During the twin crises of 2008–09 Georgia’s foreign exchange reserves have been exposed to a number of external and internal drains. Its exports declined by 21 percent from peak to trough. Bank deposits declined by more than 20 percent in late 2008–early 2009, while deposit...

Belgium’s impressive past fiscal consolidation is an example for other countries that need to bring down their public debt and also provides insights on how best to address its own current fiscal challenges. Belgium has a unique history of a long and successful large fiscal consolidation....

Burundi’s extreme poverty, post-conflict environment, and persistent fragility created considerable risks to program implementation, calling for extensive flexibility in engagement. The program succeeded in establishing some of the key foundations of macroeconomic stability, mobilizing...

This paper studies the technical efficiency of airports in Latin America. The evolution of productive efficiency in the region has seldom been studied, mainly due to lack of publicly available data. Relying on a unique dataset that was obtained through questionnaires distributed to airport...

This paperexamines the export behavior of Dominican Republic exporters following the implementation of the Dominican Republic-Central America Free Trade Agreement in 2007. Using a firm-level dataset for 2002-2009, the authors investigate the effects of a tariff reduction on the extensive margin....

The paper explores the linkages between the global and domestic monetary gaps, and estimates the effects of monetary gaps on output growth, inflation, and net saving rates using panel data for 20 Asian countries for 1980-2008. We find a significant pass-through of the global monetary gap to...