The Role of Institutional Quality on the Effects of Fiscal Stimulus
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-…
Following Public Finances: The Mirage of MDBs Countercyclicality
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…
Sovereign External Borrowing and Multilateral Lending: Dynamics and Crises
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 (…
The Cyclicality of International Public Sector Borrowing in Developing Countries: Does the Lender Matter?
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…
Creating Fiscal Space for Poverty Reduction in Ecuador: A Fiscal Management and Public Expenditure Review
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…