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EmergingFrontierMarkets.comemerging and frontier markets:the unofficial field guideSite
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Romana, Leonardo L.
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Posted on Wed, 14 May 14: Amirapu/Subramanian: India must reverse its de-industrialization, Biz Standard/ India, 9 May 14 [courtesy Peterson Inst]: We note the fact, first pointed out by Dani Rodrik, that 'early' or 'premature' industrialization or de-industrialization is happening worldwide. At any given stage of development, nations are specializing less in manufacturing. Furthermore, the point in time at which de-industrialization begins is happening earlier in the development process, writes Boston U prof; and Inst senior fellow Ronald McKinnon: China's currency conundrum, Stanford Univ, May '14 [PDF]: (Ed.'s note: Our software somehow develops a glitch that prevents us from linking to this article, but not to the rest in this same page. Sabotage or not?--go figure. To read this article, paste this URL on your browser: <siepr.stanford.edu/system/files/shared/pubs/papers/briefs/PolicyBrief.05-14.McKinnon.pdf>) The US Treasury said that the recent weakening of the yuan would raise particularly serious concerns. The uproar was not surprising. After all, China has been under constant pressure from the US govt to appreciate the yuan in the mistaken belief that a stronger currency would reduce China's large trade (saving) surplus--and reduce the large bilateral trade deficit of the US with China, writes Stanford prof Greg Mankiw: When the scientist is also a philosopher, NY Times, Mar '14 [PDF, courtesy Harvard]: Do you want to know a dirty little secret of economists who give policy advice? When we do so, we are often speaking not just as econ scientists, but also as political philosophers. Our recommendations are based not only on our understanding of how the world works, but also on our judgments about what makes a good society, writes Pres G W Bush's Council Econ Advisers chair / Harvard prof Posted on Mon, 12 May 14: Expanding services trade offers major opportunities for growth and jobs, OECD, 7 May 14: Services generate more than two-thirds of global GDP and are the top source of employment in most major economies. The new 'Services Trade Restrictiveness Index' provides a unique snapshot of services trade restrictions across 18 sectors in 40 leading economies, representing over 80% of global services trade. Across all nations, air transport, legal services and accounting services stand out as highly restricted Andres Velasco: Industrial policy reconsidered, Proj Syndicate, 5 May 14: First, the World Bank became a tireless advocate of women's and gay rights. Then the IMF backed the use of capital controls and voiced concern over income inequality. Next in line for ideological modernization is the Inter-American Development Bank: in a forthcoming report, the bank calls for industrial policies in Latin America, writes fmr Chile's fmr pres'l candidate & fin minister / Columbia U prof What the 'cheap date index' shows about global prices, CNBC, 12 May 14: In some cities, even a 'cheap date' can burn a hole in your pocket. Deutsche Bank's Cheap Date Index--which measures the cost of a movie and burger date in 32 global cities in US dollar terms--says London is by far the most expensive place for a simple night on the town, while Mumbai is the cheapest. The index measures the cost of cab rides, McDonald's burgers, soft drinks, 2 movie tickets, and a couple of beers Posted on Fri, 9 May 14: Optimism meets realism as Africa seeks ways to maintain growth, IMF Survey Mag, 11 Apr 14: Sub-Saharan Africa's econ achievements over the past decade have sparked optimism about a continent on the rise, but those gains also have prompted caution about the challenges that remain, a Wash. conference heard. That combination of optimism and realism was at the heart of the confab on "Africa Rising: Polices for sustained and inclusive growth" that was held during the 2014 IMF-WB Spring Meetings The flow of value--Q&A with Michael Spence, Nobel Laureate '01, McKinsey, Apr '14: From the forging of the ancient Silk Road to the boom of the spice trade in the 1600s, the global flow of goods and services has never been static. The rise of emerging economies is again upending global trade flows--and altering the very notion of value. Spence explains how the notion of value is changing (Report: Global flows in a digital age) What is keeping firms from going 'formal'? (Why de Soto is half-right & the IRS half-wrong), World Bank, 11 July 13: In the developing world, most businesses aren't registered with municipal or tax authorities. Many have argued that these 'informal' firms hurt local tax revenues, cut into the customer base of 'formal' firms and lead to low wages for workers. Despite a decade of reforms to make it easier for firms to register, however, the trend has barely budged. What is going on? Posted on Wed, 7 May 14: Alibaba's business model and Chinese market make its IPO hot, Intl Data Grp News Svce, 7 May 14 [via Computerworld]: Alibaba Group is the e-commerce player from China that you may have never heard of. But it's set to make one of the biggest initial public offerings in the US, possibly raising more than $20 bil., analysts say. That would surpass the $16 bil. offering from Facebook. Its IPO documents, filed on Tue, reveal an e-commerce player selling more merchandise than eBay and Amazon combined Public services top up the income of the poorest people by 76%, Oxfam, 3 Apr 14: In a new report, "Working for the Many", Oxfam says that public services such as the provision of health and education are among the strongest weapons to use vs global inequality. It cites an OECD study that says that, on average, all public services provide the poorest people with the equivalent of 76% of their post-tax income. Spending on these services has the same impact on inequality in rich and poor nations alike John Cassidy: Gary Becker and the economics revolution that wasn't, New Yorker (blog), 5 May 14: In 2010, I went to Hyde Park to talk to some high priests of the Chicago School, the most eminent of whom was Gary Becker, who died on Sat. Here I want to draw attention to one of his answers in reply to a question about whether we would see a historic transformation in econ to match the one in the 1930s (In memoriam, World Bank [blog] | Open letter: An intl student call for pluralism in economics) Posted on Mon, 5 May 14: Slowing growth and the middle class -- Q&A with Michael Spence, Nobel Laureate '01, Fung Global Inst/ HK, 14 Apr 14: Q: The IMF has warned that the world could face years of sub-par growth. Is this likely to happen?; What does this mean for the growth of the middle class in developing countries?; and what about investors prospects in emerging economies? The US and China in Africa -- competition or cooperation?, Brookings (blog), by S Yun & J Olin-Ammentorp, 28 Apr 14: China is often criticized for what looks like an unfair strategy when engaging Africa. Critics claim that its strategy is more about exploiting African natural resources than spurring the continent's development. As the US looks to increase its econ engagement in Africa, China's experience on the continent can provide valuable lessons Larry Summers: Will 2014 end up like 1914?, CSMonitor, 24 Apr 14: 2014 is a year of anniversaries. It is the 100th anniversary of 1914, a moment when the world mismanaged itself and reaped the legacy of its mismanagement in as terrible a way as has ever occurred. History does not repeat itself, but it does rhyme. We have seen that isolationism only results in greater conflicts later, writes fmr US Treasury secy / Harvard prof and pres emeritus Posted on Fri, 2 May 14: Our picks from 'The 100 most influential people in the world' of Time, 23 Apr 14:
When a typical good is consumed (say, an apple), it becomes unavailable to others. But with creative works like books, consumption may be "non-rivalrous". My reading of A Tale of Two Cities does not preclude anyone else from reading it. Nothing is used up when you "consume" the work; while a physical book may become more worn, the story it contains is not affected, writes U Texas-Dallas prof |