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How well raising tax rates can succeed for an economy intent on increasing tax revenue and narrowing the tax-to-GDP-ratio gap with other economies depends on its ability to meet certain conditions. This paper investigates these conditions and demo...
This paper examines the impact of monetary policy shocks on firm-level productivity across 32 emerging market economies from 2000 to 2023, using panel local projections and a comprehensive firm-level dataset. We identify exogenous monetary policy ...
Shocks to a bank’s ability to raise liquidity at short notice can trigger depositor panics. Why don’t banks take a more active role in managing these risks? We study contingent risk management (hedging) in a standard global-games model of a bank r...
Developing a circular economy through waste recycling has emerged as a paradigm for conserving nonrenewable resources. But what does implementing a circular economy mean in the context of globalized economies? Waste generated by consumption, inclu...
This paper presents a novel methodology—leveraging a combination of AI and machine learning to estimate the geographic distribution of international stablecoin flows, overcoming the “anonymity” of crypto assets. Analyzing 2024 stablecoin transacti...
Energy subsidies have become a significant burden on government finances in Libya. The pervasive nature of subsidies has led to rampant corruption, smuggling, and a diversion of resources from essential public services. The paper identifies key b...
Economic growth slowed to 5.2 percent in 2024 (compared to 6.5 percent in 2023), reflecting a sluggish extractive sector and inflation remains contained. Growth is projected to slow further to 4.0 percent in 2025 due to the projected contraction i...
This chapter examines the evolution of bank credit in Namibia over the past two decades. It highlights notable trends and the composition of credit growth, with a particular focus on the private sector. Additionally, it identifies potential macro-...
The Ministry of Budget and Economic Planning's budget implementation reports reveal large fiscal forecast errors over the 2011-2023 period, for a range of fiscal aggregates including total revenues, expenditures, and the fiscal deficit. Revenu...