I am a Senior Economist at the International Monetary Fund in Washington, DC. My research focuses on Public Finance, Political Economy, and Infrastructure. I received my Ph.D. in Economics from SGH-Warsaw School of Economics in 2004. In 2005-2006, I was Deputy Minister of Finance of Poland. I have published in top academic journals and held academic positions at Berkeley, Harvard, and George Mason University.
I test whether public-sector ownership reduces conventional measures of market risk by using an e... more I test whether public-sector ownership reduces conventional measures of market risk by using an exogenous event to the air transportation industry. I find that government-sponsored enterprises show lower price volatility than non-government-sponsored enterprises, arguably due to the government’s ability to buffer government-sponsored enterprises against demand and cost shocks (Peltzman 1976). The upshot for jurisdictions with fiscal space is that cash flows under public-sector provision should be discounted at a lower rate than cash flows under private-sector provision.
I test whether public-sector ownership reduces conventional measures of market risk by using an e... more I test whether public-sector ownership reduces conventional measures of market risk by using an exogenous event to the air transportation industry. I find that government-sponsored enterprises show lower price volatility than non-government-sponsored enterprises, arguably due to the government’s ability to buffer government-sponsored enterprises against demand and cost shocks (Peltzman 1976). The upshot for jurisdictions with fiscal space is that cash flows under public-sector provision should be discounted at a lower rate than cash flows under private-sector provision.
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