Hayley Pallan

I am an economist at the World Bank. My research includes work on foreign investment, sovereign debt, and labor markets.

Short pieces:

VoxEU (on FDI) with Agustín Bénétrix and Ugo Panizza: FDI and growth in the age of global value chains (Based on working paper here)

Brookings blog (on sovereign defaults) with Franziska Ohnsorge: Between a rock and a hard place (Based on South Asia Development Update Spotlight here)

VoxEU (on labor markets) with Prakash Loungani and Emiliano Luttini: Sources of differences in Okun's law between advanced economies and emerging markets (Based on working paper here)

Papers

The Elusive Link between FDI and Economic Growth: Sectoral Heterogeneity and Global Value Chains (with Agustín Bénétrix and Ugo Panizza) [Accepted at Journal of International Economics]

Links to working paper: CEPR DP | TEP; Blog: VoxEU

International Tax Spillovers and Tangible Investment, with Implications for the Global Minimum Tax (with Michael Keen and Li Liu) in European Economic Review

Links to working paper: IMF Working Paper | Tokyo College Working Paper Series | World Bank Policy Research Working Paper; Blog: Let's Talk Development

Buffering Recessions: Labor Market Asymmetries and the Role of Self-Employment (with Prakash Loungani and Emiliano Luttini)

Link to working paper: World Bank Policy Research Working Paper; VoxEU: Sources of differences in Okun's law between advanced economies and emerging markets

Contributions to books, reports, and case studies

The Relationship between Employment and Output Growth (with Emiliano Luttini (World Bank)), in The Global Jobs Challenge (Edited by Tommy Chrimes, M. Ayhan Kose, and Kersten Stamm, 2026)

Link to full report: The Global Jobs Challenge

Debt Dynamics: Policy Implications and Future Outlook (with Naotaka Sugawara (World Bank) and World Bank Debt Data Team), Chapter 2 in International Debt Report (December 2025)

Link to full report: International Debt Report 2025

Special Focus: Foreign Direct Investment and Activity, in Global Monthly (September 2025)

Link to Global Monthly: Global Monthly September 2025

Special Focus: Foreign Direct Investment in Retreat (with Amat Adarov (World Bank)), in Global Monthly (June 2025)

Link to Global Monthly: Global Monthly June 2025

Foreign Direct Investment in Retreat: Policies to Turn the Tide (with Amat Adarov (World Bank)), Chapter 3 in Global Economic Prospects (June 2025)

Link to GEP: Global Economic Prospects June 2025; Link to standalone report: FDI Webpage; Blog: A Three-Pronged Strategy Can Help Developing Economies Attract FDI and Unlock its Full Potential

The Macroeconomic and Debt Outlook for 2023 and Beyond (with Naotaka Sugawara (World Bank)), Chapter 2 in International Debt Report (December 2023)

Link to full report: International Debt Report 2023

Averting and Dealing with Sovereign Debt Default (with Franziska Ohnsorge (World Bank)), Spotlight in South Asia Development Update (October 2023)

Link to full report: World Bank South Asia Development Update; Blogs: Let's Talk Development; Brooking's Future Development

Macroeconomic Implications of Foreign Direct investment in EMDEs, Box 3.2 in Falling Long-Term Growth Prospects (Edited by M. Ayhan Kose and Franziska Ohnsorge, 2023)

Link to full book: Falling Long-Term Growth Prospects

The Productivity Decline: Demographics, Robots or Globalization? (with Laura Alfaro (Havard Business School) HBS Case Study (718-013) and Teaching Note (718-014), September 2017.

My research: Google Scholar | IDEAS/RePEc Contact info: hpallan [at] worldbank [dot] org

Disclaimer: The views expressed on this website are my own. The findings, interpretations, and conclusions expressed in my research are entirely those of the authors. They do not necessarily represent the views of the World Bank and its affiliated organizations.