Hayley Pallan

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

Some recent work:

Global Economic Prospects: Foreign Direct Investment in Retreat: Policies to Turn the Tide (Standalone piece is here)

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

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

PAPERS

The Elusive Link between FDI and Economic Growth 2022 (with Agustín Bénétrix and Ugo Panizza) [R&R]

Links to paper: CEPR working paper | LTI | IHEID | TEP ; Blog: Let's Talk Development

International Tax Spillovers and Tangible Investment, with Implications for the Global Minimum Tax 2023 (with Michael Keen and Li Liu) [R&R]

Links to paper: IMF Working Paper | Tokyo College Working Paper Series | World Bank Policy Research Working Paper ; Presentations: International Monetary Fund (2019), Oxford University (2020), ZEW Mannheim (2020), National Tax Association (2021), NBER (2022) ; Blog: Let's Talk Development

Buffering Recessions: Labor Market Asymmetries and the Role of Self-Employment 2025 (with Prakash Loungani and Emiliano Luttini)

Link to 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

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 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.