The outlook for federal debt represents a significant economic challenge for the United States. Economic developments and policy changes…
Can taxes on consumption redistribute in developing countries? Contrary to consensus, we show that taxing consumption is progressive once…
Exploiting a new global macro-historical database of effective tax rates, we uncover an intriguing pro-tax-capacity effect of international…
Decades of low inflation led to widespread use of dollar-denominated financial instruments with fixed interest rates and long maturities.…
Written for a PIIE conference on the 50th anniversary of floating exchange rates, this paper deals with possible alternatives to a unipolar…
This paper shows that China's lending boom to developing country sovereigns has largely ended and that debt distress and defaults are…
The global economy has witnessed great economic volatility in the first two decades of the 21st century. Yet over this period, and in…
This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. It builds the…
This paper develops a new econometric framework to estimate and classify exchange rate regimes. They are classified into four distinct…
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Private schools provide affordable education in low-income countries. Yet, they often face higher closure rates, leading to disruption for…