Hayley Pallan

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

On FDI:

Global Monthly Special Focus (September 2025): Special Focus: Foreign Direct investment and Activity

Global Monthly Special Focus (June 2025): Special Focus: Foreign Direct investment in Retreat

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

On labor markets:

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

On government debt:

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

PAPERS

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

Link to paper 2025: World Bank Policy Research Working Paper; VoxEU: Sources of differences in Okun's law between advanced economies and emerging markets

The Elusive Link between FDI and Economic Growth (with Agustín Bénétrix (Trinity College Dublin) and Ugo Panizza (Geneva Graduate Institute)) [R&R at Journal of International Economics]

Links to paper 2022: CEPR working paper | LTI | IHEID | TEP ; Update 2023: World Bank Policy Research Working Paper ; Blog: Let's Talk Development

International Tax Spillovers and Tangible Investment, with Implications for the Global Minimum Tax (with Michael Keen (University of Tokyo) and Li Liu (IMF)) [R&R at European Economic Review]

Links to paper 2023: 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

Do Investors Care About Consumption Taxes? Evidence from Equities in Advanced and Emerging Economies

Link to paper 2022: IHEID (Geneva Graduate Institute) Working Paper ; Blog: All About Finance

CONTRIBUTIONS TO BOOKS, REPORTS, AND CASE STUDIES

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 full report: Global Economic Prospects June 2025; Link to standalone report: FDI Webpage

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.