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From Tailwinds to Headwinds: Emerging and Developing Economies in the Twenty-First Century

World Bank Policy Research Working Paper 11169, World Bank, Washington, DC. July 2025
Mirco Balatti, M. Ayhan Kose, Kate McKinnon, Edoardo Palombo, Naotaka Sugawara, Guillermo Verduzco-Bustos, and Dana Vorisek
Publisher's website

How can Developing Countries Power up Public Investment?

World Bank Let's Talk Development blog, December 16, 2024
Amat Adarov, Valerie Mercer-Blackman, and Naotaka Sugawara
Publisher's website

Government Debt Has Declined But Don’t Celebrate Yet

Brookings Institution Future Development blog, February 21, 2023
M. Ayhan Kose, Franziska Ohnsorge, Kersten Stamm, and Naotaka Sugawara
Publisher's website

A Cross-Country Database of Fiscal Space

Journal of International Money and Finance, November 2022, Volume 128, Article 102682 | Database
M. Ayhan Kose, Sergio Kurlat, Franziska Ohnsorge, and Naotaka Sugawara
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Fiscal Space Watch: No Time to Sit on Laurels

World Bank Let's Talk Development blog, August 8, 2022
M. Ayhan Kose, Franziska Ohnsorge, and Naotaka Sugawara
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Is a Global Recession Imminent?

World Bank Equitable Growth, Finance, and Institutions Policy Note 4, World Bank, Washington, DC. September 2022
Justin Damien Guénette, M. Ayhan Kose, and Naotaka Sugawara
Publisher's website

A Mountain of Debt: Navigating the Legacy of the Pandemic

Journal of Globalization and Development, September 2022, Volume 13, Number 2, Pages 233-268
M. Ayhan Kose, Franziska Ohnsorge, and Naotaka Sugawara
Publisher's website

What Has Been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunami

World Bank Policy Research Working Paper 9871, World Bank, Washington, DC. November 2021
M. Ayhan Kose, Peter Nagle, Franziska Ohnsorge, and Naotaka Sugawara
Publisher's website

Global Waves of Debt: Causes and Consequences

Washington, DC: World Bank. 2021
M. Ayhan Kose, Peter Nagle, Franziska Ohnsorge, and Naotaka Sugawara
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Debt Tsunami of the Pandemic

Brookings Institution Future Development blog, December 17, 2021
M. Ayhan Kose, Peter Nagle, Franziska Ohnsorge, and Naotaka Sugawara
Publisher's website