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		<title>Naotaka Sugawara</title>
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			<guid><![CDATA[https://nsugawara.com/publications/from-tailwinds-to-headwinds-emerging-and-developing-economies-in-the-twenty-first-century/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/from-tailwinds-to-headwinds-emerging-and-developing-economies-in-the-twenty-first-century/]]></link>
			<title>From Tailwinds to Headwinds: Emerging and Developing Economies in the Twenty-First Century</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 17:23:25 +0000]]></pubDate>
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			<title>Is a Global Recession Imminent?</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 17:13:37 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/debt-tsunami-of-the-pandemic/]]></guid>
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			<title>Debt Tsunami of the Pandemic</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:55:40 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/government-debt-has-declined-but-dont-celebrate-yet/]]></guid>
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			<title>Government Debt Has Declined But Don&#8217;t Celebrate Yet</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:54:38 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/how-can-developing-countries-power-up-public-investment/]]></guid>
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			<title>How can Developing Countries Power up Public Investment?</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:51:15 +0000]]></pubDate>
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			<title>Fiscal Space Watch: No Time to Sit on Laurels</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:46:42 +0000]]></pubDate>
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			<title>What the Pandemic Means for Government Debt, in Five Charts</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:44:28 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/what-has-been-the-impact-of-the-pandemic-on-long-term-growth-prospects/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/what-has-been-the-impact-of-the-pandemic-on-long-term-growth-prospects/]]></link>
			<title>What Has Been the Impact of the Pandemic on Long-Term Growth Prospects?</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:42:14 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/understanding-the-depth-of-the-2020-global-recession-in-5-charts/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/understanding-the-depth-of-the-2020-global-recession-in-5-charts/]]></link>
			<title>Understanding the Depth of the 2020 Global Recession in 5 Charts</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:39:50 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/the-growing-economic-clout-of-the-biggest-emerging-markets-in-five-charts/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/the-growing-economic-clout-of-the-biggest-emerging-markets-in-five-charts/]]></link>
			<title>The Growing Economic Clout of the Biggest Emerging Markets in Five Charts</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:36:41 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/rising-debt-and-deficits-in-emerging-market-and-developing-economies-emdes-in-5-charts/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/rising-debt-and-deficits-in-emerging-market-and-developing-economies-emdes-in-5-charts/]]></link>
			<title>Rising Debt and Deficits in Emerging Market and Developing Economies (EMDEs) in 5 Charts</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:33:47 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/the-growth-forecast-puzzle/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/the-growth-forecast-puzzle/]]></link>
			<title>The Growth Forecast Puzzle</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:15:33 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/caught-by-the-cresting-debt-wave/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/caught-by-the-cresting-debt-wave/]]></link>
			<title>Caught by the Cresting Debt Wave</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:15:11 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/what-happens-during-global-recessions/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/what-happens-during-global-recessions/]]></link>
			<title>What Happens during Global Recessions?</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:09:47 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/informality-in-latin-america-and-the-caribbean/]]></guid>
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			<title>Informality in Latin America and the Caribbean</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 16:02:27 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/financial-integration-in-emerging-europe-an-enviable-development-opportunity-with-tail-risks/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/financial-integration-in-emerging-europe-an-enviable-development-opportunity-with-tail-risks/]]></link>
			<title>Financial Integration in Emerging Europe: An Enviable Development Opportunity with Tail Risks</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:47:11 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/growth-returns-with-questions-in-emerging-europe-and-the-cis/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/growth-returns-with-questions-in-emerging-europe-and-the-cis/]]></link>
			<title>Growth Returns, with Questions, in Emerging Europe and the CIS</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:36:58 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/banking-flows-and-financial-crisis-financial-interconnectedness-and-basel-iii-effects/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/banking-flows-and-financial-crisis-financial-interconnectedness-and-basel-iii-effects/]]></link>
			<title>Banking Flows and Financial Crisis: Financial Interconnectedness and Basel III Effects</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:33:04 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/fiscal-space-concept-measurement-and-policy-implications/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/fiscal-space-concept-measurement-and-policy-implications/]]></link>
			<title>Fiscal Space : Concept, Measurement, and Policy Implications</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:28:51 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/debt-the-dose-makes-the-poison/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/debt-the-dose-makes-the-poison/]]></link>
			<title>Debt: The Dose Makes the Poison</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:26:41 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/global-recessions/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/global-recessions/]]></link>
			<title>Global Recessions</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:24:30 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/can-this-time-be-different-policy-options-in-times-of-rising-debt/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/can-this-time-be-different-policy-options-in-times-of-rising-debt/]]></link>
			<title>Can This Time Be Different? Policy Options in Times of Rising Debt</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:23:20 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/benefits-and-costs-of-debt-the-dose-makes-the-poison/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/benefits-and-costs-of-debt-the-dose-makes-the-poison/]]></link>
			<title>Benefits and Costs of Debt: The Dose Makes the Poison</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:20:03 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/debt-and-financial-crises/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/debt-and-financial-crises/]]></link>
			<title>Debt and Financial Crises</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:19:04 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/navigating-the-debt-legacy-of-the-pandemic/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/navigating-the-debt-legacy-of-the-pandemic/]]></link>
			<title>Navigating the Debt Legacy of the Pandemic</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:18:22 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/does-government-debt-increase-after-global-recessions/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/does-government-debt-increase-after-global-recessions/]]></link>
			<title>Does Government Debt Increase after Global Recessions?</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:17:38 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/what-has-been-the-impact-of-covid-19-on-debt-turning-a-wave-into-a-tsunami/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/what-has-been-the-impact-of-covid-19-on-debt-turning-a-wave-into-a-tsunami/]]></link>
			<title>What Has Been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunami</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:12:02 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/a-cross-country-database-of-fiscal-space/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/a-cross-country-database-of-fiscal-space/]]></link>
			<title>A Cross-Country Database of Fiscal Space</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:10:46 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/a-mountain-of-debt-navigating-the-legacy-of-the-pandemic/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/a-mountain-of-debt-navigating-the-legacy-of-the-pandemic/]]></link>
			<title>A Mountain of Debt: Navigating the Legacy of the Pandemic</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 15:09:42 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/the-crisis-hits-home-stress-testing-households-in-europe-and-central-asia-3/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/the-crisis-hits-home-stress-testing-households-in-europe-and-central-asia-3/]]></link>
			<title>The Crisis Hits Home: Stress Testing Households in Europe and Central Asia</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 14:56:33 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/the-crisis-hits-home-stress-testing-households-in-europe-and-central-asia-2/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/the-crisis-hits-home-stress-testing-households-in-europe-and-central-asia-2/]]></link>
			<title>The Crisis Hits Home: Stress-Testing Households in Europe and Central Asia</title>
			<pubDate><![CDATA[Wed, 21 Jan 2026 14:54:14 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/bank-flows-and-basel-iii-determinants-and-regional-differences-in-emerging-markets/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/bank-flows-and-basel-iii-determinants-and-regional-differences-in-emerging-markets/]]></link>
			<title>Bank Flows and Basel III—Determinants and Regional Differences in Emerging Markets</title>
			<pubDate><![CDATA[Tue, 20 Jan 2026 21:59:59 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/what-can-countries-in-central-europe-do-for-the-european-project-complete-the-convergence/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/what-can-countries-in-central-europe-do-for-the-european-project-complete-the-convergence/]]></link>
			<title>What can Countries in Central Europe Do for the European Project? Complete the Convergence</title>
			<pubDate><![CDATA[Tue, 20 Jan 2026 21:54:46 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/regulating-capital-flows-at-both-ends/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/regulating-capital-flows-at-both-ends/]]></link>
			<title>Regulating Capital Flows at Both Ends</title>
			<pubDate><![CDATA[Tue, 20 Jan 2026 21:52:19 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/regulating-capital-flows-at-both-ends-does-it-work/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/regulating-capital-flows-at-both-ends-does-it-work/]]></link>
			<title>Regulating Capital Flows at Both Ends: Does it Work?</title>
			<pubDate><![CDATA[Tue, 20 Jan 2026 21:50:35 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://nsugawara.com/publications/in-search-of-fiscal-space-a-new-database/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/in-search-of-fiscal-space-a-new-database/]]></link>
			<title>In Search of Fiscal Space: A New Database</title>
			<pubDate><![CDATA[Tue, 20 Jan 2026 21:44:19 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/debt-and-financial-crises-will-history-repeat-itself/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/debt-and-financial-crises-will-history-repeat-itself/]]></link>
			<title>Debt and Financial Crises: Will History Repeat Itself?</title>
			<pubDate><![CDATA[Tue, 20 Jan 2026 16:34:18 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/understanding-the-global-waves-of-debt/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/understanding-the-global-waves-of-debt/]]></link>
			<title>Understanding the Global Waves of Debt</title>
			<pubDate><![CDATA[Tue, 20 Jan 2026 16:30:08 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/data/]]></guid>
			<link><![CDATA[https://nsugawara.com/data/]]></link>
			<title>Data</title>
			<pubDate><![CDATA[Tue, 11 Nov 2025 19:58:30 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/cv/]]></guid>
			<link><![CDATA[https://nsugawara.com/cv/]]></link>
			<title>CV</title>
			<pubDate><![CDATA[Thu, 05 Feb 2026 23:20:21 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/gep/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/gep/]]></link>
			<title>GEP</title>
			<pubDate><![CDATA[Mon, 12 Jan 2026 20:41:51 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/finding-a-balance-between-growth-and-vulnerability-trade-offs-lessons-from-emerging-europe-and-the-cis/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/finding-a-balance-between-growth-and-vulnerability-trade-offs-lessons-from-emerging-europe-and-the-cis/]]></link>
			<title>Finding a Balance between Growth and Vulnerability Trade-Offs: Lessons from Emerging Europe and the CIS</title>
			<pubDate><![CDATA[Fri, 22 Mar 2019 23:36:26 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/chinese-and-japanese-public-opinion-searching-for-moral-security/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/chinese-and-japanese-public-opinion-searching-for-moral-security/]]></link>
			<title>Chinese and Japanese Public Opinion: Searching for Moral Security</title>
			<pubDate><![CDATA[Fri, 22 Apr 2022 18:58:16 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/gep/]]></guid>
			<link><![CDATA[https://nsugawara.com/gep/]]></link>
			<title>GEP</title>
			<pubDate><![CDATA[Fri, 06 Feb 2026 18:52:26 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/presentations/]]></guid>
			<link><![CDATA[https://nsugawara.com/presentations/]]></link>
			<title>Presentations</title>
			<pubDate><![CDATA[Fri, 06 Feb 2026 18:40:41 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/how-much-economic-integration-is-there-in-the-extended-eu-family/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/how-much-economic-integration-is-there-in-the-extended-eu-family/]]></link>
			<title>How Much Economic Integration is There in the Extended EU Family?</title>
			<pubDate><![CDATA[Fri, 06 Feb 2026 16:21:19 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/the-crisis-hits-home-stress-testing-households-in-europe-and-central-asia/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/the-crisis-hits-home-stress-testing-households-in-europe-and-central-asia/]]></link>
			<title>The Crisis Hits Home: Stress-Testing Households in Europe and Central Asia</title>
			<pubDate><![CDATA[Fri, 06 Feb 2026 16:13:06 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/publications/global-waves-of-debt-causes-and-consequences/]]></guid>
			<link><![CDATA[https://nsugawara.com/publications/global-waves-of-debt-causes-and-consequences/]]></link>
			<title>Global Waves of Debt: Causes and Consequences</title>
			<pubDate><![CDATA[Fri, 06 Feb 2026 16:12:00 +0000]]></pubDate>
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			<guid><![CDATA[https://nsugawara.com/]]></guid>
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			<title>Home</title>
			<pubDate><![CDATA[Fri, 06 Feb 2026 16:02:07 +0000]]></pubDate>
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			<title>Charts</title>
			<pubDate><![CDATA[Fri, 06 Feb 2026 16:00:04 +0000]]></pubDate>
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