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This paper discusses the possible causes and consequences of corruption. It provides a synthetic review of recent studies that analyze this phenomenon empirically. In addition, it presents further results on the effects of corruption on growth and investment, and new cross-country evidence on the link between corruption and the composition of government expenditure.

Public Finance --- Criminology --- Economic Growth and Aggregate Productivity: General --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Education --- Public finance & taxation --- Corporate crime --- white-collar crime --- Expenditure --- Expenditure composition --- Education spending --- Total expenditures --- Crime --- Expenditures, Public --- United States --- White-collar crime

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This paper studies the correlation between output growth and lagged stock returns in a panel of emerging market economies and advanced economies. It finds that the correlation is as strong in emerging market economies as in advanced economies. Asset prices therefore contain valuable information to forecast output also in emerging market economies. Moreover, the paper finds that the strength of the correlation between output growth and lagged stock returns is significantly related to a number of stock market characteristics, such as the number of listed domestic companies and initial public offerings and, especially, a high market capitalization to GDP ratio and English legal origin.

Finance: General --- Investments: Stocks --- Macroeconomics --- Financial Markets and the Macroeconomy --- International Financial Markets --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Macroeconomics: Production --- Finance --- Investment & securities --- Stocks --- Stock markets --- Emerging and frontier financial markets --- Production growth --- Market capitalization --- Financial institutions --- Financial markets --- Production --- Financial services industry --- Stock exchanges --- Economic theory --- United States

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This note provides an overview of recent studies that have begun to investigate how differing moral perspectives shape attitudes toward tax and spending policies. Recent advances in evolutionary moral psychology and their application to survey-based economic analysis yield promising insights. Understanding the moral underpinnings of various groups’ views may help policymakers design and make the case for measures that can muster broader support.

Macroeconomics --- Economics: General --- Public Finance --- Health Policy --- Structure and Scope of Government: General --- Aggregate Factor Income Distribution --- Debt --- Debt Management --- Sovereign Debt --- Education: General --- Analysis of Health Care Markets --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Education --- Health systems & services --- Financial crises --- Economic sectors --- Income --- National accounts --- Public debt --- Income distribution --- Health care --- Health --- Currency crises --- Informal sector --- Economics --- Debts, Public --- Medical care --- United States

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"This book, edited and researched by experts at the International Monetary Fund (IMF), looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes. It also looks at whether spending exceeded expectations or revenues fell short of expectations, and why, and whether planned debt reductions proceeded faster or slower than projected. The concluding chapters provide an overview of what conclusions can be drawn from the chapters in terms of lessons learned and how to have the best chance for successful fiscal adjustments"--

Budget deficits --- Debts, Public --- Fiscal policy --- Government spending policy

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There is a debate on whether some forms of financial flows offer better crisis protection than others. Using a large panel of advanced, emerging, and developing countries during 1970-2003, this paper analyzes the behavior of various types of flows: foreign direct investment (FDI), portfolio equity investment, portfolio debt investment, other flows to the official sector, other flows to banks, and other flows to the non-bank private sector. Differences across types of flows are limited with respect to volatility, persistence, cross-country comovement, and correlation with growth at home or in the world economy. However, consistent with conventional wisdom, FDI is found to be the least volatile form of financial flows when taking into account the average size of net or gross flows. The differences are striking during "sudden stops" in financial flows (defined as drops in total net financial inflows by more than 5 percentage points of GDP compared with the previous year): in such episodes, FDI is remarkably stable; portfolio equity also seems to play a limited role; portfolio debt experiences a reversal, though it recovers relatively quickly; and other flows (including bank loans and trade credit) experience severe drops and remain depressed for a few years.

Capital movements. --- Electronic books. -- local. --- Investments, Foreign. --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Capital movements --- Investments --- Balance of payments --- Foreign exchange --- International finance --- Exports and Imports --- Finance: General --- Statistics --- International Investment --- Long-term Capital Movements --- International Monetary Arrangements and Institutions --- Financial Aspects of Economic Integration --- Current Account Adjustment --- Short-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- International economics --- Finance --- Econometrics & economic statistics --- Sudden stops --- Financial account --- Emerging and frontier financial markets --- Balance of payments statistics --- Financial markets --- Economic and financial statistics --- Investments, Foreign --- Financial services industry --- United States