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emerging and frontier markets:

the unofficial field guide

Site Owner / Publisher:  Sta. Romana, Leonardo L.
        Based in:  Manila, Philippines

Posted on Sat, 29 Apr  2017:

The policy maker's guide to graft, OECD Observer, by B Bellow, Oct '15:
Think back to a time when your purse or wallet was stolen, or your laptop with all your files in it lifted from your bag, or any other possession taken from you. What did you feel?

Learning from China's industrial strategy, Project Syndicate, by Kozul-Wright and Poon, 29 Apr 17 [via Interest/New Zealand]:
China’s industrialization process, like that of other successful East Asian economies, has combined profit-led investment, active industrial policy, and export discipline. But that approach has its limits, write UN trade economists

Is globalization bad for the global poor? This study ran an experiment to find out, Vox, 29 Sep 16:
In the past several decades, manufacturing jobs have fled the industrial world for the developing world. What does that mean for the ordinary people who are doing the work - often for incredibly low wages?       (Media release about the study)

Posted on Thu, 27 Apr  2017:

Martin Feldstein: Balancing lost tax revenue the Reagan way, WSJ, 26 Apr 17 [courtesy Harvard]:
The Trump admin's tax proposal would slash corporate tax rates from 35% to 15% and roll back increases in individual rates that occurred under the Clinton and Obama admins, writes Pres Reagan’s Council Econ Advisers chair

Globalization and its defences, FT, by M Sandbu, 20 Mar 17 [PDF, courtesy Harvard]:
The main political question regarding the world economy is whether the current rise of anti-globalism and the protectionist policies it calls for will put an end to the open global economy as we know it

Did trade policy drive South Korea's economic growth miracle?, Amer Econ Assn News, Oct ’15:
Some trade, development, and growth scholars have been dubious about the ability of trade policy to substantially affect a country's growth. In 1953, S.Korea had just finished fighting a devastating war, the economy was in shambles, and the populace was largely dependent on foreign aid

Posted on Mon, 24 Apr  2017:

IMF, World Bank soften language on trade, climate, AP, 24 Apr 17 [via Taipei Times]:
Global finance leaders on Sat dropped a sharp condemnation of trade protectionism and references to climate change from a closing statement. The strong language used in a previous statement, apparently removed, remains in an IMF policy document, its chief said

Ngaire Woods: A practical agenda for revolutionary times, Project Syndicate, 24 Apr 17 [via AzerNews]:
A recent IMF-WB-WTO report's argument in favor of free trade is not new. What is new is that repeating this claim, without also addressing people's deeper concerns, can now do more harm than good, writes Oxford Sch Govt dean / Global econ governance prog dir

Greg Mankiw, How best to tax business, NYT, 23 Apr 17 [PDF, courtesy Harvard]:
US corporate tax rate, one of the highest in the world, encourages all kinds of perverse behavior, such as leaving money parked overseas and switching ownership to take advantage of lower rates abroad, writes Pres Bush (2nd)'s Council Econ Advisers chair

Posted on Fri, 21 Apr  2017:

The anti-European program of Marine Le Pen, by 25 Nobel economists, Le Monde, 18 Apr 17, [PDF, courtesy Columbia U]:  
This letter's signatories hold a variety of views on complex issues such as monetary unions and stimulus spending. But they converge on condemning such manipulation of economic thinking in the French presidential campaign

Joseph Stiglitz on Janet Yellen, Time's 100 Most Influential People, 20 Apr 17:
With both labor and capital markets deeply troubled, she brought an expertise in these aspects of econ based on a deep theoretical grounding obtained at Yale (confession: Tobin and I were among her advisers), writes 2001 Nobel Laureate

Richard Layard: The economics of mental health, IZA-Inst Labor Econ/ Germany, Jan '17:
As common in poor nations as in rich ones, mental illness can keep so many people from working or from working productively. By contrast, the gains exceed the cost of treatment, writes author of Thrive: The power of evidence-based psychological therapies (2014)

Posted on Wed, 19 Apr  2017:

How to maintain African growth while reducing the fiscal burden on donors, Proj Syndicate, by Birdsall/ Okonjo-Iweala, 17 Apr 17:
Govts in Africa are spending more on public infrastructure themselves. But outside finance is still critical, esp. for regional projects - not surprisingly, rarely a top priority for national govts, write Ctr pres emeritus; and fmr Nigeria's fin minister

Designed for growth - Taxation and productivity, IMF (blog), by Gaspar and Jaramllo, 13 Apr 17:
Productivity drives our living standards. Countries can raise productivity by improving the design of their tax system, which includes both policies and administration. This would allow business reasons, not taxes, to drive investment and employment decisions, write IMF economists

Cautious first steps in further development of Asian financial markets, Credit Suisse, 27 Mar 17:
While savings rates in Asia are very high, a large share of these savings is invested for the relatively short term. The reason for this can be found in the financial sector, which is geared primarily toward banks

Posted on Mon, 17 Apr  2017:

Prasad and Foda: This recovery is for real, but can it last?, FT, 16 Apr 17 [courtesy Brookings]:
The industrial economies are settling to a reasonable growth path, and the fast-growing emerging market economies, such as China and India, have gotten through a rocky period, writes author of Gaining Currency: The Rise of the Renminbi (2016)

Don't break up the airlines. Bring more in, The Week, by J Pethokoukis, 13 Apr 17:
Viral video of a United Airlines passenger being dragged from a plane would seem to be "prima facie" evidence that the US airline industry - and maybe corporate America more broadly - has a competition problem, writes AEI fellow

Emerging markets and developing economies -- Sustaining growth in a less supportive external environment, IMF (blog), 12 Apr 17:
It is quite likely you are reading this on a smartphone or tablet assembled in an emerging market. And there is a chance that you are - or soon will be - on a plane headed for Shanghai, Sao Paulo, or St. Petersburg, write IMF economists

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