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November 8, 2021

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 themes: foundations of growth, macroeconomic stability and international finance, and governance and political economy.



Long-Term Growth in Developing Countries

Policy Research Talk, December 14, 2021

In this Policy Research Talk, World Bank economist Steven Pennings presented the Long-Term Growth Model (LTGM) and a suite of papers and tools with various extensions to simulate and analyze future long-term growth scenarios in developing countries with sufficiently low data requirements, and which can be readily applied to almost every country.


The Human Capital Index 2020 Update: Human Capital in the Time of COVID-19

January 2021

This report updates the Human Capital Index launched in 2018 using health and education data available as of March 2020. It documents new evidence on trends, examples of successes, and analytical work on the utilization of human capital using new data collected before the global onset of COVID-19.


From Micro to Macro: Using Micro Data to Understand Macroeconomics and Public Policy

e-Seminar, May 7, 2021, Chile Research and Development Center

In this online seminar, Marcela Eslava, Roberto Fattal Jaef, Federico Huneeus provided examples of how firm data can shed light on macroeconomic issues such as growth, inequality, market structure, misallocation of capital, production networks, and productivity.Jose de Gregorio led the discussion. This event was held in Spanish with a focus on Latin America.


From Micro to Macro: Entry Barriers, Misallocation, and Aggregate Productivity

Policy Research Talk, February 23, 2021

In this talk, World Bank economist Roberto Fattal Jaef discussed the role of distortions in firms’ business environment that reduce competition, innovation, and allocative efficiency.


Building State Capacity: What Is the Impact of Development Projects?
Vincenzo Di Maro, David K. Evans, Stuti Khemani, Thiago De Gouvea Scot de Arruda
World Bank Policy Research Working Paper 9875, December 2021

International Reserves and Central Bank Independence
Agustin Samano
World Bank Policy Research Working Paper 9832, November 2021

The Economic Ripple Effects of COVID-19
Francisco J. Buera, Roberto N. Fattal Jaef, P. Andrés Neumeyer, Hugo Hopenhayn, Yongseok Shin
World Bank Policy Research Working Paper 9631, April 2021

More Working Papers


Capital market financing and firm growth
Tatiana Didier, Ross Levine, Ruth Llovet Montanes, Sergio L.Schmukler
Journal of International Money and Finance 118: 102459, November 2021 | Working Paper Version

Corporate Taxation under Weak Enforcement
Pierre Bachas, Mauricio Soto
American Economic Journal: Economic Policy 13 (4): 36-71, November 2021 | Working Paper Version

Building trust in the state with information: Evidence from urban Punjab
Adnan Khana,  Sanval Nasim, Mahvish Shaukat, Andreas Stegmann
Journal of Public Economics 202: 104494, October 2021 | Working Paper Version

Global corporate debt during crises: Implications of switching borrowing across markets
Juan J. Cortina, Tatiana Didier, Sergio L. Schmukler
Journal of International Economics 131: 103487, July 2021 | Working Paper Version



Going Viral: COVID-19 and the Accelerated Transformation of Jobs in Latin America and the Caribbean
Guillermo Beylis, Roberto Fattal Jaef, Michael Morris, Ashwini Rekha Sebastian, and Rishabh Sinha, Washington, DC: World Bank, September 2020

This book focuses on three important pre-pandemic trends observed in the labor market in the region—premature deindustrialization, servicification of the economy, and task automation—that have been accelerated by the crisis.

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. 

Making Politics Work for Development: Harnessing Transparency and Citizen Engagement
Stuti Khemani, Ernesto Dal Bó, Claudio Ferraz, Frederico Finan, Corinne Stephenson, Adesinaola Odugbemi, Dikshya Thapa, and Scott Abrahams, Policy Research Report, Washington, DC: World Bank, 2016

The forces of transparency and citizen political engagement are on the rise, and together hold the potential to make politics work for rather than against economic development.

More Books and Reports »


Sergio Schmukler

Research Manager, Macroeconomics and Growth

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