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Cover -- Contents -- I. Introduction -- II. Literature Review -- III. Stylized Facts -- Comparison of Relevant Variables across Country Groups -- Dynamics of Relevant Variables around Arrears Occurrence and Clearance -- IV. Triggers and Common Determinants of Arrears -- A. Triggers -- B. Econometric Analysis -- Econometric Model -- Data and Methodological Issues -- Estimation Results -- Robustness -- Predicting Protracted Arrears -- V. Duration Analysis -- Econometric Model -- Choice of Explanatory Variables -- Estimation Results -- VI. Conclusions and Policy Implications -- Annex -- References

Cover -- Table of Contents -- I. INTRODUCTION -- II. CONNECTIONS AND CONTRIBUTIONS TO THE LITERATURE -- A. The Impact of Corruption -- B. Measuring Corruption -- III. MEASUREMENT-CONSTRUCTION OF THE NEWS FLOW INDICATOR OF CORRUPTION AND ITS ROBUSTNESS -- A. Construction of the NIC -- B. The NIC's Advantages and Limitations -- C. Robustness of the NIC -- D. Stylized Facts -- IV. THE MACRO-RELEVANCE OF CORRUPTION-THEORETICAL FRAMEWORK AND EMPIRICAL RESULTS -- A. Theoretical Framework -- B. Empirical Approaches and Results -- V. ANTI-CORRUPTION EFFORTS-SELECTED COUNTRY CASE STUDIES, USE OF TECHNOLOGY AND THE ROLE OF CAPACITY DEVELOPMENT -- A. Anti-Corruption in the Context of Belief Formation -- B. Effectiveness of Anti-Corruption Efforts -- C. Anti-Corruption Interventions -- VI. CONCLUSIONS -- BOXES -- 1. Refinements and Extensions to the Baseline NIC Measure -- 2. Singapore: The Development of a Holistic Anti-Corruption Strategy -- 3. The Role of Digitalization in Combatting Corruption -- 4. IMF's Capacity Development work and Anti-Corruption Drive -- FIGURES -- 1. Three Generations of Corruption-Related Measurement -- 2. Illustrative Country Examples of the NIC -- 3. Correlation with Other Corruption Indices -- 4. NIC and Anti-NIC Sample Averages -- 5. NIC Comparison Across Income Groups -- 6. NIC in Commodity Exporters and Anti-NIC Developments -- 7. NIC, Beliefs, and Macro-Outcomes -- 8. Institutional Correlations -- 9. Abnormal Stock Market Returns and Stock Market Volatility Event Studies -- 10. Two & Five-Year Bond Yield Spread Event Studies -- 11. Exchange Rate Event Study -- 12. Capital Flow Event Studies -- 13. Fiscal Event Studies -- 14. Growth Event Study -- 15: Anti-NIC Event Study -- 16. Anti-NIC Event Studies -- 17. Longer-Run Changes in the NIC by Anti-NIC Quintile -- 18. Anti-NIC and NIC in Indonesia.