Abstract Tourism has become one of the fastest-growing sectors globally, yet it presents significant environmental challenges – particularly in developing countries, where its carbon footprint constitutes a substantial share of total carbon dioxide (CO 2 ) emissions. This study empirically investigates the impact of tourism on CO 2 emissions using a comprehensive panel dataset covering 201 countries and territories over the period 1995–2023. The findings reveal that international tourist arrivals have a statistically and economically significant positive effect on CO 2 emissions, even after accounting for other relevant control variables. This effect is especially pronounced in developing countries, where fossil fuels remain the dominant energy source and environmental regulations are often less stringent. By contrast, in advanced economies, the relationship between tourism and CO 2 emissions is not statistically significant. Notably, the analysis also shows that stronger environmental regulations can help mitigate the negative externalities associated with overtourism. These empirical results underscore the urgent need for a comprehensive policy framework that promotes sustainable tourism, accelerates the transition to cleaner energy sources, and strengthens environmental governance.

Abstract We analyze the role of trade linkages in the international transmission of shocks originating from the United States. We also study the effects of shocks on GDP and imports. This study employs a GVAR model and uses quarterly data for 31 countries from 1994Q1 to 2019Q4. The main findings are as follows: 1) The U.S. economy serves as a significant source of external shocks; 2) the magnitude and persistence of responses to these shocks vary across countries and regions; 3) economies in North and South America are more vulnerable to U.S. output and trade shocks than economies in the Asia-Pacific and Middle Eastern regions; 4) both North and South American economies, along with European economies, experience significant decreases in output in response to negative shocks to U.S. imports; and 5) trade is a crucial mechanism for the international transmission of shocks. These findings are valuable for understanding the transmission mechanisms of international shocks and the evolution of the global economy.

Abstract Average temperature in Africa has been rising steadily from the baseline of climatology prevailing during 1951–1980. The findings in this paper suggest that real GDP growth would start declining for annual temperature higher than 0.7 °C. About 45 African countries already registered annual temperature rise above 0.7 °C in 2020 underscoring the seriousness of climate change induced risks for long term growth. In addition, frequency of major natural disasters tends to exacerbate political instability and conflict. Combined, these shocks have a direct effect on the sustainability of debt. Using a simple debt dynamics framework, the paper shows that the debt-burden could increase 2.4 times due to climate change induced shocks. In addition, modelling results show that carbon pricing could be an effective way of helping to meet the Nationally Determined Contributions. However, carbon pricing would have negative impacts on energy-intensive industries and increase the prices of the goods and services they provide. There will also be job losses in these industries. The combined effect of these impacts could be reduction in GDP growth and real incomes. It is recommended that part of the revenues generated from the carbon tax could be used to address the negative impacts on vulnerable groups.

Abstract This paper examines the effects of participation in women’s grassroot organizations (WGOs) on women’s empowerment. The analysis is based on cross-sectional survey data from northern Uganda. We study multiple dimensions of empowerment including economic and health care decisions, attitudes towards domestic violence, decision-making over functionings, political and civic participation, personal agency, and leadership. The empirical results suggest no significant effect of WGO membership, participation or satisfaction on empowerment. We argue that these findings raise new questions about why women join WGOs in post-conflict contexts and what the mechanics of individual and collective empowerment are.

The Journal of Globalization and Development (JGD) publishes academic research and policy analysis on globalization, development, and in particular the complex interactions between them.The journal is dedicated to stimulating a creative dialogue between theoretical advances and rigorous empirical studies to push forward the frontiers of development analysis.It also seeks to combine innovative academic insights with the in-depth knowledge of practitioners to address important policy issues.JGD encourages alternative perspectives on all aspects of development and globalization, and attempts to integrate the best development research from across different fi elds with contributions from scholars in developing and developed countries.

Abstract This article introduces the Haitian Independence Debt of 1825 to the odious debt and sovereign debt literatures. We argue that the legal doctrine of odious debt is surprisingly and perhaps indefensibly narrow, possibly because of historical contingency rather than any underlying logic or principle. The story of the Haitian Independence Debt of 1825 serves as an illustrative case study. In the context of telling that story, we provide estimates of the evolution of Haiti’s external debt-to-GDP ratio over 1825–2020, and discuss the implications of the independence debt for the economy of Haiti. We conclude by discussing the implications of Haiti’s Independence Debt for the doctrine of odious debt and the possibilities for Haiti to recover compensation.

Abstract We analyze recent theoretical advances in the area of capital flow management and compare them with the IMF’s policy frameworks in the area, as laid out in the IMF’s Institutional View and related documents. Although the Institutional View represented an important leap forward, we discuss several tensions with the academic literature. We also emphasize the important role that the IMF guidance could play in building a better set of policy instruments to deal with volatile capital flows. More broadly, individual countries need sufficient policy space to pursue their individual welfare objectives. Finally, we propose how to strengthen the IMF’s analytical framework for international spillovers.

Abstract Among the drivers of socio-economic development, this article focuses on an important yet insufficiently understood international-level determinant: the spread of austerity policies to the developing world by the International Monetary Fund (IMF). In offering loans to developing countries in exchange for policy reforms, the IMF typically sets the fiscal parameters within which development occurs. Using an original dataset of IMF-mandated austerity targets, we examine how policy reforms prescribed in IMF programs affect inequality and poverty. Our empirical analyses span a panel of up to 79 countries for the period 2002–2018. Using instrumentation techniques, we control for the possibility that these relationships are driven by the IMF imposing harsher austerity measures precisely in countries with more problematic economies. Our findings show that stricter austerity is associated with greater income inequality for up to two years, and that this effect is driven by concentrating income to the top 10% of earners while all other deciles lose out. We also find that stricter austerity is associated with higher poverty headcounts and poverty gaps. Taken together, our findings suggest that the IMF neglects the multiple ways its own policy advice contributed to social inequity in the developing world.

The Journal of Globalization and Development (JGD) publishes academic research and policy analysis on globalization, development, and in particular the complex interactions between them.The journal is dedicated to stimulating a creative dialogue between theoretical advances and rigorous empirical studies to push forward the frontiers of development analysis.It also seeks to combine innovative academic insights with the in-depth knowledge of practitioners to address important policy issues.JGD encourages alternative perspectives on all aspects of development and globalization, and attempts to integrate the best development research from across different fi elds with contributions from scholars in developing and developed countries.

Abstract Deep recessions and disruptions in credit markets have caused social concern and motivated research for a long time. They still challenge macroeconomic analysis. We map some observable features of a set of such episodes, trying to find common elements of the whole family of events. The different macroeconomic experiences show a high degree of heterogeneity. Given that, what emerges as a central element of crises is their character as a life-changing episode for the people concerned, which remains in their memory and triggers a search for lessons, as they frustrate past expectations and force widespread reevaluations of wealth and income prospects. Critical periods involve dynamics at different time scales, as economic changes with lasting implications take place in an environment of dramatic day-to-day variability. Crises tend to be associated with breaks in the growth trends of the economies in question, in a way that may surprise not only agents inclined to eccentric behavior, but also those who held beliefs based on prevalent economic analysis. Macroeconomic disturbances of this sort raise strong questions about the pertinence, and the logic, of usual rational expectations assumptions and modeling practices. These issues are briefly discussed in an opening section.