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July 6, 2020

Macroeconomics and Growth

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.


Different Strategies for Different Contexts: Fighting the Pandemic in Developing Countries

June 23, 2020

In this virtual seminar, panelists discussed why alternatives to indiscriminate lockdowns are needed in developing countries and what these “smart” alternatives may consist of. Panelists: Norman Loayza (World Bank); Titan Alon, Minki Kim, David Lagakos, Mitchell VanVuren (University of California, San Diego).

Financing Firms in Hibernation During the COVID-19 Pandemic

April 29, 2020

In this virtual seminar, panelists discussed the merits of economic hibernation to cope with the severe drop in economic activity. Financing would cover firms' reduced operational costs and preserve relationship until the pandemic subsides. Panelists: Sergio Schmukler (World Bank), Markus Brunnermeier (Princeton University), Viral Acharya (New York University), and Thorsten Beck (Cass Business School).

The Politics of Pandemics

April 16, 2020

In this virtual seminar, panelists presented research on the role of pandemics in electoral politics and the relationship between governance and the success of policies to manage COVID-19. Panelists: Filipe Campante (Johns Hopkins/SAIS) and Stuti Khemani (World Bank).

Macroeconomic Policy in the Time of COVID-19: A Primer for Developing Countries

April 7, 2020

In this virtual seminar, panelists discussed measures developing country governments can take to effectively address public health emergency presented by COVID-19 while also ensuring macroeconomic stability. Panelists: Norman Loayza (World Bank), Roberto Chang (Rutgers University), Pierre-Olivier Gourinchas (UC Berkeley), Ricardo Hausmann (Harvard Kennedy School), Andrés Velasco (London School of Economics).

The Macroeconomics of Pandemics

April 1, 2020

In this virtual seminar, panelists presented three papers that provide policy guidance on managing the macroeconomic response to the COVID-19 pandemic. Panelists: Francesco Lippi (LUISS University), Martin Eichenbaum (Northwestern University), Roberto N. Fattal Jaef (World Bank).


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

More Working Papers »


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. LoayzaEconomia 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.

More Books and Reports »


Sergio Schmukler

Lead Economist

Research Staff Arrow