We use an excludable instrument to test the effect of bilateral foreign aid on economic
growth in a sample of 97 recipient countries over the 1974–2013 period. Our instrument …

China's development model challenges the approaches of traditional donors like the World
Bank (WB). While some see this mostly as a chance, Chinese aid specifically and aid in …

Abstract The International Monetary Fund (IMF) is infamous for its structural adjustment
programs, requiring countries to undertake policy reforms in exchange for loans. Yet, not …

Using geo-referenced data on development projects by the World Bank and China, we
provide a comprehensive analysis of the effect of aid on conflict using fixed effects and …

A growing body of literature scrutinizes the harmful consequences of capital flight to offshore
financial destinations. While financial integration is a well-known facilitator of capital flight …

When countries are confronted with a crisis and have no alternative but to turn to the
International Monetary Fund (IMF), speed is of the essence. Why do some countries …

Can debt moratoria help countries weather negative shocks? We exploit the Debt Service
Suspension Initiative (DSSI) to study the bond market effects of deferring official debt …

This Element argues that governments allocate adjustment burdens strategically to protect
their supporters, imposing adjustment costs upon the supporters of their opponents, who …

In this paper, I explain variations in international investors' reactions to International
Monetary Fund (IMF) programs. Investors react favorably if a borrowing government is …

We study the effect of geopolitics on short-term financial market reactions to IMF program
approvals. If IMF programs are influenced by geopolitics, they may be less successful in …