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Fitch Ratings-- Fitch Ratings has affirmed Georgia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. KEY RATING DRIVERS A credible and effective policy framework and stronger governance indicators relative to 'BB' peers underpins Georgia's rating. Long-standing support from official creditors have helped reduced risks to macro stability and supported financing needs.Fitch Ratings-- Fitch Ratings has affirmed Georgia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. KEY RATIN...

Ejaz Ghani, Lakshmi Iyer, Saurabh Mishra The last two decades have seen an upsurge in research on the relationship between institutions and economic development (e.g. Acemoglu et al. 2001, Easterly 2001, Rodrik et al. 2004). This literature finds that higher quality governments lead to better provision of public goods, improved resource allocation, and more efficient democratic processes. Most of these studies, however, have been focussed on national-level institutions. Despite a global trend to devolution, sub-national governments have been largely neglected. Only recently have studies begun...