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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, 26 Feb 2018:

Greg Mankiw: Reviewing the tenets of free trade, NYT, 18 Feb 18 [PDF, courtesy Harvard]:
When Pres Trump imposed tariffs on imported solar panels and washing machines, I was reminded of a line from George Orwell: "We have now sunk to a depth at which the restatement of the obvious is the 1st duty of intelligent men", writes Pres GW Bush's Council Econ Advisers chair

Inequality rise extreme in India, not so for China – World Inequality Report, Press Trust India, 20 Dec 17 [via Econ Times]:
Post the 1980s econ reforms in India and China, inequality rose to extreme level in India but only moderately in China. The report's coordinator said the fact that inequality trends vary so greatly highlights the important role of national policies       (Release of the 1st World Inequality Report)

Which revolution is more historic: industrial or tech?, Stanford Univ, 08 Dec 17:
How do we know if the pace of pioneering breakthroughs is any faster today than it was during Thomas Edison's era? Some economists argue that today's information revolution has had much less impact on our lives than the big inventions of the late 19th century had on people living then

Posted on Sat, 17 Feb 2018:

Adam Posen: The post-American world economy - Globalization in the Trump era, Foreign Affairs, Mar/Apr '18:
In the aftermath of WW II, the US set about building a global, rules-based econ order. At the heart of that order, it put the liberal values of free trade and the rule of law. Today, that order is under threat, writes Peterson Inst pres

World Bank chief economist resigns after questioning one of the institution's reports, MarketWatch, 24 Jan 18:
Paul Romer has resigned after setting off a storm of criticism by questioning the integrity of the org's official data       (WB says it will redo its competitiveness rankings after unfairly influencing them for years | WB's misleading defense of the Doing Business index)

Coffers: Some advice from the father of efficient markets - Embrace passive management already, Univ Chicago, 27 Nov 17:
Eugene Fama,
Nobel Laureate 2013, weighs in on market efficiency, active management, and corporate governance, and explains why investors shouldn't buy hedge funds

Posted on Sat, 10 Feb 2018:

Robert Skidelsky: How economics survived the economic crisis, Project Syndicate, 29 Jan 18 [via Korea Times]:
The Great Depression of the 1930s produced Keynesian economics, and the stagflation of the 1970s produced Milton Friedman's monetarism. Yet the Great Recession has produced no similar intellectual shift. Why?, asks author of award-winning biography of Keynes

Fed tightening may squeeze portfolio flows to emerging markets, IMF (blog), by R Koepke, 14 Dec 17:
Reduced availability of foreign capital could make it more challenging for emerging market economies to finance their deficits and roll over maturing debt, writes contributing economist to Global Financial Stability Report

Boardroom/C-Suite:  Ever heard of SDG washing? The urgency of SDG due diligence, by R Nieuwenkamp, OECD (blog), 25 Sep 17:
A couple of months ago at a global forum, I heard a new term: SDG washing. The term is an analogue to green washing and blue washing – using a UN logo to signpost sustainability without doing much, writes Responsible Biz Conduct working party chair

Posted on Sat, 03 Feb 2018:

Can capitalism be saved from itself?, Brookings (blog), by H Kharas, 18 Jan 18:
After almost a decade of concern over slow recovery and fragile financial markets, capitalism looks to have recovered its mojo. Surely a cause for celebration, but pessimists (incl most economists) are confounded, writes Inst global econ & devt dir

Gramm and de Soto: How blockchain can end poverty, WSJ, 25 Jan 18 [courtesy Amer Enterp Inst]:
For a long time, Western economists failed to appreciate the relationship between private property rights and econ devt, write fmr Senate banking cmte chair; and author of The Mystery of Capital       (QuickTake: Bitcoin and blockchain, Bloomberg)

Gabriel Zucman: How corporations and the wealthy avoid taxes (and how to stop them), NYT, 10 Nov 17 [via author's site]:
The US loses close to $70 bil. a year in tax revenue due to the shifting of corporate profits to tax havens. That's close to 20 pct of the corporate tax revenue that is collected each year. This is legal, writes author of The Hidden Wealth of Nations (2015)

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