Growth is the essential ingredient for sustained poverty reduction. The Macroeconomics and Growth Research Program focuses on identifying the contribution of policies and institutional changes to the diversity in growth and aggregate economic performance around the world. Studies are organized around three broad themes: foundations of growth, macroeconomic stability and international finance, and governance and political economy.
International Benchmarking for Country Economic Diagnostics: A Stochastic Frontier Approach
Subal C. Kumbhakar, Norman V. Loayza, Vivian Norambuena
World Bank Policy Research Working Paper 9304, June 2020
Malaysia’s Economic Growth and Transition to High Income: An Application of the World Bank Long Term Growth Model (LTGM)
Sharmila Devadas, Jorge Guzman, Young Eun Kim, Norman Loayza, Steven Pennings
World Bank Policy Research Working Paper 9278, June 2020
Informality, Consumption Taxes and Redistribution
Pierre Bachas, Lucie Gadenne, Anders Jensen
World Bank Policy Research Working Paper 9267, June 2020
Cross-Region Transfers in a Monetary Union: Evidence from the US and Some Implications
Steven Pennings
World Bank Policy Research Working Paper 9244, May 2020
Financing Firms in Hibernation during the COVID-19 Pandemic
Tatiana Didier, Federico Huneeus, Mauricio Larrain, Sergio L. Schmukler
World Bank Policy Research Working Paper 9236, May 2020
How Does the World Bank Influence the Development Policy Priorities of Low-Income and Lower-Middle Income Countries?
Stephen Knack, Bradley C. Parks, Ani Harutyunyan, Matthew DiLorenzo
World Bank Policy Research Working Paper 9225, April 2020
Strengthening Public Health Systems: Policy Ideas from a Governance Perspective
Stuti Khemani, Sarang Chaudhary, Thiago Scot
World Bank Policy Research Working Paper 9220, April 2020 | Research & Policy Brief: An Opportunity to Build Legitimacy and Trust in Public Institutions in the Time of COVID-19 (May 2020)
Leader Value Added: Assessing the Growth Contribution of Individual National Leaders
William Easterly, Steven Pennings
World Bank Policy Research Working Paper 9215, April 2020
Political Economy of Reform
Stuti Khemani, Oxford Encyclopedia of Economics and Finance, Jan 2020 (available online) | Working Paper Version
Capital Inflows, Equity Issuance Activity, and Corporate Investment
Charles W. Calomiris, Mauricio Larrain, Sergio L. Schmukler, Journal of Financial Intermediation October 2019 (available online).
Productivity Growth: Patterns and Determinants across the World
Young Eun Kim and Norman V. Loayza, Economia 42 (84): 36-93, May 2019 | Working Paper Version | Long-Term Growth Model
The Rise of Domestic Capital Markets for Corporate Financing
Facundo Abraham, Juan J. Cortina, and Sergio L. Schmukler, Washington, DC: World Bank, June 2019.
The case of East Asia shows that domestic markets have been a key driver of the observed trends in capital market financing since the early 2000s. As domestic markets developed, more and smaller firms gained access to equity and corporate bond financing. Domestic markets also helped some corporations to diversify funding sources and obtain domestic currency financing. Policy reforms following the Asian Financial Crisis accompanied the growth of domestic markets. Part of the reforms were aimed at developing domestic capital markets for small and medium-size enterprises. Although these markets have developed significantly, they still serve relatively few corporations, albeit from new sectors.
Lead Economist
