During the pandemic, governments increased their expenditures drastically. According to IMF projections, the debt-to-GDP ratio in advanced countries will be 18 percentage points higher by the end of 2021 than before the pandemic and 10 percentage points higher in emerging markets. With rising...

Political polarization, meaning sharp differences in the political ideologies and preferences of the partisans of different parties, implies that members of one party are more likely to dismiss the policies and recommendations of spokesmen and appointees of the other party on the grounds that...