policy recommendations for G20...

Migration contributes to the circulation of goods, knowledge, and ideas. Using community and individual-level data from Moldova, we...

The legal risks of sovereign default have grown significantly in recent decades. Since the 1980s, creditors have been increasingly...

The 2008 financial crisis was devastating to the world economy. But the biggest cost of the crisis might be not economic but...

In the presence of rising carbon concentrations more attention should be given to the role of the oceans as a sink for atmospheric...

We study the North-South diffusion of technologies embodied in internationally mobile capital in a framework of intertemporal global...

At present, widespread use of cryptocurrencies for payment would entail sub-stantial risks and costs. A digital central bank currency,...

Traditionally and for a long time, Japan has been both one of the world's largest external creditors (as measured by its current...

A sketch of the International Monetary Fund's 70-year history reveals an institution that has reinvented itself over time along...

We study the occurrence of holdout litigation in the context of sovereign defaults. The number of creditor lawsuits against foreign...

Two centuries of Greek debt crises highlight the pitfalls of relying on external financing. Since its independence in 1829, the Greek...

A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to...

The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50% of...

Partisan conflict and policy uncertainty are frequently invoked as factors contributing to slow post-crisis recoveries. Recent events...

Migration contributes to the circulation of goods, knowledge, and ideas. Using community and individual-level data from Moldova, we...

How costly are sovereign debt crises? In this paper we study output losses during sovereign default and debt renegotiation episodes...

Sovereign debt restructurings can be implemented preemptively—prior to a payment default. We code a comprehensive new data set and...

Capital flow and commodity cycles have long been connected with economic crises. Sparse historical data, however, has made it...