The labor force participation of women is lower than the labor force participation of men. This empirical regularity is particularly acute in Latin America and the Caribbean (LAC). In terms of labor market productivity and growth potential, these lower participation rates constitute a reserve of...

We develop an empirical model to predict banking crises in a sample of 60 low-incomecountries (LICs) over the 1981-2015 period. Given the recent emergence of financial sectorstress associated with low commodity prices in several LICs, we assign price movements inprimary commodities a key role in...

The global crisis and the expansionary government reaction in many countries has revamped the attention of policy makers and academics on the growth effects of large public debts. Recent empirical studies investigate the impact of public debt on growth in advanced and emerging countries. This...

Developing countries have recently proved reluctant to participate in sovereign debt moratoria and debt relief initiatives. We argue that debtors' (non-)participation decisions can be understood through the lens of real options. Eligible countries compare the net benefits of participating in a...

Can debt moratoria help countries weather negative shocks? We study the bond market effects of an official debt service suspension endorsed by the international community during the Covid-19 pandemic. Using daily data on sovereign bond spreads and synthetic control methods, we show that...