Can a government reduce income inequality by changing the composition of public spending while keeping the total level of expenditure fixed? Using newly assembled data on spending composition for 83 countries across all income groups, this paper shows that reallocating spending toward social...

Sustainability-Linked Bonds (SLBs) – an innovative debt product that incorporates incentivized sustainability targets – are becoming increasingly popular to encourage issuers to improve their sustainability performance. However, existing SLB structures allow issuers to weaken the link...

Sustainability-Linked Bonds (SLBs) – an innovative debt product that incorporates incentivized sustainability targets – are becoming increasingly popular to encourage issuers to improve their sustainability performance. However, existing SLB structures allow issuers to weaken the link...

Sustainability-Linked Bonds - an innovative debt product that incorporates incentivized sustainability targets - are becoming increasingly popular to encourage issuers to improve their sustainability performance. However, existing Sustainability-Linked Bond structures allow issuers to weaken the...

Sustainability-Linked Bonds-an innovative debt product that incorporates incentivized sustainability targets-are becoming increasingly popular to encourage issuers to improve their sustainability performance. However, existing Sustainability-Linked Bond structures allow issuers to weaken the...

The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? This is an important policy question. This paper analyzes the effects of fiscal...