This paper analyzes the relations between leadership, the policy making process, policies and institutions, and development results in Chile. It starts with a stylized model for the dynamics of development...
Foreign aid, the Real Exchange Rate (RER), and economic growth are three key variables that shape the aftermath of civil wars in many developing countries. Panel estimations drawn from a sample of 39 conflict...
Post-conflict countries receive substantial aid flows after the start of peace. While post-conflict countries' capacity to absorb aid (that is, the quality of their policies and institutions) is built...
External exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using...
This article reviews the current state of knowledge on the determinants of saving rates, presenting the main findings and contributions of the recently completed World Bank research project, ‘saving across...
In principle, there is little reason people, and countries facing different shocks, and income streams should strive for optimal saving rates. But in practice, the inter-temporal choices that underlie...
In principle, there is little reason people, and countries facing different shocks, and income streams should strive for optimal saving rates. But in practice, the inter-temporal choices that underlie...
Over the last three decades, a large and increasing divergence in saving rates occurred: they doubled in East Asia, stagnated in Latin America, and collapsed in sub-Saharan Africa. These regional saving...
Introduction. Lyn Squire Household responses to public health services : cost and quality tradeoffs. Harold Alderman and Victor Lavy The impact of health and nutrition on education. Jere R. Behrman Macroeconomic...
The authors empirically review and analyze the link between income distribution and aggregate savings. Recent research has focused on the impact of income inequality and growth. Less attention has been...
In 1994 Colombia started replacing its state-run and pay-as-you-go (PAYG) pension system by a privately-run and fully-funded scheme. This study analyzes prospective fiscal and macroeconomic implications...
The authors review the qualitative macroeconomic and welfare implications of replacing a pay-as-you-go pension system with a fully funded scheme. They summarize the typically small effects found in the...
Pension reform is spreading around the globe, from Latin America to the OECD countries, and major reform projects are being discussed in many other developing, transition, and OECD countries. The authors...
For the past two decades, Chile has consistently pursued a course of macroeconomic stabilization and deep economic reform. But in recent years, real exchange rate appreciation and persistent moderate inflation...
The authors analyze the impact of three classes of external shocks in open economies, using a rational expectations framework that nests three prototype economies: a neoclassical full-employment benchmark...
Although fiscal adjustment was urged on developing countries during the 1980s to lead them out of economic malaise, considerable uncertainty remains about the relations between fiscal policy and macroeconomic...
The design and diffusion of improved cooking stoves. What do we know about the political economy of economic policy reform? Using auctions to allocate and price long-term credit. Wage controls during the...
The transmission of shocks and policy changes depends crucially on the structure of the economy. The authors analyze the impact of two classes of external shocks in open economies, using a rational-expectations...
The authors analyze macrodynamic adjustment during financial liberalization in Chile and New Zealand. During the adjustment to more open capital accounts in the late 1970s or mid-1980s, both countries...
Measuring the independence of central banks and its effect on policy outcomes. On the transmission of world agricultural prices. How small enterprises in Ghana have responded to adjustment. The dynamics...