The paper analyzes the following three questions of importance for the quality of design and effectiveness of the World Bank's budget support (development policy operations--DPOs): What has been the quality of macro-fiscal frameworks and their building blocks in DPOs? What factors may be related...

This paper develops an analytical framework for the analysis of adjustment to adverse shocks in the presence of limited access to the international credit market. We consider an economy producing traded and non-traded goods and experiencing a permanent, unanticipated drop in the availability of...

This paper develops an analytical framework for the analysis of adjustment to adverse shocks in the presence of limited access to the international credit market. We consider an economy producing traded and non-traded goods and experiencing a permanent, unanticipated drop in the availability of...