Using an overlapping-generations growth model featuring financial intermediation, I find that inefficiencies in technology to deal with private debt distress (bankruptcy technology), and obstacles to entrepreneurship (high costs of doing business) have significant negative effects on the income per capita and welfare of developing countries. These inefficiencies may also interact in perverse ways, futher amplifying the negagtive effects in the long run. The results provide strong rationale for structural reforms that simultaneously speed up the resolution of private sector insolvency, improve creditor protection, and eliminate obstacles to entrepreneurship.
Do government financial assets help improve public debt sustainability? To answer this question, we assemble a comprehensive dataset on government assets using multiple sources and covering 110 advanced and emerging market economies since the late 1980s. We then use this rich database to estimate the impact of assets on two key dimensions of debt sustainability: borrowing costs and the probability of debt distress. Government financial assets significantly reduce sovereign spreads and the probability of debt crises in emerging economies but not in advanced economies, and the effect varies with asset characteristics, notably liquidity. Government finacial assets also help discriminate countries across the distribution of sovereign spreads, thus signaling information about emerging economies’ creditworthiness.
Countries in Sub-Saharan Africa (SSA) tend to lag those in most other regions in terms of governance and perceptions of corruption. Weak governance undermines economic performance through various channels, including deficiencies in government functions and distortions to economic incentives. It thus stands to reason that SSA countries could strengthen their economic performance by improving governance and reducing corruption. This paper estimates that strengthening governance and mitigating corruption in the region could be associated with large growth dividends in the long run. While the process would take considerable time and effort, moving the average SSA country governance level to the global average could increase the region’s GDP per capita growth by about 1-2 percentage points.
We construct a high-frequency dataset that combines information on all IMF lending and proxies of monthly economic activity during the first two years of the COVID-19 pandemic (2020–21). Using this novel dataset and standard econometric techniques we find a positive and significant marginal effect of IMF financing on economic activity in low-income countries (LICs) and emerging market economies. We also present tentative evidence that IMF financing may have helped economic outcomes by easing fiscal budget constraints, allowing for larger government spending in response to the pandemic. Overall, this evidence suggests that IMF financing helped lessen the negative impacts of the pandemic on economic activity, especially in LICs.
Art produced outside hegemonic centers is often seen as a form of derivation or relegated to a provisional status. Forming Abstraction turns this narrative on its head. In the first book-length study of postwar Brazilian art and culture, Adele Nelson highlights the importance of exhibitionary and pedagogical institutions in the development of abstract art in Brazil. By focusing on the formation of the São Paulo Biennial in 1951; the early activities of artists Geraldo de Barros, Lygia Clark, Waldemar Cordeiro, Hélio Oiticica, Lygia Pape, and Ivan Serpa; and the ideas of critics like Mário Pedrosa, Nelson illuminates the complex, strategic processes of citation and adaption of both local and international forms. The book ultimately demonstrates that Brazilian art institutions and abstract artistic groups—and their exhibitions of abstract art in particular—served as crucial loci for the articulation of societal identities in a newly democratic nation at the onset of the Cold War.
This expert volume in the Diagnostic Pathology series is an excellent point-of-care resource for practitioners at all levels of experience and training. Covering all areas of head and neck pathology, it incorporates the most recent clinical, pathologic, and molecular knowledge in this challenging field to provide a comprehensive overview of all key issues relevant to today's practice. Richly illustrated and easy to use, the third edition of Diagnostic Pathology: Head and Neck is a one-stop reference for accurate, complete pathology reports—ideal as a day-to-day reference or as a reliable teaching resource. - Provides a clear framework for a better understanding of the clinical and histopathologic appearances of more than 325 new or evolving entities of the head and neck and endocrine organs - Features updates on recent changes in the field and current information from the AJCC Cancer Staging Manual, 8th Edition, and the World Health Organization Classification of Head and Neck Tumours, 5th Edition - Covers numerous new diagnostic entities, including intraductal carcinoma, sclerosing polycystic adenoma, microsecretory adenocarcinoma, adamantinoma-like Ewing sarcoma, SMARCB1- and SMARCA4-deficient carcinomas, and HPV-related multiphenotypic sinonasal carcinoma - Contains major updates on sinonasal tract, salivary gland, and odontogenic tumors; oropharyngeal squamous cell carcinoma and its correct classification and staging; the recent significant reclassification of neuroendocrine tumors; and changes in terminology and identification for head and neck soft tissue tumors - Suggests supporting studies in a realistic clinical context, with tables and immunohistochemical charts that assist with management decisions and prognostic outcome predictions - Features more than 3,200 images, including full-color drawings of head and neck anatomy, development pathway drawings, staging protocol illustrations, and genetic pathway graphics; radiologic images, clinical photographs, and gross images; and histology, histochemistry, immunohistochemistry, in situ hybridization, and molecular images; as well as more than 2,600 additional online-only images - Employs consistently templated chapters, bulleted content, key facts, and annotated images for quick, expert reference at the point of care - Includes the enhanced eBook version, which allows you to search all text, figures, and references on a variety of devices
We construct a high-frequency dataset that combines information on all IMF lending and proxies of monthly economic activity during the first two years of the COVID-19 pandemic (2020–21). Using this novel dataset and standard econometric techniques we find a positive and significant marginal effect of IMF financing on economic activity in low-income countries (LICs) and emerging market economies. We also present tentative evidence that IMF financing may have helped economic outcomes by easing fiscal budget constraints, allowing for larger government spending in response to the pandemic. Overall, this evidence suggests that IMF financing helped lessen the negative impacts of the pandemic on economic activity, especially in LICs.
Do government financial assets help improve public debt sustainability? To answer this question, we assemble a comprehensive dataset on government assets using multiple sources and covering 110 advanced and emerging market economies since the late 1980s. We then use this rich database to estimate the impact of assets on two key dimensions of debt sustainability: borrowing costs and the probability of debt distress. Government financial assets significantly reduce sovereign spreads and the probability of debt crises in emerging economies but not in advanced economies, and the effect varies with asset characteristics, notably liquidity. Government finacial assets also help discriminate countries across the distribution of sovereign spreads, thus signaling information about emerging economies’ creditworthiness.
Using an overlapping-generations growth model featuring financial intermediation, I find that inefficiencies in technology to deal with private debt distress (bankruptcy technology), and obstacles to entrepreneurship (high costs of doing business) have significant negative effects on the income per capita and welfare of developing countries. These inefficiencies may also interact in perverse ways, futher amplifying the negagtive effects in the long run. The results provide strong rationale for structural reforms that simultaneously speed up the resolution of private sector insolvency, improve creditor protection, and eliminate obstacles to entrepreneurship.
Countries in Sub-Saharan Africa (SSA) tend to lag those in most other regions in terms of governance and perceptions of corruption. Weak governance undermines economic performance through various channels, including deficiencies in government functions and distortions to economic incentives. It thus stands to reason that SSA countries could strengthen their economic performance by improving governance and reducing corruption. This paper estimates that strengthening governance and mitigating corruption in the region could be associated with large growth dividends in the long run. While the process would take considerable time and effort, moving the average SSA country governance level to the global average could increase the region’s GDP per capita growth by about 1-2 percentage points.
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