Enthusiasm for 'greening the financial system' is welcome, but a fundamental challenge remains: financial decision makers lack the necessary information. It is not enough to know that climate change is bad. Markets need credible, digestible information on how climate change translates into...

Climate change is an existential threat to the world economy, with complex, evolving and nonlinear dynamics that remain a source of great uncertainty. There is a bourgeoning literature on the economic impact of climate change, but research on how climate change affects sovereign risks is...

This paper examines the effect of elections on fiscal policies in 21 countries in Latin America and the Caribbean from 1983 to 1996. The budget surplus proves to be lower than normal in the preelectoral and higher in the postelectoral years. Both the expenditure and revenue sides contribute to...

Intergovernmental transfers from the central level are an important source of revenue for most subnational governments in developing countries. This importance is likely to grow even further considering ongoing decentralization initiatives in Latin America and elsewhere. This paper investigates...

The current financial, economic and fiscal crisis is among other things characterised by complex interrelations between financial, fiscal, macroeconomic and political instability. One instability breeds another, with feedback loops generating self-reinforcing adverse cycles: The financial crisis...