 | The Motives to Borrow Author/Editor: Antonio Fatás, Atish R Ghosh, Ugo Panizza, Andrea F Presbitero. Release Date:May, 2019 Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can explain some of the increases in public debt in more...
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 | Too Much Finance? Author/Editor: Jean-Louis Arcand, Enrico Berkes, Ugo Panizza. Release Date:June, 2012 This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can more...
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| International Evidence on Recovery from Recessions Author/Editor: Valerie Cerra, Sweta Chaman Saxena, Ugo Panizza. Release Date:August, 2009 Although negative shocks have persistent effects on output on average, this paper shows that macroeconomic policies and the structure of the economy can influence the speed of recovery and mitigate more...
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| The Costs of Sovereign Default Author/Editor: Eduardo Borensztein, Ugo Panizza. Release Date:October, 2008 This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy more...
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