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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 Mon, 28 Aug 2017:

Central bankers shun policy clues as trade pervades Jackson Hole, Bloomberg, 28 Aug 17:
Monetary policy wasn’t a major focus at the gathering in Jackson Hole, Wyoming. Policy makers instead discussed the pros and cons of free trade and made a vigorous defense of the post-
financial crisis safety net, which Pres Trump wants to roll back

Michael Boskin: Can Trump turn his presidency around?, Project Syndicate, 28 Aug 17 [via Japan Times]:
Trump needs to demonstrate respect for reasonable opposing viewpoints to broaden his popular support. But, above all, he needs to cooperate with Congress, just as Reagan and Clinton did. Can he?, asks Pres GH Bush’s Council Econ Advisers chair

Stop blaming poor countries' poverty on corruption - sometimes it's just bad luck, Quartz, by C Kenny, 01 Aug 17:
Now it is a commonplace argument that the reason poor countries are poor is because of the moral failings of the people who live there - governance that doesn't work, perhaps driven by a "culture of corruption", writes Ctr Global Devt senior fellow

Posted on Thu, 24 Aug 2017:

Mohamed El-Erian, The lost lesson of the financial crisis, Project Syndicate, 17 Aug 17 [via Arab News/S.Arabia]:
Ten years ago this month, a decision by the French bank BNP Paribas gave the 1st loud signal of the financial stress that would, a year later, send the global economy into a tailspin, writes Pres Obama's Global Devt Council chair

With budget cuts looming, US aid chief vows to do more with less, Reuters, 14 Aug 17:
The new USAID administrator says he needs to prove to Pres Trump that development assistance can further his "America First" agenda. He wants to focus on results to show Americans that their tax-dollars are being put to good use

Book Value: The Scotsmen who invented modernity, National Interest, by J Heilbrunn, 17 Aug 17:
On the face of it, Scotland was an unlikely candidate to spawn such intellectual titans. A new book deftly examines not only Hume and Smith's friendship, but also the indispensable part that they played in shaping the Scottish Enlightenment

Posted on Mon, 14 Aug 2017:

Don't impose steel tariffs, Mr Pres, Open Letter from 15 Fmr WHse Chief Economists, 12 July 17 [PDF, Amer Action Forum]
Signed by: M Bailey, B Bernanke, M Boskin, M Feldstein, J Furman, A Goolsbee, A Greenspan, G Hubbard, A Krueger, E Lazear, G Mankiw, C Romer, H Rosen, J Stiglitz, and LTyson

The same deal (in trade), US News & World Report, by C Barfield, 11 Aug 17:
Democrats have heeded the lessons of the last election – and apparently turned to White House trade policy advisers for guidance on "econ nationalism".  Actually, they haven't, writes Amer Enterp Inst resident scholar

The next generation of growth in Asia, Credit Suisse, by O Adler, 11 Aug 17:
Since WW2, Asia has experienced 3 "economic miracles": 1) the tremendous growth of Japan; 2) the rise of the 4 Asian Tigers (Hong Kong, S.Korea, Singapore and Taiwan; and 3) the China-led growth, writes chief economist in the office of chief invest. officer

Posted on Sun, 06 Aug 2017:

Gramm and Solon: Reagan cut taxes, revenue boomed, WSJ, 03 Aug 17 [courtesy Amer Enterp Inst]:
A great advantage of having been present when history was made is that later you can sometimes recall what actually happened. Such institutional memory is important today in assessing the 1981 Reagan tax cuts, write fmr Senate banking cmte chair; and US Policy Metrics partner

Jeffrey Sachs: Ending the Ronald Reagan lie, Boston Globe, 11 July 17 [courtesy Columbia Univ]:
With his sneering disrespect for government, Reagan ushered in nearly four decades of tax cuts, deregulation, and rising inequality that now threaten to devour our future, writes Columbia U Ctr Sustainable Devt dir

A "dark side" to the commodity boom in Africa, Amer Econ Assn News, 28 June 17:
Economists have long noted that resource extraction can be a double-edged sword for developing economies. Commodity prices are volatile, and focusing too much on one cash cow industry can leave other industries neglected

Posted on Wed, 02 Aug 2017:

What "America First" means for US foreign aid, Brookings (blog), 27 July 17:
When Pres Trump unveiled his budget proposal, one thing was clear: "America First" meant fewer funds for foreign aid. But many lawmakers who disagree are finding constructive ways to push back, one of the topics in the 2017 Blum Roundtable on 02-04 Aug

Greg Mankiw: Why health care policy is so hard, NY Times, 30 July 17 [PDF, courtesy Harvard]:
The recent collapse of the Senate health care bills raises some questions: How does 
health care differ from most of the other goods and services that the economy produces? What makes health policy so vexing?, asks Pres GW Bush's Council Econ Advisers chair

Univ Penn's Jere Behrman on early childhood development in developing countries, Univ Chicago, 28 June 17:
As an example of his new focus in devt, he notes that 25% of the world's children are stunted - ie, short for their age due primarily to undernutrition. "Why do we care?," he asks       (Well-designed early childhood devt progs can pay big dividends, WB)

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