Changing Global Linkages: Bridging Geopolitical Fragments
AEA Papers and Proceedings, 115: 605-610, with G. Gopinath, P.O. Gourinchas and P. Topalova
Geopolitics and trade restrictions are increasingly driving trade and investment flows. We merge bilateral FDI and trade flows and trade distortive measures at the industry level to study the response of FDI to changes in trade costs. We find that, over the past decade, countries have responded to trade restrictions imposed on their exports by moving production abroad to nonaligned countries whose exports face few import restrictions from their trading partners. Our findings show that FDI flows are fragmenting along geopolitical lines but are also responding to trade restrictions by relocating to countries that can serve as producers and `connectors'.Productivity spillovers from FDI: A firm-level cross-country analysis
The World Economy, forthcoming, with J. Ahn and S. Aiyar
This paper provides cross-country firm-level evidence on productivity spillovers from foreign direct investment (FDI), separately for greenfield FDI and cross-border mergers and acquisitions (M&As). The granularity of bilateral sector-level FDI datasets allows for addressing possible endogeneity issues by applying a two-step approach whereby an exogenous FDI measure is constructed from a gravity-type regression of bilateral FDI flows. When looking at the effects of greenfield investments on firm labor productivity we find: i) positive intra-industry spillover effects for firms located in advanced countries, and ii) positive backward spillover effects for firms located in emerging and developing countries. These spillovers are driven entirely by FDI from advanced countries. The results from cross-border M&As are noisier, with weakly suggestive evidence for positive intra-industry spillovers in advanced countries but negative backward spillovers in emerging markets and developing countries.Chinese Infrastructure Lending in Africa and Participation in Global Value Chains
Review of the World Economy, 161: 7-48, with Vito Amendolagine and R. Rabellotti
We explore the extent to which Chinese lending to African countries promotes participation in Global Value Chains (GVC). Using loan-level data on Chinese and World Bank lending to 37 African countries between 2000 and 2018 we find that in contrast to World Bank lending, Chinese lending is associated positively with an increased GVC participation. This association is driven by infrastructure lending, which is likely to reduce trade costs, making it easier to participate in GVCs. This increased GVC participation is persistent over time and concentrated on the downstream sectors and, thus, is likely to contribute to export and productivity growth.Public debt management and private financial development
Economic Systems, 47(1): 101010, 2023, with S. Pedersoli
In several developing countries, high and rising public debt is an important source of vulnerability. Strengthening debt management is a priority, but its effects on domestic economies have been hardly analyzed. This paper asks whether better public debt management could have spillover effects on the private sector, leading to more (and more stable) private capital flows and domestic credit. This is a relevant question in a context of financial deepening and increasing private capital inflows, which could be prone to episodes of bonanza, sudden stops and crises. Our results, based on a sample of developing countries, show positive spillover effects from better public debt management to private capital inflows and domestic financial deepening.Delays in Public Investment Projects
International Economics, 172: 297-310, 2022, with R. Espinoza
The returns from public investment, especially during periods of scaling up, are often lower than expected. To understand the mechanisms behind this regularity we exploit original information on investment projects obtained from World Bank project reports to document the extent and the drivers of time delays in project implementation. We find that almost 60 percent of investment projects are delayed by at least one year. Time overruns are common across sectors and countries. A sound planning and preparation matter for the timing of project execution. Country characteristics also play a role, as projects undertaken in countries with weaker institutions and in periods of public investment scaling up are completed with longer delays.On the capacity to absorb public investment: How much is too much?
World Development, 145: 105525, 2021, with D. Gurara, R. Kpodar and D. Tessema
While expanding public investment can contribute to fill infrastructure gaps, scaling up too much and too fast often leads to inefficient outcomes. This paper rationalizes this outcome looking at the association between cost inflation and public investment in a large sample of road construction projects in developing countries. Consistent with the presence of absorptive capacity constraints, our results show a non-linear U-shaped relationship between public investment and project costs. Unit costs increase once public investment is close to 10% of GDP. This threshold is lower (about 7% of GDP) in countries with low investment efficiency and, in general, the effect of investment scaling up on costs is especially strong during investment booms.World Development, 113: 73-88, 2019, with V. Amendolagine, R. Rabellotti, M. Sanfilippo. Featured in Bloomberg.
The local sourcing of intermediate products is one the main channels for foreign direct investment (FDI) spillovers. This paper investigates whether and how participation and positioning in the global value chains (GVCs) of host countries is associated to local sourcing by foreign investors. Matching two firm-level data sets on 19 Sub-Saharan African countries and Vietnam to country-sector level measures of GVC involvement, we find that more intense GVC participation and upstream specialization are associated to a higher share of inputs sourced locally by foreign investors. These effects are larger in countries with stronger rule of law and better education.Lost and found: Market access and public debt dynamics
Oxford Economic Papers, 71(2): 445-471, 2019, with A. Bassanetti and C. Cottarelli
The empirical literature on sovereign debt crises identifies the level of public debt (measured as a share of GDP) as a key variable to predict debt defaults and to determine sovereign market access. This evidence has led to the widespread use of (country-specific) debt thresholds to assess debt sustainability. We argue that the level of the debt-to-GDP ratio, whose use is justified on a theoretical and empirical ground, should not be the only fiscal metric to assess the complex relationship between public debt and debt defaults/market access. In particular, we show that, in a large panel of emerging markets, the dynamics of the debt ratio plays a critical role for market access. In particular, given a certain level of debt, a steadily declining debt ratio is associated with a lower probability of debt distress/market loss and with a higher likelihood of market re-access once access had been lost.Trends and Challenges in Infrastructure Investment in Developing Countries
International Development Policy, 10(1): 1-30, 2018, with D. Gurara, N. Mwase and V. Klyuev.
This paper examines trends in infrastructure investment and financing in low-income developing countries (LIDCs). Following an acceleration of public investment over the last 15 years, the stock of infrastructure assets increased in LIDCs, even though large gaps remain compared to emerging markets. Infrastructure in LIDCs is largely provided by the public sector; private participation is mostly channelled through Public-Private Partnerships. Grants and concessional loans are an essential source of infrastructure funding in LIDCs, while the complementary role of bank lending is still limited to a few countries. Bridging infrastructure gaps would require a broad set of actions to improve the efficiency of public spending, mobilise domestic resources and support from development partners, and crowding in private investment.State Dependence in Access to Credit
Journal of Financial Stability, 27: 17-34, 2016, with C. Pigini and A. Zazzaro.
This paper investigates whether firms' access to credit is characterized by state dependence. We introduce a first-order Markov model of credit restriction with sample selection that makes it possible to identify state dependence in the presence of unobserved heterogeneity. The results, based on a representative sample of Italian firms, show that state dependence in access to credit is a statistically and economically significant phenomenon and that this is less prominent among small firms.Economic Notes, 45(3): 445-472, 2016, with R. Rabellotti.
Due to deregulation and financial liberalization, Latin America countries have recently undertaken bank restructuring and consolidation processes. This paper investigates firm access to credit in the region, focusing on the role of the credit market structure. Through an empirical investigation based on the World Bank Enterprise Survey, we find that access to bank credit is very heterogeneous. On average, smaller and less productive firms are less likely to apply for credit and more likely to be financially constrained. Besides, a high degree of bank penetration and competition is significantly correlated with a lower probability that borrowers are financially constrained. Finally, foreign banks penetration has a negative effect on access to credit particularly in less developed and more concentrated markets, while it has a positive influence in more competitive and financially developed markets.Sovereign bonds by developing countries: drivers of issuance and spreads
Review of Development Finance, 6(1): 1-15, 2015, with D. Ghura, L. Njie and O. Adedeji.
In the last decade there has been a new wave of sovereign bond issuances in Africa. What determines the ability of developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes 105 developing countries during the period 1995‑2014. We find that a country is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, a lower public debt, and a more effective government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. We also find that primary spreads for the average Sub-Saharan African issuer are higher than in other regions. With regard to global factors, our results confirm the existing evidence that issuances are more likely during periods of global liquidity and high commodity prices, especially for Sub-Saharan African countries, and spreads are higher in periods of higher market volatility.Is labor flexibility a substitute to offshoring? Evidence from Italian manufacturing
International Economics, 142: 81-93, 2015, with M. Richiardi and A. Amighini.
We test whether labor flexibility acts as a substitute to delocalization. Using Italian survey data, we show that a higher share of temporary workers appears to reduce the likelihood of future offshoring. However, once reverse causality and spurious correlation are controlled for with IV techniques, the relationship vanishes. This finding suggests that the threat of delocalization to win support for further labor market reforms is probably misplaced.Barking up the wrong tree? Measuring gender gaps in firm's access to credit
Journal of Development Studies, 50(10): 1430-1444, 2014, with C. Piras and R. Rabellotti.
The literature on gender-based discrimination in credit markets is recently expanding but the results are not yet definitive and have not been generally agreed upon. This paper exploits a new dataset on Barbados, Jamaica and Trinidad and Tobago, which provides detailed information about female ownership and management in firms for investigating the existence of a gender gap in access to finance. The evidence presented herein suggests that more precise measures of the gender composition of the firm show that women-led businesses are more likely to be financially constrained than other comparable firms.Geographical Distance and Moral Hazard in Microcredit: Evidence from Colombia
Journal of International Development, 26: 91-108, 2014, with R. Rabellotti.
Recent years have seen an intense and critical debate about the impact of microcredit on entrepreneurial activities and poor households' welfare. This paper suggests that information asymmetries in the ex-post loan arrangement between the microfinance institution (MFI) and local borrowers could partially explain the limited impact of microcredit. The physical distance separating borrowers from the MFI worsens information asymmetries. The estimation of the effect of distance on the borrower's self-assessed outcome of a microcredit project in Colombia is consistent with the presence of information asymmetries in the microcredit market.Property tax and fiscal discipline in OECD countries
Economics Letters, 124(3): 428-33, 2014, with A. Sacchi and A. Zazzaro.
This paper investigates the effects of property taxation on fiscal discipline for a sample of OECD countries over the period 1973-2011. We find that aggregate property taxation in total tax revenues is not statistically correlated with the primary surplus-to-GDP ratio. In contrast, a greater reliance on property taxes pertaining to sub-national governments contributes to fiscal discipline, suggesting that fiscal decentralization should favor responsive tax base instruments.External imbalances and fiscal fragility in the euro area
Open Economies Review, 25(1): 3-34, 2014, with P. Alessandrini, M. Fratianni and A. Hughes Hallett.
This paper presents two views of the European sovereign debt crisis. The first is that countries in the South of the Eurozone were fiscally irresponsible and failed to implement pro-competitive supply side policies. The second view holds that the crisis reflects a deep divide between the external surpluses of the North and external deficits of the South. Basic stylized facts cast doubt on the explanation based on the first thesis alone. A relatively simple model shows how poor fundamentals can create a debt problem independently of fiscal responsibility. The empirical analysis of the determinants of government bond yield spreads relative to Germany suggests that both views in fact provide useful insights into the roots of the current sovereign crisis. However, differences in growth and competitiveness and capital flows between North and South have assumed a much more dominant role since the onset of the global crisis.Domestic public debt in low-income countries: trends and structure
Review of Development Finance, 4(1): 1-19, 2014, with G. Bua and J. Pradelli.
This paper introduces a new dataset on the stock and structure of domestic debt in 36 Low-Income Countries over the period 1971-2011. We characterize the recent trends regarding LICs domestic public debt and explore the relevance of different arguments put forward on the benefits and costs of government borrowing in local public debt markets. The main stylized fact emerging from the data is the increase in domestic government debt since 1996. We also observe that poor countries have been able to increase the share of long-term instruments over time and that the maturity lengthening went together with a decrease in borrowing costs. However, the concentration of the investor base, mainly dominated by commercial banks and the Central Bank, may crowd out lending to the private sector.Saving Strategies: Evidence from Bangladesh
Rivista Italiana degli Economisti - The Journal of the Italian Economic Association, XVIII(3): 319-344, 2013, with M. Marinangeli.
Microsavings contribute to smooth consumption, cope with emergencies and increase the welfare of poor households. We use data from an original survey administered to a sample of Bangladeshi women, all members of a small microfinance institution (MFI), to analyze the individual socio-economic characteristics associated with microsavings. The data show that the poor are financially sophisticated and use several different (formal and informal) savings devices. We also highlight a positive association between the length of the relationship with the MFI and the propensity to save, especially with formal and semi-formal devices. While we cannot identify a causal effect of MFI membership, the descriptive evidence is consistent with the hypothesis that microfinance may contribute to the awareness of the potential benefits of savings and expand access to alternative formal savings devices.Public debt and economic growth in advanced economies: A survey
Swiss Journal of Economics and Statistics, 149(2): 175-204, 2013, with U. Panizza
This paper surveys the recent literature on the links between public debt and economic growth in advanced economies. We find that theoretical models yield ambiguous results. Whether high levels of public debt have a negative effect on long-run growth is thus an empirical question. While many papers have found a negative correlation between debt and growth, our reading of the empirical literature is that there is no paper that can make a strong case for a causal relationship going from debt to economic growth. We also find that the presence of thresholds and, more in general, of a non-monotone relationship between debt and growth is not robust to small changes in data coverage and empirical techniques. We conclude with a discussion of the challenges involved in measuring and defining public debt and some suggestions for future research which, in our view, should emphasize cross-country heterogeneity.IMF Lending in Times of Crisis: Political Influence and Crisis Prevention
World Development, 40(10): 1944-1969, 2012, with A. Zazzaro.
In the wake of the global crisis the International Monetary Fund (IMF) has increased its exposure to developing countries and modified its lending approach to enhance its crisis prevention role. Analysis of the IMF loan arrangements in low- and middle-income countries since 2008 shows that political similarity between borrowers and G7 governments has influenced the likelihood to participate in IMF programs, especially where the crisis was severe. IMF loans have been larger in countries where Western countries have significant economic interests and where the crisis was particularly severe, suggesting that the IMF has played a role in dampening contagion effects.Total Public Debt and Growth in Developing Countries
European Journal of Development Research, 24(4): 606-626, 2012
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 paper aims at complementing the existing evidence focusing on developing countries, where the increase in domestic borrowing, already started before the crisis, requires a more comprehensive analysis, based not only on external debt, but on total public debt. Results on a panel of low- and middle-income countries over the period 1990-2007 show that public debt has a negative impact on output growth up to a threshold of 90 percent of GDP, beyond which its effect becomes irrelevant. This non-linear effect can be explained by country-specific factors since debt overhang is a growth constraint only in countries with sound macroeconomic policies and stable institutions.Low-Income Countries and an SDR-based International Monetary System
Open Economies Review, 23(1): 129-150, 2012, with P. Alessandrini.
The global financial crisis, the weakening role of the dollar and the increasing international importance of China are calling for a reform of the international monetary system in the direction of greater multilateralism. To this end we advance a proposal based on a greater role of the Special Drawing Rights (SDRs) and focus on the potential benefits that these could bring to Low-Income Countries (LICs). SDRs would be created exogenously - with a disproportionate allocation to LICs -, but also endogenously, through a substitution account and an overdraft facility. Finally, the paper discusses the superiority of this proposal in the context of the current foreign assistance framework.Global Banking and Local Markets: A National Perspective
Cambridge Journal of Regions, Economy and Society, 2(2): 173-192, 2009, with P. Alessandrini and A. Zazzaro.
In the early 1990s, a widely-shared opinion among scholars and practitioners was that the importance of physical proximity between banks and borrowers would be doomed to drastically decrease over time and, put in extreme terms, the end of banking geography would become a real possibility. However, the empirical evidence shows an unrelenting importance of local credit markets for small borrowers and local economic development. In the paper, we selectively review the literature on the real effects of bank consolidation and produce new evidence on the role of headquarter-to-branch functional distance on relationship lending.Debt-Relief Effectiveness and Institution-Building
Development Policy Review, 27(5): 529-559, 2009.
The history of debt relief is now particularly long, the associated costs are soaring and the outcomes are at least uncertain. This paper reviews and provides new evidence on the effects of recent debt relief programs on different macroeconomic indicators in developing countries, focusing on the Highly Indebted Poor Countries. Besides, the relationship between debt relief and institutional changes is investigated to assess whether donors are moving towards and ex-post governance conditionality. Results show that debt relief is only weakly associated with subsequent improvements in economic performance. but it is correlated with increasing domestic debt in HIPCs, undermining the positive achievements in reducing external debt service. Finally, there is evidence that donors are moving towards a more sensible allocation of debt forgiveness, rewarding countries with better policies and institutions.The 2008-2009 Financial Crisis and the HIPCs: Another Debt Crisis?
Rivista Bancaria - Minerva Bancaria, 5-6: 35-64, 2009.
Dealing with one exogenous adverse external shock at a time is generally a difficult challenge for heavily indebted poor countries, because of limited fiscal space, few policy options and scarce debt management capacity. The current financial crisis, because of its unprecedented severity and global scale, forces poor countries to deal with multiple exogenous shocks simultaneously: mitigating the effects of a reduction in trade, capital inflows and foreign assistance is going to be a very hard task and to require a massive intervention by donors and by the International Financial Institutions, in order to avoid to jeopardize the progresses done so far by debt relief initiatives. The paper tries to spell out the way in which the global economic-financial crisis has affected and still weighs on Low-Income Countries, focusing on overall debt sustainability.The Debt-Growth Nexus: a Reassessment
Economics: The-Open-Access, Open-Assessment E-Journal, 2, 2008-30, 2008.
The paper investigates the relationship between external debt and economic growth, focusing on the role played by the policy and institutional framework. Results for a panel of 114 developing countries show that the debt-growth nexus depends on institutions and policies. The Debt-Laffer curve loses statistical significance once institutional quality is controlled for and debt overhang seems to be at work exclusively in countries with sound institutions. On the contrary, external debt proves to be irrelevant for countries with weak institutions. A policy implication is that efficient debt relief policies should be tailored to country-specific characteristics and conditional to a certain level of institutional quality.External Debt Sustainability and Domestic Debt in Heavily Indebted Poor Countries
Rivista Internazionale di Scienze Sociali, 2: 187-213, 2007, with M. Arnone.
In this paper, we broaden the standard debt sustainability framework used in the IMF-WB Heavily Indebted Poor Countries (HIPC) Initiative to include the analysis of domestic public debt and other feedback effects into the usual debt sustainability analysis (DSA). The latter does not take into account the fully-fledged government budget constraint and the feedback effects of the fiscal and monetary adjustment required by multilateral programs. This work focuses on the evaluation of total public debt sustainability in a simple accounting framework that includes exchange rate effects. We use new data on domestic public debt and show how the switch from foreign to domestic borrowing, and rising domestic real interest rates are likely to undermine the overall sustainability and the success of debt relief programs.The Debt-Growth Nexus: a Dynamic Panel Data Estimation
Rivista Italiana degli Economisti, 11(3): 417-461, 2006.
This paper investigates the relationship between external debt and economic growth in developing countries. Notwithstanding a general agreement on theory, empirical evidence is not conclusive and lacks of robustness. This contribution aims to shed more light on the relationship between external debt and economic growth and to draw some policy implication for debt relief. This work highlights the critical role of econometric and methodological issues. The results for a panel of 69 developing countries over the period 1977-2002 support a negative linear relationship between external debt and economic growth, and between debt service and investment. These effects seem to be stronger in the Low-Income Countries than in the overall sample, raising concern about the dramatic effect that debt has on economic performance in the world’s poorest countries. Eventually, external debt impairs economic growth through the liquidity constraint, the creation of macroeconomic instability, a reduced total factor productivity, and its effect on macroeconomic policies and institutional development.Institutions and Geography as Sources of Economic Development
Journal of International Development, 18(3): 351-378, 2006.
This work investigates the roots of economic development. The debate about the predominance of institutions over geography is far from reaching a firm conclusion, and this analysis highlights the main difficulties that should be addressed in order to find out the real determinants of long-run economic growth. I argue that the institutional view is not as strong as it may appear: different specifications and different institutional indicators undermine the exclusive importance of institutions. Geographical factors, related to the health and sanitary conditions and to the accessibility to the sea of a country, play a role in economic development, that goes beyond the way in which they shape institutions. The empirical evidence implies that the development policies should be directed to improving not only the quality of governance, but also the sanitary conditions in the least developed countries. However, since there is a lack of accurate indicators and difficult problems of endogeneity, more reliable instruments and indicators of geography and institutions are needed in order to achieve a firm conclusion.Geoeconomic Fragmentation: The Economic Risks from a Fractured World Economy, CEPR Press, with S. Aiyar and M. Ruta (eds.)
Companion VoxEU column introducing the book, with S. Aiyar, P.O. Gourinchas and M. RutaDebt Relief Initiatives: Policy Design and Outcomes, Global Finance Series, Ashgate Publishing, 2010, with Marco Arnone. Foreword by Nancy Birdsall; Preface by Ugo Panizza; Afterword by Aart Kraay.
Best Book in Economics "Gozzo d'Argento" International Award, Santa Margherita Ligure, 2011.Flyer: Download - Cover: DownloadFinancing for development: editors' introduction
Oxford Review of Economic Policy, 31(3-4): 259-267, with C. Adam, U. Panizza and D. Vines.
Review of Economics and Institutions, Vol. 5, No. 2, with Stelios Michalopoulos.
Abstract: The importance of history, culture, and biogeography in shaping current institutions and the long-run process of economic development is the subject of an important and growing field of research, attracting prominent scholars from different backgrounds. This special issue brings together contributions that investigate both theoretically and empirically the potential mechanisms that mediate the link between institutional and economic development.Book Review: In the wake of the crisis. Leading economists reassess economic policy, O. Blanchard, D. Romer, M. Spence and J. Stiglitz (eds)
Journal of Economics, Vol. 107, No. 3, pp. 287-290.
Fiscal space: Asian fiscal safety net has shrunk, in B. Ferrarini, M. Giugale and J. Pradelli (eds.) The Sustainability of Asia's Debt, Edward Elgar, 2022.
The Motives to Borrow, in S. Abbas, A. Pienkowski and K. Rogoff (eds.) Sovereign Debt: A Guide to Economists and Practitioners, OUP, 2019, with A. Fatas, A. Ghosh and U. Panizza.
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 recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments’ tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price—in terms of lower growth and greater output volatility—for excessive debt accumulation.Aid Effectiveness in Fragile States, in R. Chami, R. Espinoza and P. Montiel (eds.) Macroeconomic Policy in Fragile States, OUP, 2020, with F. Caselli.
Fragile states are highly dependent on foreign aid and are characterized by several features that impair their economic and social performance. After reviewing the literature on aid effectiveness, we present several stylized facts on aid flows to fragile states and exploits detailed project-level data to provide novel evidence on aid effectiveness in fragile states. Comparing project success rate across fragile and other developing countries confirms that aid given to fragile states is less likely to be effective than elsewhere. Focusing on the conflict dimension of fragility, we extend our analysis to the subnational level to strengthen the identification of the effect of fragility on the likelihood of project success. Our results indicate that a project implemented in a fragile state is about 8 percentage points less likely to be successful than a similar project financed in another developing country. Our analysis does not imply that aid to fragile states should be reduced across the board, but points to several factors that could hamper the growth dividend of aid.The Gender Gap in the Caribbean: The Performance of Women-Led Firms, in S. Dohnert, G. Crespi and A. Maffioli (ed.) Exploring Firm-Level Innovation and Productivity in Developing Countries: The Perspective of Caribbean Small States, Inter-American Development Bank, 2017, with W. Moore and R. Rabellotti.
Credit Access in Latin American Enterprises, in C. Pietrobelli, M. Grazzi and G. Crespi (ed.) Determinants of Firm Performance in LAC: What Does the Micro Evidence Tell Us?, Inter-American Development Bank, 2015, with R. Rabellotti.
Geographical Organization of Banking Systems and Innovation Diffusion, in P. Alessandrini, M. Fratianni and A. Zazzaro (ed.) The Changing Geography of Banking and Finance, Springer, 2009, with P. Alessandrini and A. Zazzaro.
The Global Crisis in Low- and Middle-Income Countries: How the IMF Responded, in E. Brancaccio and G. Fontana (ed.) The Global Economic Crisis: New Perspectives on the Critique of Economic Theory and Policy, Routledge, with A. Zazzaro.