Development finance institutions mobilize over $250 billion annually through blended finance operations, yet practitioners lack a unified framework to evaluate its catalytic effect and for choosing among instruments. I develop a model of investment multipliers under two canonical market...

This paper evaluates the employment and sales effects of two widely used financial support instruments for small and medium-sized enterprises, interest rate subsidies and credit guarantees, using administrative program data from Kazakhstan matched to the universe of firms. Utilizing staggered...

This Report goes beyond diagnosing subsidy problems to provide clear, evidence based, and politically grounded guidance for policy makers on reform paths. It offers a comprehensive overview of the costs and benefits of subsidies, along with strategies for reform. It outlines pathways for...

The COVID-19 pandemic exposed significant vulnerabilities in public-sector administrative capacity, particularly in the implementation of crisis-related state aid schemes. Under conditions of extreme workload, time pressure, and legal constraints, administrative processes became critical...

ndustrial policy has returned to the centre of economic governance, particularly in the high-tech sectors where positive network externalities in demand make market dominance self-reinforcing. This paper studies the welfare effects of an industrial policy targeting a sector with network...

This study explores public opinion for reducing fossil fuel subsidies in Angola, identifies strategies that can shift public opinion, and analyzes variations in support based on respondents’ area of residency and gender. It uses data from a survey of 598 respondents and focus groups involving...