Apr 2020
Author(s): Avellán, Leopoldo;Galindo, Arturo;Leon-Diaz, John
This paper provides evidence on the effect of fiscal stimulus on economic activity for countries with different degrees of institutional quality. For a panel of 113 countries during the period 1988-…
Jan 2020
Author(s): Avellán, Leopoldo;Galindo, Arturo;Lotti, Giulia
This paper investigates the co-movement of sovereign lending from multilateral development banks (MDBs) and private creditors with government expenditure. The paper finds that multilateral sovereign…
Nov 2018
Author(s): Lotti, Giulia;Avellán, Leopoldo;Galindo, Arturo
Fiscal policy is procyclical in developing countries. An ample literature has explained this fact and explored its consequences for aggregate cyclical fluctuations. Multilateral Development Banks (…
Sep 2017
Author(s): Panizza, Ugo
The paper shows that international government borrowing from multilateral development banks is countercyclical while international government borrowing form private sector lenders is procyclical. The…
May 2005
Author(s): López-Cálix, José R.;Melo, Alberto;Tinsley, Elaine;Calvo, Sara
The last Public Expenditure Review for Ecuador (PER) was produced in 1993. More than a decade later, the purpose of this report is to provide the Ecuadorian authorities with the World Bank's and…