The history of debt relief is now particularly long, the associated costs are soaring and the outcomes are at least uncertain. This paper reviews and provides new evidence on the effects of recent debt relief programs on different macroeconomic indicators in developing countries, focusing on the...

In this paper we stress the limits of the current debt sustainability framework used in the IMF-WB HIPC Initiative and the necessity to include domestic public debt into the analysis. The standard sustainability analysis does not take into account the fully-fledged budget constraint and the...

International migration flows constitute one of the most policy-relevant elements of modern economies. The Italian experience is a case of particular interest given the rapid growth of immigration flows, the large number of countries of origin involved, and regional economic heterogeneity. This...

The paper analyzes the relationships between mutual loan-guarantee societies (MLGS), small firms and banks trying to evaluate the role played by the guarantees granted by MLGSs and by different banks on the availability and the cost of credit. We focus on a sample of firms member of a specific...