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Macroeconomics and Growth: 2012 Publications

Journal Articles
Book Chapters
Working Papers

Journal Articles

Didier, Tatiana, Constantino Hevia, and Sergio Schmukler. 2012.  "Respuestas de Política a la Crisis Financiera Global: ¿Qué Hicieron Diferente las Economías Emergentes?" Revista de Estudios Economicos, Central Bank of Peru 24: 27-43. 

Keefer, Philip E., and Scott Gehlbach. 2012.  "Private Investment and the Institutionalization of Collective Action in Autocracies:  Ruling Parties and Legislature." Journal of Politics 74(2): 621-35.

Kraay, Aart C., and Carolin Geginat. 2012." Does IDA Engage in Defensive Lending?" Review of Economics and Institutions  3(2): Article 3- Spring.

Kraay, Aart C. 2012.  "How Large is the Government Spending Multiplier? Evidence from World Bank Lending." Quarterly Journal of Economics 127(2): 829-887.

Loayza, Norman, Jamele Rigolini, and Gonzalo Llorente. 2012.  "Do Middle Classes bring about Institutional Reforms?" Economics Letters 116(3): 440-444.

Maloney, William F., Mariano Bosch Mossi, and Edwin Goni-Pacchioni. 2012.  "Trade Liberalization, Labor Reforms and Formal-informal Employment Dynamics." Labor Economics 19(5): 653-667.

Schmukler, Sergio, Constantino Hevia, and Tatiana Didier. 2012.  "How Resilient and Countercyclical Were Emerging Economies to the Global Financial Crisis?" Journal of International Money and Finance 31(8): 2052-2077.

Schmukler, Sergio, and Claudio E. Raddatz. 2012.  "On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios." Journal of International Economics 88(2): 357-374.


Maloney, William F., and Daniel Lederman. 2012.  Does What You Export Matter? In Search of Empirical Guidance for Industrial Policies . Washington, DC.: World Bank.

Book Chapters

Keefer, Philip E. 2012.  "Why follow the leader?  Collective action, credible commitment, and conflict." In The Oxford Handbook of the Economics of Peace and Conflict. ed.Michelle Garfinkel and Stergios Skaperdas. New York: Oxford University Press.

Keefer, Philip E. 2012.  "The Rule of Law and Governance Puzzles in Democracies and Non-democracies." In Sustaining Development and Growth in East Asia. ed.Timo Henckel. London: Routledge.

Schmukler, Sergio, and Tatiana Didier. 2012.  "Financial Globalization in Emerging Countries: Diversification vs. Offshoring." In Paradigms for Financial Regulation: Emerging Market Perspectives. ed.Mario B. Lamberte and Eswar Prasad. ADBI and Brookings Instituition.

Serven, Luis, and Al Sadiq. 2012. "The Global Crisis: Old and New Lessons for Macroeconomic Policy." In The Global Economic Crisis and Consequences for Development Strategy. ed.A. Al Sadiq and I. Elbadawi: Palgrave Macmillan.

Serven, Luis. 2012. "Global Imbalances After the Crisis." In Ekonomi Gerizan 19. ed.Javier A. Domingo; Rafael A. Ilardia; Pedro Martinez de Alegria Pinedo; Federico Steinberg Wechsler.Spain: Federacion de Cajas De Ahorros Vasco-Navarras.


Macro and Growth Seminars
The seminars provide an opportunity to present and discuss the latest and most influential research on macroeconomic policy, structural reforms, and institutional development produced both within and outside the Bank. It allows researchers to showcase and obtain feedback on their current research, and become acquainted with new techniques and results from academia. The Seminar Series not only contributes to the intellectual life of researchers but also benefits interested Bank staff through the debate of ideas and policies that can enrich their work experience. Visiting economists are welcome.
Organizers: Aart Kraay (
Seminars and papers: 


Hoff, Karla. 2012. “Equilibrium Fictions, Societal Rigidity, and Affirmative Action,” VoxEU.

Hoff, Karla, Daron Acemoglu and Ian Vásquez. 2012. “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” Cato Institute.

Keefer, Philip E., and  Stuti Khemani. 2012. "Do Informed Citizens Receive More, or Pay More?"

Kraay, Aart. 2012. "How Much Does GDP Increase When Public Spending Increases?" Research Digest 6(4, Summer)

Khemani, Stuti, and Philip E. Keefer. 2012. "Who Ends up Being More Accountable - Governments or Citizens?" WB Africa Can Blog: Dec 2, 2012.

Loayza, Norman, Jamele Rigolini, and Gonzalo Llorente. 2012. "Do Middle Classes Bring Institutional Reforms?" Research Digest 6(3, Spring).

Schmukler, Sergio, and Tatiana Didier. 2012. "Different Facets of Financial Globalisation," VoxEU and others.

Schmukler, Sergio, and Tatiana Didier. 2012.  "Some Pitfalls in Global Investing," VoxEU and others.

Schmukler, Sergio, Constantino Hevia, Tatiana Didier, and Augusto de la Torre. 2012.  "Latin America Copes with Volatility, The Dark Side of Globalization," LAC Semi-Annual Report.

Working Papers

These policy research working papers from the World Bank's institutional archives. You can search here using author’s last name, title or working paper number (“wpsxxxx”).

Banuri, Sheheryar, and Catherine Eckel. 2012.  "Experiments in Culture and Corruption: A Review." Policy Research Working Paper 6064. World Bank, Washington, D.C.

Banuri, Sheheryar, Pablo Lucas, and Angela Oliveira. 2012.  "The Effects of Group Composition and Fractionalization in a Public Goods Game: An Agent-Based Simulation." WIDR Working Paper 059. UNU-WIDR, Finland.

Del Carpio, Ximena, Ha Nguyen, and Liang Choon Wang. 2012.  "Does the Minimum Wage Affect Employment?  Evidence from the Manufacturing Sector in Indonesia." Policy Research Working Paper 6147. World Bank, Washington, D.C.

Eden, Maya, and Ha Nguyen. 2012.  "Correcting Real Exchange Rate Misalignment: Conceptual and Practical Issues." Policy Research Working Paper 6045. World Bank, Washington, D.C.

Eden, Maya. 2012.  "Financial Distortions and the Distribution of Global Volatility." Policy Research Working Paper 5929. World Bank, Washington, D.C.

Eden, Maya. 2012.  "Should Wall-Street be Occupied? An Overlooked Price Externality of Financial Intermediation. " Policy Research Working Paper 6059. World Bank, Washington, D.C.

Gozzi, Juan Carlos, Ross Levine, Maria Soledad Martinez Peria, and Sergio L. Schmukler. 2012.  "How Firms Use Domestic and International Corporate Bonds." NBER Working Paper 17763. NBER, Cambridge, MA and Policy Research Working Paper 6209. World Bank, Washington, D.C.

Hevia, Constantino. 2012.  "Using Pooled Information and Bootstrap Methods to Assess Debt Sustainability in Low Income Countries." Policy Research Working Paper 5978. World Bank, Washington, D.C.

Hoff, Karla, and Priyanka Pandey. 2012.  "Making Up People—The Effect of Identity on Preferences and Performance in a Modernizing Society." Policy Research Working Paper 6223. World Bank, Washington, D.C.

Keefer, Philip E., and Stuti Khemani. 2012.  "Do Informed Citizens Receive More or Pay More? The Impact of Radio on the Government Distribution of Public Health Benefits." Policy Research Working Paper 5952. World Bank, Washington, D.C.

Keefer, Philip E. 2012.  "Why Follow the Leader? Collective Action, Credible Commitment and Conflict."  Policy Research Working Paper 6179. World Bank, Washington, D.C.

Kraay, Aart C., Maya Eden, and Rong Qian. 2012.  "Sovereign Defaults and Expropriations : Empirical Regularities." Policy Research Working Paper 6218. World Bank, Washington, D.C.

Kraay, Aart C. 2012.  "Government Spending Multipliers in Developing Countries: Evidence from Lending by Official Creditors." Policy Research Working Paper 6099. World Bank, Washington, D.C.

Loayza, Norman V., and Ximena Del Carpio. 2012.  "The Impact of Wealth on the Amount and Quality of Child Labor." Policy Research Working Paper 5959. World Bank, Washington, D.C.

Loayza, Norman V., Jamele Rigolini, and Ganzalo Llorente. 2012.  "Do Middle Class Bring Institutional Reforms." Policy Research Working Paper 6015. World Bank, Washington, D.C.

Maloney, William F. 2012.  "The Persistence of (subnational) Fortune: Geography, Agglomeration, and Institutions in the New World." Policy Research Working Paper 6187. World Bank, Washington, D.C.

Maloney, William F., and Bob Rijkers. 2012.  "Heterogeneity in Subjective Wellbeing : An Application to Occupational Allocation in Africa." Policy Research Working Paper 6244. World Bank, Washington, D.C.

Maloney, William F., Tom Krebs, and Pravin Krishna. 2012.  "Income Risk, Income Mobility and Welfare." Policy Research Working Paper 6254. World Bank, Washington, D.C.

Qian, Rong, and Ha Nguyen. 2012.  "The Cross-Country Magnitude and Determinants of Collateral Borrowing." Policy Research Working Paper 6001. World Bank, Washington, D.C.

Qian, Rong. 2012.  "Why Do Some Countries Default More Often Than Others? The Role of Institutions." Policy Research Working Paper 5993. World Bank, Washington, D.C.

Rijkers, Bob, and Rita Costa. 2012.  "Gender and rural non-farm entrepreneurship." Policy Research Working Paper 6066. World Bank, Washington, D.C.

Schmukler, Sergio, Tatiana Didier, and Francisco Ceballos. 2012.  "Financial Globalization in Emerging Countries : Diversification vs. Offshoring." Policy Research Working Paper 6105. World Bank, Washington, D.C.

Schmukler, Sergio, and Claudio E. Raddatz. 2012.  "On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios." Policy Research Working Paper 6072. World Bank, Washington, D.C.

Serven, Luis, Susanto Basu, Luigi Pascali, and Fabio Schiantarelli. 2012.  "Productivity and the Welfare of Nations." Policy Research Working Paper 6026. World Bank, Washington, D.C.

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