In this paper we suggest a methodology to predict commodity-specific transportation flows that brings together data in value and in quantity terms in a consistent way. The approach is based on the modern gravity formulation. There are three driving...

A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses...

The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50% of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash...

Migration contributes to the circulation of goods, knowledge, and ideas. Using community and individual-level data from Moldova, we show that the emigration episode that started in the late 1990s strongly affected political preferences and electoral...

This article provides a survey of the aid budget literature and examines the determinants of the development aid efforts of 22 DAC members over the 1976-2011 period. In fixed effects regressions, we identify aid inertia, per-capita GDP, the creation...

We study the occurrence of holdout litigation in the context of sovereign defaults. The number of creditor lawsuits against foreign governments has strongly increased over the past decades, but there is a large variation across crisis events. Why are...

Development assistance has been criticized for a lack of coordination between aid donors. This paper argues that competition for export markets and political support prevents donor countries from coordinating their aid activities between one another....