IS THE CASE FOR CENTRAL BANK INDEPENDENCE DEAD?
|
|
- Sophia Horn
- 6 years ago
- Views:
Transcription
1 IS THE CASE FOR CENTRAL BANK INDEPENDENCE DEAD? ED BALLS AND ANNA STANSBURY DISCUSSED BY LAWRENCE SUMMERS AND ADAM POSEN PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS WASHINGTON, DC APRIL 23, 2018
2 ALESINA & SUMMERS: THE 1990S CASE FOR INDEPENDENCE Source: Alesina and Summers (1993) 2
3 SINCE THE 1980S, MOST COUNTRIES INCREASED CENTRAL BANK INDEPENDENCE CBI over time (advanced economies) 1980s JPN NZL USA CAN AUS DNK GBR NOR CHE SWE EUR 2003 Source: Balls, Howat and Stansbury (2018). CBI data from Grilli, Masciandaro and Tabellini (1991) and Arnone, Laurens, Segalotto and Sommer (2007) Euro area data point for 1980s is weighted average of the 1980s CBI of the 2003 Euro member states 3
4 BUT THE INFLATION-INDEPENDENCE CORRELATION DISAPPEARED PRE-CRISIS Inflation and Central Bank Independence, Average annual inflation, ISR NZL JPN AUS KOR CAN GBR USA DNK NOR EUR SWE Central Bank Independence 2003, GMT measure CHE Source: Balls, Howat and Stansbury (2018). CBI data from Arnone, Laurens, Segalotto and Sommer (2007); inflation data from World Bank WDI 4
5 WHAT HAS CHANGED SINCE THE FINANCIAL CRISIS? Pre-crisis: Consensus that central bank independence a good thing Build-up of financial sector risks Low and stable inflation Post-crisis: Consensus around central bank independence under pressure New macroprudential responsibilities, tools and structures Too-low inflation and zero lower bound 5
6 PUBLIC AND POLITICAL CRITICISM 6
7 ACADEMIC CRITICISM: 1/ POSEN CRITIQUE The impact of central bank independence on economic outcomes is highly overrated...it s not to say central bank independence wasn t important but it took place against this background of a common effort across all central bankers to bring down inflation Central bank independence was as much a reflection of the effort and the credibility gained as a cause. Adam Posen (2017). Speech at Bank of England 20 years on conference. 7
8 ACADEMIC CRITICISM: 2/ ALESINA CRITIQUE One argument put forward by Fischer and Debelle (1994) is that the policy goal, say the target level of inflation, should be chosen by elected politicians, while the Central Bank should have the independence of choosing the policy instruments more appropriate to achieve that goal This is a rather "minimalist" view of the meaning of Central Bank independence Alberto Alesina and Andrea Stella (2011). The Politics of Monetary Policy. Handbook of Monetary Economics 8
9 ACADEMIC CRITICISM: 3/ BUITER CRITIQUE Central banks in most of the advanced economies have become too powerful In particular, they have accrued a host of deeply political responsibilities and powers. They have neither the legitimacy nor the capability or skills to discharge all these responsibilities effectively. I propose a return to narrow central banking. Willem Buiter (2014). Central Banks: Powerful, Political, and Unaccountable? Journal of the British Academy 9
10 ACADEMIC CRITICISM: 4/ SUMMERS CRITIQUE When the primary policy challenge for central banks was establishing credibility that the printing press was under control, it was appropriate for them to jealously guard their independence. When the challenge is to accelerate, rather than brake, economies, more cooperation with domestic fiscal authorities and foreign counterparts is necessary Lawrence Summers (2016). The Age of Secular Stagnation, Foreign Affairs 10
11 OUR RESEARCH HIGHLIGHTS TWO IMPORTANT DIMENSIONS TO CBI Operational independence: the ability of the central bank to select and use monetary tools with autonomy Political independence: the absence of possibility for political influence over the central bank e.g. Bank of England is operationally independent but not politically independent government sets inflation target ECB and Fed are both operationally and politically independent 11
12 ADVANCED ECONOMIES INCREASED OPERATIONAL CBI (BUT NOT POLITICAL) 1980s Operational Independence over time JPN CAN NZL AUS USA CHE GBR EUR DNK SWE NOR 1980s JPN AUS NZL Political Independence over time CAN GBR DNK USA NOR CHE SWE EUR Source: Balls, Howat and Stansbury (2018). CBI data from Grilli, Masciandaro and Tabellini (1991) and Arnone, Laurens, Segalotto and Sommer (2007) Euro area data point for 1980s is weighted average of the 1980s CBI of the 2003 Euro member states 12
13 ONLY OPERATIONAL CBI MATTERED FOR ADVANCED ECONOMIES IN 1970S/80S Average annual inflation, 1980s Inflation and Operational Independence, 1980s (AVPlot) NOR FIN ITA LUX GRC ESP PRT SWE DNK JPN FRA NZL DEU USA IRL NLD CHE AUS GBR CAN Operational Independence 1980s coef = , se = , t = BEL AUT Average annual inflation, 1980s Inflation and Political Independence, 1980s (AVPlot) JPN NZL GBR BEL AUS DNK SWE LUX FRA AUT CAN FIN GRC NOR CHE PRT IRL ESP USA ITA DEU NLD Political Independence 1980s coef = , se = , t =.22 contrary to the Alesina critique 13
14 AND BY 2000S THEY ALL HAD HIGH OPERATIONAL CBI AND LOW INFLATION Inflation and Operational Independence, 1980s and 2000s Average inflation FIN ITA NOR LUX GRC PRT ESP SWE NZL FRA DNK IRL BEL AUT NLD JPN JPN GBR CAN CHE KOR ISR CAN NZL AUS USA DEU USA AUS NOR GBR DNK EUR SWE CHE Operational Independence 1980s, fitted values 1980s 2000s suggesting that notwithstanding the Posen critique the 1980s/1990s case for operational independence remains 14
15 BUT CRISIS HAS GIVEN CENTRAL BANKS ADDITIONAL POWERS AND CHALLENGES Macro-prudential policy Can central banks manage these extra powers and responsibilities? Or is this an area central banks should withdraw from? (Buiter) Monetary-fiscal coordination Does central bank independence make this impossible? (Summers) 15
16 CRITERIA FOR REFORM: WHEN DOES INDEPENDENCE MAKE SENSE? When should a policy function be located in an independent institution? Political incentive to cheat Clearly-defined goal and effective accountability mechanism No first-order distributional impact No significant fiscal impact When should that institution be the central bank? No conflict with monetary policy Relevant expertise in the central bank 16
17 MONETARY POLICY When should a policy function be located in an independent institution? Political incentive to cheat Clearly-defined goal and effective accountability mechanism No first-order distributional impact No significant fiscal impact When should that institution be the central bank? No conflict with monetary policy Relevant expertise in the central bank 17
18 SYSTEMIC RISK OVERSIGHT AND MACRO- PRUDENTIAL POLICY When should a policy function be located in an independent institution? Political incentive to cheat Clearly-defined goal and effective accountability mechanism No first-order distributional impact No significant fiscal impact When should that institution be the central bank? No conflict with monetary policy Relevant expertise in the central bank 18
19 IS BUITER RIGHT THAT CENTRAL BANKS SHOULD GET OUT OF MACROPRUDENTIAL POLICY? Macro-prudential policy and systemic risk management is clearly a risk for both the credibility of central bank independence and democratic accountability Hard to define a clear goal First order distributional impact Risk of significant fiscal impact Potential conflict with monetary policy But in our paper we argue that operational independence can help provide a solution 19
20 OUR SOLUTION FOR MACRO-PRUDENTIAL POLICY Separate systemic risk oversight and macro-prudential policy. A systemic risk oversight body should: Be responsible for monitoring systemic risks and setting policy priorities Include members from the central bank, regulators and the government Be chaired by a government representative A macro-prudential body should: Be operationally independent from government Bring together central bank and financial regulators Be led by the central bank Argues for a hybrid model between current Fed and Bank of England 20
21 MONETARY-FISCAL POLICY COORDINATION When should a policy function be located in an independent institution? Political incentive to cheat Clearly-defined goal and effective accountability mechanism No first-order distributional impact No significant fiscal impact When should that institution be the central bank? No conflict with monetary policy Relevant expertise in the central bank 21 21
22 IS SUMMERS RIGHT THAT MONETARY-FISCAL COORDINATION AND CBI CONFLICT? Lack of monetary-fiscal coordination was clearly a big problem post-crisis Fiscal policymakers, far from helping the economy, appeared to be actively working to hinder it Monetary policy cannot carry the entire burden Ben Bernanke (2015) A stronger collective policy approach is urgently needed, focusing on a greater use of fiscal and pro-growth structural policies, to strengthen growth and reduce financial risks Catherine Mann, OECD Chief Economist (2016) It is essential that fiscal policy supports the nascent recovery. Planned nearterm fiscal tightening will be a drag on growth IMF (2013) United Kingdom Article IV Consultation In our paper we explore whether operational independence can help find a solution 22
23 ONE POSSIBLE SOLUTION FOR MONETARY-FISCAL COORDINATION One possible solution could be a fiscal open letter system Once the interest rate goes below a pre-defined threshold close to the ZLB, the central bank writes a quarterly open letter to the government, with its view on the appropriate stance of fiscal policy to help meet the inflation target (and support growth) This would meet three conditions: Decision to send letter triggered by the central bank Ability to send letter confined to the zero lower bound Government retains control over stance and content of fiscal policy But still a risk that central bank may be drawn into politics? 23
24 CONCLUDING REMARKS The case for operational independence is not dead (if it was ever alive Adam?) But since the financial crisis independent central banks have become more unpopular as their powers and responsibilities have increased. Our paper argues that the solution must strike the right balance between operational independence and effective political oversight. No country has it right yet on macroprudential policy: the U.S. and U.K. can learn from each other 24
25 APPENDIX SLIDES 25
26 CENTRAL BANK INDEPENDENCE OVER TIME IN EMERGING ECONOMIES CBI over time (emerging economies) 1980s QAT ZAF BHS EGY HND LBN NIC UGA KEN ZWE ETH TZA THA NGA IND ZMB MYS CHN BRB GHA ISR BWA COL SGP PAN MAR PAK KOR NPL CRI PER TUR PHL MLT ARG BOL MEX ISL ROM IDN VEN CHL BRA SRB SVN URY HUN POL HRV BIH MKD
27 POLITICAL AND OPERATIONAL INDEPENDENCE OVER TIME IN EMERGING ECONOMIES 1980s HND NIC EGY BWA KEN TZA BRB QAT LBN COL ZWE ISR Political Independence over time PER CHN ETH ZMB CRI ISL MLT MEX TUR ROM BOL PAN THA BRA PHL UGA VEN ARG MAR IND ZAF NGA GHA NPL PAK SGP CHL IDN URY HUN POL MYS 2003 No IMF program IMF program s PAN Operational Independence over time QAT THA SGP ZAF ZWE IND ZMB EGY NGA MYS BWA LBN UGA ETHPHL KEN TZA GHA BRB MAR NPL ISR MEX PAK URY ARGPER NIC CRI HND TUR HUN COL CHN BOL MLT IDN CHL POL ROM ISL VEN 2003 No IMF program IMF program BRA 27
The Rule of Law for All July 2013 The Hague, Netherlands
The Rule of Law for All 8-11 July 2013 The Hague, Netherlands (I was called) to bring about the rule of righteousness in the land... so that the strong should not harm the weak. - Prologue, Hammurabi s
More informationGLOBAL MONITORING REPORT 2015/2016
GLOBAL MONITORING REPORT 215/216 Development Goals in an Era of Demographic Change MARCIO CRUZ DEVELOPMENT PROSPECTS GROUP Global Monitoring Report 215/216 Implications of Demographic Change: Pathways
More informationEconomic Growth: Lecture 1, Questions and Evidence
14.452 Economic Growth: Lecture 1, Questions and Evidence Daron Acemoglu MIT October 24, 2017. Daron Acemoglu (MIT) Economic Growth Lecture 1 October 24, 2017. 1 / 38 Cross-Country Income Differences Cross-Country
More informationPresence of language-learning opportunities abroad and migration to Germany
Presence of language-learning opportunities abroad and migration to Germany Matthias Huber Silke Uebelmesser University of Jena, Germany International Forum on Migration Statistics OECD, Paris, January
More informationGlobalization, Technology and the Decline in Labor Share of Income. Mitali Das Strategy, Policy and Research Department. IMF
Globalization, Technology and the Decline in Labor Share of Income Mitali Das Strategy, Policy and Research Department. IMF 1 The global labor share of income has been on a downward trend Evolution of
More informationGovernance from words to deeds
Governance from words to deeds Learning Lunch with Miguel Schloss 1818 Society Water Group, May 13, 2011 Agenda There is no such thing as a free lunch Milton Freedman Governance: why and what for The approach:
More informationCorporate Corruption Matters for Public Governance:
Corporate Corruption Matters for Public Governance: Empirical Evidence and Implications for Anti-Corruption Strategies Daniel Kaufmann, World Bank Institute www.worldbank.org/wbi/governance Keynote Presentation
More information0 20,000 40,000 60,000 GDP per capita ($)
4 Chapter 1 Economic Growth and Economic Development: The Questions Density of countries 1960 1980 2000 0 20,000 40,000 60,000 GDP per capita ($) FIGURE 11 Estimates of the distribution of countries according
More informationEconomic Growth: Lecture 1, Questions and Evidence
14.452 Economic Growth: Lecture 1, Questions and Evidence Daron Acemoglu MIT October 21, 2014 Daron Acemoglu (MIT) Economic Growth Lecture 1 October 21, 2014. 1 / 39 Cross-Country Income Differences Cross-Country
More informationGender Inequality and Growth: The Case of Rich vs. Poor Countries
World Bank From the SelectedWorks of Mohammad Amin July, 2012 Gender Inequality and Growth: The Case of Rich vs. Poor Countries Mohammad Amin Veselin Kuntchev Available at: https://works.bepress.com/mohammad_amin/45/
More informationLINGUISTIC DIVERSITY, OFFICIAL LANGUAGE CHOICE AND NATION BUILDING: THEORY AND EVIDENCE
LINGUISTIC DIVERSITY, OFFICIAL LANGUAGE CHOICE AND NATION BUILDING: THEORY AND EVIDENCE David D. Laitin (Stanford University) and Rajesh Ramachandran (Goethe University) The International Political Economy
More informationGlobal Profile of Diasporas
Tenth Coordination Meeting on International Migration New York, 9-10 February 2012 Global Profile of Diasporas Jean-Christophe Dumont Head of International Migration Division Directorate for Employment,
More informationthe atlas of E C O N O M I C C O M P L E X I T Y
the atlas of E C O N O M I C C O M P L E X I T Y M a p p i n g P a t h s T o P r o s p e r i t y Hausmann, Hidalgo et al. T H E A T L A S O F E C O N O M I C C O M P L E X I T Y M A P P I N G P A T H S
More informationFollow links for Class Use and other Permissions. For more information send to:
COPYRIGHT NOTICE: Daron Acemoglu: Introduction to Modern Economic Growth is published by Princeton University Press and copyrighted, 2008, by Princeton University Press. All rights reserved. No part of
More informationWorldwide Governance Indicators and key Findings: Implications for Credit, Investment and Policies in Emerging Markets
Worldwide Governance Indicators and key Findings: Implications for Credit, Investment and Policies in Emerging Markets Daniel Kaufmann The World Bank Institute www.worldbank.org/wbi/governance or, www.
More informationCountry-Specific Investments and the Rights of Non-Citizens
ARTICLE Country-Specific Investments and the Rights of Non-Citizens ADAM S. CHILTON & ERIC A. POSNER * In a 2007 article, Adam Cox and Eric Posner developed a Second Order theory of immigration law that
More informationFamily Values and the Regulation of Labor
Family Values and the Regulation of Labor Alberto Alesina (Harvard University) Pierre Cahuc (Polytechnique, CREST) Yann Algan (Science Po, OFCE) Paola Giuliano (UCLA) October 2009 1 / 54 Introduction Rigid
More informationDaniel Kaufmann, The World Bank Institute
Assessing the Deliverables of Ukraine Reform Synthesis of Perspectives from Discussions at the WEF Roundtables, and Background Data Daniel Kaufmann, The World Bank Institute www.worldbank.org/wbi/governance
More informationEducation, financial markets and economic growth
Education, financial markets and economic growth Lucas Papademos European Central Bank 35th Economics Conference on Human Capital and Economic Growth Österreichische Nationalbank Vienna, 21 May 1 Outline
More informationFamily Values and the Regulation of Labor
Family Values and the Regulation of Labor Alberto Alesina (Harvard University) Pierre Cahuc (Polytechnique, CREST) Yann Algan (Science Po, OFCE) Paola Giuliano (UCLA) April 2010 1 / 56 Introduction Differences
More informationThe Role of Human Capital: Immigrant Earnings
The Role of Human Capital: Immigrant Earnings Econ821 Prof. Lutz Hendricks March 10, 2016 1 / 32 The Idea How could one measure human capital without knowing the production function? The problem: we only
More informationWhy some countries grow rich, and others don t
Why some countries grow rich, and others don t 2008 Yan Fu Memorial Lecture James A. Robinson Harvard University The Comparative Prosperity of Nations Vast differences in prosperity across countries today.
More informationIt is about Wealth, not (only) Income: What the World Bank says and does not say
Georgetown University From the SelectedWorks of Josep M. Colomer February 19, 2018 It is about Wealth, not (only) Income: What the World Bank says and does not say Josep M. Colomer Available at: https://works.bepress.com/josep_colomer/
More informationHuman Development : Retrospective and Prospects. Jeni Klugman, HDRO/ UNDP. Tuesday February 23, 2010
Human Development : Retrospective and Prospects Jeni Klugman, HDRO/ UNDP Tuesday February 23, 2010 1 Overview 1. What is the HDR? 2. Retrospective 3. Prospects What is Human Development? Development can
More informationUNDERSTANDING GVCS: INSIGHTS FROM RECENT OECD WORK
UNDERSTANDING GVCS: INSIGHTS FROM RECENT OECD WORK Javier Lopez Gonzalez, Development Division, OECD Trade and Agriculture Directorate Bangkok 12 th of December 2014 Outline i. How do we capture participation?
More informationDoes Initial Inequality Prevent Trade Development? A Political-Economy Approach *
Trade and Development Review Vol. 2, Issue 2, 2009, 93-105 http://www.tdrju.net Does Initial Inequality Prevent Trade Development? A Political-Economy Approach Marcus Marktanner Nagham Sayour We develop
More informationAvoiding unemployment is not enough
n 4 August 2018 Avoiding unemployment is not enough An analysis of other forms of labour underutilization 1 The unemployment rate is undoubtedly the most widely cited labour market indicator by media and
More informationThe Institute for Economics & Peace Quantifying Peace and its Benefits
The Institute for Economics & Peace Quantifying Peace and its Benefits The Institute for Economics and Peace (IEP) is an independent, non partisan, non profit research organization dedicated to promoting
More informationInter-American Development Bank Banco Interamericano de Desarrollo (BID) Research Department Departamento de Investigación Working Paper #572
Inter-American Development Bank Banco Interamericano de Desarrollo (BID) Research Department Departamento de Investigación Working Paper #572 Barriers to Exit By Alberto Chong Gianmarco León Inter-American
More informationCOURTS The Lex Mundi Project
COURTS The Lex Mundi Project Professor Florencio Lopez-de-Silanes Yale University and National Bureau of Economic Research March 10, 2002 1 Justice in some unknown place 2 Motivation All economics is based
More informationMIC Forum: The Rise of the Middle Class
MIC Forum: The Rise of the Middle Class Augusto de la Torre Jamele Rigolini We would like to thank Shubham Chaudhuri, Stefano Curto, Maria Davalos, Carolina Sanchez-Paramo and Joao Pedro Wagner de Azevedo
More informationThe State of Food and Agriculture. A annual FAO report Since 1947
The State of Food and Agriculture A annual FAO report Since 1947 Characteristics of SOFA thematic reports Thematic focus Key audiences: Member governments FAO meetings; Media; Civil society; Researchers
More informationTRAVEL SERVICE EXPORTS AS COMPARATIVE ADVANTAGE IN SOUTH AFRICA
TRAVEL SERVICE EXPORTS AS COMPARATIVE ADVANTAGE IN SOUTH AFRICA Johan Fourie 1 World service exports have grown at a rapid rate over the past few decades. While some countries have benefited from the surge
More informationDiagnostic Tools and Empirical Analysis of Governance as an Input in the Fight against Corruption.
Diagnostic Tools and Empirical Analysis of Governance as an Input in the Fight against Corruption. Anti-corruption Workshop Francesca Recanatini World Bank Institute www.worldbank.org/wbi/governance/esp
More informationReport on the 3P Anti-trafficking Policy Index 2015 (Cho, Seo-Young University of Marburg)
The Country-rankings of the 3P Anti-trafficking Policy Index for 2015 Released - Best Practice of Austria, the UK, and Spain - Modest Improvement in Protection and Prevention Efforts - Persistently Weak
More informationLife-Cycle Wage Growth Across Countries
Life-Cycle Wage Growth Across Countries David Lagakos UCSD Tommaso Porzio Yale Benjamin Moll Princeton Nancy Qian Yale Todd Schoellman ASU Northwestern, 18 April 2016 1 Life-Cycle Human Capital Accumulation
More informationCentre for Economic Policy Research
The Australian National University Centre for Economic Policy Research DISCUSSION PAPER Happiness and the Human Development Index: Australia is Not a Paradox Andrew Leigh* and Justin Wolfers** DISCUSSION
More informationSupplementary figures
Supplementary figures Source: OECD (211d, p. 8). Figure S3.1 Business enterprise expenditure on R&D, 1999 and 29 (as a percentage of GDP) ISR FIN SWE KOR (1999, 28) JPN CHE (2, 28) USA (1999, 28) DNK AUT
More informationSouth-East Europe s path to convergence
South-East Europe s path to convergence Skopje, 16 February 2018 Carlo Monticelli Vice-Governor Council of Europe Development Bank 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
More informationVolatility, diversification and development in the Gulf Cooperation Council countries
Kuwait Programme on Development, Governance and Globalisation in the Gulf States Volatility, diversification and development in the Gulf Cooperation Council countries Miklos Koren and Silvana Tenreyro
More informationEvaluating migration policy effectiveness
Evaluating migration policy effectiveness Mathias Czaika (IMI, University of Oxford) 8 July 2015, Athens Speaker name This talk gives an overview of various studies: Czaika, M. and de Haas, H., 2013. The
More informationImproving International Migration Statistics Selected examples from OECD
CARIM-East Methodological Workshop II Warsaw, 27-28 October 2011 Improving International Migration Statistics Selected examples from OECD Jean-Christophe Dumont Head of International Migration Division
More informationMigration and Development: Implications for Rural Areas. Alan de Brauw International Food Policy Research Institute UNU-WIDER Conference October 2017
Migration and Development: Implications for Rural Areas Alan de Brauw International Food Policy Research Institute UNU-WIDER Conference October 2017 Motivation: Voluntary Migration plays Central Role in
More informationI. Patterns Economic Development in Africa
ECON 184 I. Patterns Economic Development in Africa ECON 184: Patterns of Econ. Dev. January 7, 2010 1 1 Trivia 1. Name this President ECON 184: Patterns of Econ. Dev. January 7, 2010 2 Answers ECON 184:
More informationRelease Notes. World PPPOI- Consumer Edition. Version 3.2 ( ) Contents:
World PPPOI- Consumer Edition Version 3.2 (2016.09) Release Notes The World Premium Points of Interest - Consumer Edition (WPPOI-CSMR) contains the rich set of consumer focused Points of Interest available
More informationPolicies against Human Trafficking: The Role of Religion and Political Institutions
Policies against Human Trafficking: The Role of Religion and Political Institutions Niklas Potrafke CESIFO WORKING PAPER NO. 4278 CATEGORY 2: PUBLIC CHOICE JUNE 2013 An electronic version of the paper
More informationGovernance and Corruption: Evidence and Implications
Governance and Corruption: Evidence and Implications Francesca Recanatini and Daniel Kaufmann Meeting with future Russian Leaders, The World Bank, October 25 th, 2002 Governance and Poverty Nexus Lower
More informationRelease Notes. World Premium Points of Interest-Consumer Edition. Version 3.2 ( ) Contents:
World Premium Points of Interest-Consumer Edition Version 3.2 (2016.11) Release Notes The World Premium Points of Interest - Consumer Edition (WPPOI-CSMR) contains the rich set of consumer focused Points
More informationPoverty, Inequality and Jobs: How does the sectoral composition of employment affect inequality?
Poverty, Inequality and Jobs: How does the sectoral composition of employment affect inequality? Arief Yusuf, Padjadjaran University, Indonesia & Andy Sumner, King s College London Introduction Traditional
More informationSOCIAL PROGRESS INDEX 2014
SOCIAL PROGRESS INDEX 2014 EXECUTIVE SUMMARY BY MICHAEL E. PORTER and SCOTT STERN with MICHAEL GREEN The Social Progress Imperative is registered as a nonprofit organization in the United States. We are
More informationInternational Migration to the OECD in the 21 st Century
KNOMAD Working Paper 16 International Migration to the OECD in the 21 st Century Cansin Arslan Jean-Christophe Dumont Zovanga L. Kone Çağlar Özden, Christopher R. Parsons Theodora Xenogiani October 2016
More informationPOLITECNICO DI TORINO Repository ISTITUZIONALE
POLITECNICO DI TORINO Repository ISTITUZIONALE Global effects of local food-production crises: a virtual water perspective Original Global effects of local food-production crises: a virtual water perspective
More informationRelease notes MDR NAL publication [xml]
Dissemination and Reuse Directorate Documentary Management and Metadata Unit Standardisation and Registry of Metadata Section Release notes MDR NAL publication 2060525-0 [xml] Publications Office of the
More informationLecture 10: Education(3): Educated for what?
Lecture 10: Education(3): Educated for what? David Donaldson and Esther Duflo 14.73 Challenges of World Poverty Introduction The Millennium Development Goals call for universal primary education by 2015,
More information2011 ICP: Validation and Experimental calculations
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized International Comparison Program [01.02] 2011 ICP: Validation and Experimental calculations
More information2.2. From social efficiency to social welfare - Equity issues (Stiglitz ch.5, Gruber ch.2)
2.2. From social efficiency to social welfare - Equity issues (Stiglitz ch.5, Gruber ch.2) We have discussed how to achieve social efficiency (Pareto efficiency): according to the first theorem of welfare
More informationCatching Up and Falling Behind: Lessons from 20 th -Century Growth. Nicholas Crafts
Catching Up and Falling Behind: Lessons from 20 th -Century Growth Nicholas Crafts 3 rd Development Lecture in Honour of Angus Maddison, OECD, July 1, 2014 Angus Maddison s Legacy Evaluating performance
More informationThe Impact of the Global Food Crisis on Self-Assessed Food Security
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 6329 The Impact of the Global Food Crisis on Self-Assessed
More information2019 OECD ECONOMIC SURVEY OF THE SLOVAK REPUBLIC
219 OECD ECONOMIC SURVEY OF THE SLOVAK REPUBLIC Towards an innovative and inclusive society Bratislava, 5 th February www.oecd.org/economy/surveys/slovak-republic-economic-snapshot @OECDeconomy @OECD The
More informationECONOMICS INTERNATIONAL MIGRATION TO THE OECD IN THE TWENTY-FIRST CENTURY. Cansin Arslan International Migration Division, OECD
ECONOMICS INTERNATIONAL MIGRATION TO THE OECD IN THE TWENTY-FIRST CENTURY by Cansin Arslan International Migration Division, OECD Jean-Christophe Dumont International Migration Division, OECD Zovanga Kone
More information2. Welfare economics and the rationale for public intervention 2.3. Equity: From Social Efficiency to Social Welfare
2. Welfare economics and the rationale for public intervention (Stiglitz ch.3, 4, 5; Gruber ch.2,5,6,7; Rosen ch. 4,5,6, 8; Salverda et al. (2009), The Oxford handbook of economic inequality, Oxford University
More informationGovernance, Anti-Corruption, and Education An initial empirical approach
Governance, Anti-Corruption, and Education An initial empirical approach Daniel Kaufmann, The World Bank Institute Presentation at the International Working Group Annual Meeting on Education Wash., DC,
More informationInventory of OECD Integrity and Anti-Corruption Related Data
Inventory of OECD Integrity and Anti-Corruption Related Data This document was drafted as part of the CleanGovBiz Initiative that brings together all OECD policy communities working on integrity and anti-corruption.
More informationOpening To The World: The Effect Of Internet Access On Corruption
Opening To The World: The Effect Of Internet Access On Corruption Martha Garcia-Murillo Syracuse University School of Information Studies 4-206 CST Syracuse NY 13244 Phone: 315-443-1829 Fax: 315-443- 5806
More informationMigration and Development: Implications for Rural Areas
Migration and Development: Implications for Rural Areas Alan de Brauw International Food Policy Research Institute JRC-IFPRI Conference on Food and Nutrition Security Measurement Brussels, November 2017
More informationCorruption, Productivity and Transition *
CENTRE FOR ECONOMIC REFORM AND TRANSFORMATION School of Management and Languages, Heriot-Watt University, Edinburgh, EH14 4AS Tel: 0131 451 8143/3485 Fax: 0131 451 3498 email: ecocert@hw.ac.uk World-Wide
More informationTest scores and income inequalities
Maciej Jakubowski Faculty of Economic Sciences, University of Warsaw, Poland email: mjakubowski@uw.edu.pl Test scores and income inequalities Preliminary version Not be cited without the author s permission
More informationLatin American Exceptionalism: The Politics and Economics of Unfulfilled Potential. Professor Victor Menaldo University of Washington
Latin American Exceptionalism: The Politics and Economics of Unfulfilled Potential. Professor Victor Menaldo University of Washington Recent Progress Democratization Rule of Law Economic Growth Decreasing
More informationDebunking Myths about Governance and Corruption Lessons from Worldwide Evidence Daniel Kaufmann, The World Bank Institute www.worldbank.org/wbi/governance For Presentation at the Anti-Corruption Workshop
More informationOn the World Bank s Governance & Anti- Corruption [GAC] Strategy: Key Features, Concerns, Debates, Misconceptions, and Next Steps
On the World Bank s Governance & Anti- Corruption [GAC] Strategy: Key Features, Concerns, Debates, Misconceptions, and Next Steps and selected issues on Governance Indicators Daniel Kaufmann & Colleagues,
More informationOn Private-Public Corruption Nexus:
On Private-Public Corruption Nexus: From Inconvenient Facts to Questioning Daniel Kaufmann and colleagues, World Bank Institute www.worldbank.org/wbi/governance Background Handout for Presentation at the
More informationIntelligence and Corruption
University of Konstanz Dep artment of Economics Intelligence and Corruption Niklas Potrafke Working Paper Series 2011-37 http://www.wiwi.uni-konstanz.de/workingpaperseries Konstanzer Online-Publikations-System
More informationDANMARKS NATIONALBANK
DANMARKS NATIONALBANK TECHNOLOGICAL CHANGE AND THE DANISH LABOUR MARKET Niels Lynggård Hansen, Head of Economics and Monetary Policy May 22, 218 Outline 1) Past trends 2) The Danish labour-market model
More informationChad TCD Sub-Saharan Africa Low income Channel Islands CHI Europe & Central Asia High income Chile CHL Latin America & Caribbean High income China CHN
Afghanistan AFG South Asia Low income Albania ALB Europe & Central Asia Upper middle income Algeria DZA Middle East & North Africa Upper middle income American Samoa ASM East Asia & Pacific Upper middle
More informationIs There Convergence in the Future of Global Capitalism? Dani Rodrik April 2017
Is There Convergence in the Future of Global Capitalism? Dani Rodrik April 2017 Convergence of what? Economics: standards of living GDP per head Politics: models of governance liberal/social democracy
More informationU.S. Food Aid and Civil Conflict
Web Appendix for U.S. Food Aid and Civil Conflict Nathan Nunn Harvard University, BREAD, NBER Nancy Qian Yale University, BREAD, NBER (Not for Publication) August 2013 1 1. Introduction This appendix accompanies
More informationUnconditional Convergence: The Spread of Manufacturing to the Periphery
Unconditional Convergence: The Spread of Manufacturing to the Periphery 1870-2007 Agustín S. Bénétrix (Trinity College Dublin) Kevin H. O Rourke (All Souls College, Oxford) Jeffrey G. Williamson (Harvard
More informationWhat Do Economists Mean by Globalization? Implications for Inflation and Monetary Policy
What Do Economists Mean by Globalization? Implications for Inflation and Monetary Policy Jeffrey Frankel, Harpel Professor Kennedy School of Government, Harvard University Sept. 21, 2006 Written for Academic
More informationCLOUDY OUTLOOK FOR GROWTH IN EMERGING EUROPE AND CENTRAL ASIA
CLOUDY OUTLOOK FOR GROWTH IN EMERGING EUROPE AND CENTRAL ASIA Presentation by Laura Tuck, Vice President, ECA Hans Timmer, Chief Economist, ECA October 8, 2014 Annual Meetings Three key trends for Emerging
More informationRelease Notes. World Premium Points of Interest. Version 5.1. Contents: Product Overview 2 POI Counts 3 Change Log 7 Known Issues 8
World Premium Points of Interest Version 5.1 UNITED STATES www.pitneybowes.com/us Technical Support: http://www.pbinsight.com/support 2014-2018 Pitney Bowes Software Inc. All Rights Reserved. Release Notes
More informationRESEARCH ON CORRUPTION POTENTIALLY USEFUL INSIGHTS TINA SØREIDE IOEA. CORSICA. THURSDAY
RESEARCH ON CORRUPTION POTENTIALLY USEFUL INSIGHTS TINA SØREIDE IOEA. CORSICA. THURSDAY 25.05.2017. Upon this lecture, you should better understand Corruption characteristics Theoretical approaches Data
More informationTransparenting Transparency Some Empirics and Policy Applications. Daniel Kaufmann and Ana Bellver World Bank Institute
Transparenting Some Empirics and Policy Applications Daniel Kaufmann and Ana Bellver World Bank Institute http://worldbank.org/wbi/governance Presentation at the Conference on and Governance, Centre on
More informationXII BGK Conference. Discussion Panel : Strategic Directions for Regional Development. Emilia Skrok Jan Gąska
XII BGK Conference 1 Discussion Panel : Strategic Directions for Regional Development Emilia Skrok Jan Gąska 2 Problem recognition and and objectives of regional development policy Regional development
More informationRelease Notes. World Premium Points of Interest. Version 5.0. Contents: Product Overview 2 POI Counts 3 Change Log 8 Known Issues 10
World Premium Points of Interest Version 5.0 UNITED STATES www.pitneybowes.com/us Technical Support: http://www.pbinsight.com/support 2014-2018 Pitney Bowes Software Inc. All Rights Reserved. Release Notes
More informationInvestment Climate Drivers: Does Governance and Corruption Matter? An Empirical Framework with Practical Applications Daniel Kaufmann, World Bank Institute www.worldbank.org/wbi/governance Presentation
More informationGender inequality in education: Political institutions or culture and religion?
University of Konstanz Department of Economics Gender inequality in education: Political institutions or culture and religion? Arusha Cooray, Niklas Potrafke Konstanz Working Paper 2010-01 Online at http://www.wiwi.uni-konstanz.de/workingpaperseries
More informationWorld Premium Points of Interest. Version 4.4. Contents: Product Overview 2 POI Counts 2 Change Log 6 Known Issues 7
World Premium Points of Interest Version 4.4 Release Notes The World Premium Points of Interest (WPPOI) is an innovative addition to our data portfolio. Pitney Bowes is committed to continually develop
More informationWorld Bank list of economies (NOV 2017)
World Bank list of economies (NOV 2017) (Bold indicates a change of classification, whole line bold is WSAVA member) Changed in 2017 to tier colour nr. WSAVA MEMBER? Economy/ Association Code WSAVA REGION
More informationGlobal Imbalances 2017 External Sector Report
International Monetary Fund Global Imbalances 2017 External Sector Report Gustavo Adler and Luis Cubeddu IMF Research Department Bruegel Brussels, September 26, 2017 Roadmap I. Recent developments II.
More informationTransparenting Transparency Initial Empirics and Policy Applications
Transparenting Initial Empirics and Policy Applications Daniel Kaufmann and Ana Bellver World Bank Institute http://worldbank.org/wbi/governance Presentation at the Pre-Conference on Institutional Change
More informationReducing Start-up costs for New Firms: The Double Dividend on the Labor Market.
Reducing Start-up costs for New Firms: The Double Dividend on the Labor Market. Uwe Dulleck,PaulFrijters & Rudolf Winter-Ebmer Oktober 2003, Comments welcome Abstract Starting a firm with expansive potential
More informationEcon 490 Section 011 Economics of the Poor Fall Course Website:
Econ 490 Section 011 Economics of the Poor Fall 2011 Contact Information: Siwan Anderson Office: Buchanan Tower 922 (Temporary) e-mail: siwander@interchange.ubc.ca Course Website: www.econ.ubc.ca/asiwan/490hmpg.htm
More informationRelease Notes. World Premium Points of Interest. Version 4.9. Contents:
World Premium Points of Interest Version 4.9 UNITED STATES www.pitneybowes.com/us Technical Support: http://www.pbinsight.com/support 2014-2017 Pitney Bowes Software Inc. All Rights Reserved. Release Notes
More informationReform agenda for 2017: Overview and country notes
Economic Policy Reforms 2017 Going for Growth @ OECD 2017 Chapter 3 Reform agenda for 2017: Overview and country notes This chapter presents the country-specific policy priorities and underlying recommendations
More informationADDRESSING THE ISSUE OF YOUTH UNEMPLOYMENT: ISSUES AND THE CAUSES. Samuel Freije World Development Report 2013 Team, World Bank
ADDRESSING THE ISSUE OF YOUTH UNEMPLOYMENT: ISSUES AND THE CAUSES Samuel Freije World Development Report 2013 Team, World Bank A growing concern about jobs The global financial crisis resulted in massive
More informationRelease Notes. World Premium Points of Interest. Version 4.5. Contents:
World Premium Points of Interest Version 4.5 Release Notes The World Premium Points of Interest (WPPOI) is an innovative addition to our data portfolio. Pitney Bowes is committed to continually develop
More informationRelease Notes. World Premium Points of Interest - Consumer Edition. Version 4.3. Contents:
World Premium Points of Interest - Consumer Edition Version 4.3 Release Notes The World Premium Points of Interest - Consumer Edition (WPPOI-CSMR) contains the rich set of consumer focused Points of Interest
More informationCorruption within a Governance Framework: Practical Lessons from Empirical Evidence Daniel Kaufmann, World Bank Institute www.worldbank.org/wbi/governance Presentation at the Seminar on Tackling Corruption
More informationPre-industrial Inequalities. Branko Milanovic World Bank Training Poverty and Inequality Analysis Course March 5, 2012
Pre-industrial Inequalities Branko Milanovic World Bank Training Poverty and Inequality Analysis Course March 5, 2012 Questions Is inequality caused by the Industrial Revolution? Or, has inequality been
More informationRelease Notes. World Premium Points of Interest - Consumer Edition. Version 4.9. Contents:
World Premium Points of Interest - Consumer Edition Version 4.9 Release Notes The World Premium Points of Interest - Consumer Edition (WPPOI-CSMR) contains the rich set of consumer focused Points of Interest
More information