 | Who Bore the Brunt of the Pandemic in Europe? Shifting Private Stress to the Public Sector Author/Editor: Marco Arena, Ruo Chen, Alfredo Cuevas, Karim Foda, Borja Gracia, Estelle X Liu, Alex Pienkowski, Christiane Roehler, Shituo Sun, Sebastian Weber, Xin Cindy Xu, Yu Shi. Release Date:July, 2021 In Europe, the severe human toll of the COVID-19 pandemic was compounded by the deepest fall in economic activity in modern history. Yet this huge decline in output did surprisingly little damage to more...
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 | Now or Later? The Political Economy of Public Investment in Democracies Author/Editor: Sanjeev Gupta, Estelle X. Liu, Carlos Mulas-Granados. Release Date:July, 2015 This paper explores the impact of political and institutional variables on public investment.Working with a sample of 80 presidential and parliamentary democracies between 1975 and2012, we find that more...
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| Correcting "Beyond the Cycle" : Accounting for Asset Prices in Structural Fiscal Balances Author/Editor: Estelle X. Liu, Todd Mattina, Tigran Poghosyan. Release Date:May, 2015 This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that more...
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| Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis Author/Editor: Jorge A. Chan-Lau, Estelle X. Liu, Jochen M. Schmittmann. Release Date:July, 2012 This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened more...
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