Documents et rapports
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Preferred and Non-Preferred Creditors (anglais)
International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely appears in legal contracts, when sovereigns restructure bilateral or commercial debts...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS8941 Date du document: 22 juillet 2019 Mode de publication: Disclosed Auteur: Cordella,Tito,Powell,Andrew P.
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Firms' and States' Responses to Laxer Environmental Standards (anglais)
On June 1, 2017, President Trump announced the United States' withdrawal from the Paris agreement on climate change. Despite this decision, American firms continued investing in low-carbon technologies...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS8781 Date du document: 14 mars 2019 Mode de publication: Disclosed Auteur: Cordella,Tito,Devarajan,Shantayanan
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Optimizing finance for development (anglais)
The World Bank Group recently adopted the "cascade framework" to "maximize finance for development." The cascade recommends that reforms be tried first, followed by subsidies, and then public investments...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS8320 Date du document: 29 janvier 2018 Mode de publication: Disclosed Auteur: Cordella,Tito
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Financial globalization and market volatility : an empirical appraisal (anglais)
This paper computes a new financial globalization index for a large sample of countries for 1992-2016. Unlike other measures, the financial globalization index corrects for the heteroscedasticity of global...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS8091 Date du document: 7 juin 2017 Mode de publication: Disclosed Auteur: Cordella,Tito,Ospino Rojas,Anderson
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Government guarantees, transparency, and bank risk-taking (anglais)
This paper presents a model of bank risk taking and government guarantees. Levered banks take excessive risk, as their actions are not fully priced at the margin by debt holders. The impact of government...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS7971 Date du document: 15 février 2017 Mode de publication: Disclosed Auteur: Cordella,Tito,Dell'Ariccia,Giovanni,Marquez,Robert
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Sharing oil rents and political violence (anglais)
This paper investigates how the devolution of oil windfalls affects the likelihood of political violence. It shows that transferring large shares of oil wealth can prevent conflict, while transferring...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS7869 Date du document: 19 octobre 2016 Mode de publication: Disclosed Auteur: Cordella,Tito,Onder,Harun
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What makes a currency procyclical? An empirical investigation (anglais)
This paper looks at the correlation between the cyclical components of gross domestic product and the exchange rate and classifies countries’ currencies as pro-cyclical if they appreciate in good times...
Type de document: Article de revue Numéro du rapport: 100264 Date du document: 11 mars 2015 Mode de publication: Disclosed Auteur: Cordella,Tito,Gupta, Poonam
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Motivations, monitoring technologies, and pay for performance (anglais)
Monitoring technologies and pay for performance contracts are becoming popular solutions to improve public services delivery. Their track record is however mixed. To show why this may be the case, this...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS7128 Date du document: 1 décembre 2014 Mode de publication: Disclosed Auteur: Cordella,Tito,Cordella, Antonio
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What makes a currency procyclical ? an empirical investigation (anglais)
This paper looks at the correlation between the cyclical components of gross domestic product and the exchange rate and classifies countries' currencies as procyclical if they appreciate in good times...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS7113 Date du document: 1 novembre 2014 Mode de publication: Disclosed Auteur: Cordella,Tito,Gupta,Poonam
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Asymmetric punishment as an instrument of corruption control (anglais)
The control of bribery is a policy objective in many developing countries. It has been argued that asymmetric punishments could reduce bribery by incentivizing whistle-blowing. This paper investigates...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS6933 Date du document: 1 juin 2014 Mode de publication: Disclosed Auteur: Basu,Karna,Basu,Kaushik Chandra,Cordella,Tito
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Reserve requirements in the brave new macroprudential world (anglais)
Using a new, large data set on quarterly reserve requirements for the period 1970-2011, this paper provides new evidence on the use of reserve requirements as a countercyclical macroprudential tool in...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS6793 Date du document: 1 février 2014 Mode de publication: Disclosed Auteur: Cordella,Tito,Federico,Pablo M,Vegh Gramont,Carlos Alberto,Vuletin,Guillermo Javier
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Reserve requirements in the brave new macroprudential world (anglais)
The active use of prudential instruments to regulate the level of credit and influence its allocation, popular in the 1970s and 1980s, fell somehow into disgrace in the 1990s, when the regulatory pendulum...
Type de document: Publication Numéro du rapport: 86475 Date du document: 1 janvier 2014 Mode de publication: Disclosed Auteur: Cordella,Tito,Federico,Pablo M,Vegh Gramont,Carlos Alberto,Vuletin,Guillermo Javier
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Macro prudential policies from a micro prudential angle (anglais)
The standard macro(prudential) models focus on externalities and treat all prudential instruments as alternative, but equivalent, forms of Pigouvian taxes. This paper explicitly models individual banks'...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS6721 Date du document: 1 décembre 2013 Mode de publication: Disclosed Auteur: Cordella,Tito,Pienknagura,Samuel Jaime
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To give or to forgive? Aid versus debt relief (anglais)
Is generalized debt relief an effective development strategy, or should assistance be tailored to countries characteristics? To answer this question, the authors build a simple model in which recipient...
Type de document: Article de revue Numéro du rapport: 83340 Date du document: 1 octobre 2013 Mode de publication: Disclosed Auteur: Cordella,Tito,Missale,Alessandro
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To give or to forgive ? aid versus debt relief (anglais)
Is generalized debt relief an effective development strategy, or should assistance be tailored to countries' characteristics? To answer this question, the authors build a simple model in which recipient...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS5859 Date du document: 1 octobre 2011 Mode de publication: Disclosed Auteur: Cordella,Tito,Missale,Alessandro
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Do procurement rules impact infrastructure investment efficiency ? an empirical analysis of inversao das fases in Sao Paulo state (anglais)
As a means to reduce delays in public works implementation, a number of Brazilian states have recently reformed their procurement rules allowing contractor price proposals to be assessed before the technical...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS5528 Date du document: 1 janvier 2011 Mode de publication: Disclosed Auteur: Blancas Mendivil,Luis C.,Oliveira,Alexandre Borges De,Chioda,Laura,Cordella,Tito,Vardy,Felix Johannes J.
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Brazil - Quarterly knowledge report (anglais)
This Brazil quarterly knowledge report newsletter includes some of the following headings: social assistance and shocks: the food crisis and CCT's by Fruttero, Anna; a critical juncture by Diop, Makhtar;...
Type de document: Bulletin d’information Numéro du rapport: 57495 Date du document: 1 août 2010 Mode de publication: Disclosed Auteur: Lopes Mendes De Azeredo,Mauro Lopez Mendes De,Cordella,Tito,Diop,Makhtar,Firmo,Marcio Gold,Fruttero,Anna,Levy,Evelyn,Finkelfarb Lichand,Guilherme,Dos Santos,Denise Marinho,Rocha,Romero C. Barreto,Velloso,Tarsila Ortenzio,Ximenes De Vasconcelos,Jivago Bezerra
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CATalytic insurance : the case of natural disasters (anglais)
Why should countries buy expensive catastrophe insurance? Abstracting from risk aversion or hedging motives, this paper shows that catastrophe insurance may have a catalytic role on external finance. Such...
Type de document: Document de travail de recherche sur les politiques Numéro du rapport: WPS5377 Date du document: 1 juillet 2010 Mode de publication: Disclosed Auteur: Cordella,Tito,Levy-Yeyati,Eduardo