www.tipnews.info
June 03, 2015
Ryuhei Wakasugi
Ryuhei Wakasugi
Professor at the Graduate School, University of Niigata Prefecture; Senior Research Advisor and Program Director, RIETI
The Chinese government significantly restructured and modernised the economy to meet the WTO standards in December 2001. The openings mandated under China’s WTO accession agreement made its economy the most open of any large developing country, and China has achieved reasonable progress toward meeting its obligations (Branstetter and Lardy 2008). China’s accession to the WTO en...
Dirk Schoenmaker
Dirk Schoenmaker
Dean of the Duisenberg School of Finance and Professor of Finance, Banking and Insurance at the VU University Amsterdam
In an unusual call for regulation, CEOs of major financial institutions urged action on the asset bubble fear earlier this week (World Economic Forum 2015). They ask for a concerted macroprudential approach that addresses potential asset bubbles fuelled by current low interest rates. Without such a concerted approach, finance just moves to the least regulated segments of the fi...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Former New York Gov. George Pataki credits his “conservative policies” for reducing the number of New Yorkers on welfare by 1 million. In fact, the sharp decline was part of a national trend thanks largely to a 1996 federal overhaul of the nation’s welfare system. Under Pataki, New York saw a 76 percent reduction in the average monthly number of welfare recipients — a little...
Alberto Alesina
Alberto Alesina
Nathaniel Ropes Professor of Political Economy, Harvard University; and Research Fellow, CEPR
Is it mere coincidence that Governments often reduce taxes or increase spending close to elections? Intuitively, many of us think that governments manipulate fiscal policy for electoral reasons (see Drazen 2001). However, the empirical evidence is far from a clear cut. Testing the hypothesis that government’s tweak their fiscal policy in order to lure voters is difficult....
Kevin Bryan
Kevin Bryan
Assistant Professor of Strategic Management, University of Toronto Rotman School of Management
John Nash, winner of the Nobel Memorial Prize in Economic Sciences and the equally prestigious Abel Prize in mathematics, died alongside his wife in a tragic car accident this week.  Nash rose to popular fame due to Russell Crowe's portrayal of his life in the Oscar-winning A Beautiful Mind, but his fame within economics needed no such Hollywood treatment to be assured...
Hanming Fang
Hanming Fang
Professor of Economics, University of Pennsylvania
There are growing concerns across the global economic and policy communities regarding the decade-long housing market boom in China. In particular, critics are concerned that the soaring housing prices and the enormous construction boom throughout China might not be sustainable, and China might follow in the footsteps of Japan, which had an economic lost decade after its housin...
Biagio Bossone
Biagio Bossone
Chairman, Group of Lecce
Introducing a parallel currency in Greece The first column in this two-part series (Bossone and Cattaneo 2015) illustrated various options to design a parallel currency for Greece, which aims to avoid Grexit while helping Greece repay its external debt and resume economic recovery. This second part presents an evaluation of the different options, reports the results o...
Olivier Blanchard
Olivier Blanchard
Chief economist, IMF, on leave from MIT
On 15-16 April, the IMF organised the third conference on ‘Rethinking Macro Policy’. Here are my personal takeaways. 1. What will be the ‘new normal’? I had asked the panellists to concentrate not on current policy challenges, but on challenges in the ‘new normal’. I had implicitly assumed that this new normal would be very much like the old normal, one of decent gro...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Jeb Bush claimed that the science is unclear as to how much humans contribute to global warming. The United Nations climate change research organization, however, has deemed it “extremely likely” that more than half of the observed temperature increase since 1950 is due to human activities. At an event in New Hampshire, Bush was asked about climate change. He acknowledged th...
Masayuki Morikawa
Masayuki Morikawa
Vice President, Research Institute of Economy, Trade and Industry (RIETI)
According to WTO statistics, world exports of services grew by 8% per annum between 1980-2013, exceeding the exports of goods (which grew at 7% per annum). The ratio of service exports relative to goods exports increased from 18% in 1980 to 24.7% in 2013. In 2013, Japan ranked fourth in export of goods and eighth in export of services, with annual growth rate of service exports...
Carmen Broto
Carmen Broto
Senior Economist in the International Affairs Directorate, Bank of Spain
Rating agencies have played a prominent role during the on-going Global Crisis. In principle, agencies constantly update their sovereign credit ratings on the basis of new economic information, and changes in ratings offer investors valuable information (Masciandaro 2011). This constant updating is one of the reasons why financial markets rely o...
Timothy J. Sturgeon
Timothy J. Sturgeon
Senior Research Affiliate at the Industrial Performance Center, MIT
About 15 years ago, in a meeting to develop a long-term research and policy agenda for the concept of Global Value Chains (GVCs), I quipped that a global input-output  (I-O) table would needed to accurately measure their extent, character, and impact on economic development.  I said this jokingly to underscore the scale of the problem posed by G...
Gaston Gelos
Gaston Gelos
Division Chief of the Global Financial Stability Analysis Division, IMF
International banking since the Crisis Three facts summarise the changes in international banking since the Global Crisis. Cross-border bank lending – that is, direct lending to non-affiliated entities abroad – has fallen relatively to local lending through subsidiaries or branches of foreign banks – for example, a loan of a subsidiary of a foreign bank to a firm o...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Republican presidential candidate Carly Fiorina repeatedly has said “we doubled the size of the company” and “took the growth rate from 2 percent to 9 percent,” while she was CEO of Hewlett-Packard. Both statistics pertain to revenue, but Fiorina uses different time frames to boost her record. She also neglects to mention that the increase in revenue came after HP acquired Comp...
Ralph De Haas
Ralph De Haas
Director of Research, EBRD
Firm innovation is an important driver of productivity and economic growth (Aghion and Howitt 1992). In countries close to the technological frontier, innovation entails R&D and the invention of new products and technologies. In less advanced economies, innovation mostly involves firms’ adopting and adapting of existing products and processes. As firms adopt products and pr...
Yuriy Gorodnichenko
Yuriy Gorodnichenko
Assistant Professor in the Dept. of Economics, University of California, Berkeley
Grard Roland
Gérard Roland
E. Morris Cox Professor of Economics and Professor of Political Science, University of California, Berkeley; and CEPR Research Fellow
Recent decades have seen great progress in democracy across the world. According to Freedom House (1999), there was not a single liberal democracy with universal suffrage in the world in 1900. By 2000, 120 of the world's 192 nations were liberal democracies. The main explanation in social sciences for democratisation is the ‘modernisation hypothesis’ (Lipset 1959), according to...
Nicolas Magud
Nicolas Magud
Senior Economist at the International Monetary Fund
Emerging market economies exhibited strong investment growth from 2003 to 2011, interrupted – temporarily – in 2009 by the Global Crisis (see Figure 1). However, after peaking in 2011 investment growth has waned in most of these economies. Real output growth forecasts have been revised down significantly due to lower than projected actual investment (IMF 2014a, IMF 2014b). To e...
Vincent Somville
Vincent Somville
Senior Researcher, Chr. Michelsen Institute
Recent studies in development economics have underlined the disappointing results of microcredit programmes.1 The focus has now shifted towards other financial products, such as savings. The substantial demand for savings among the poor has been reflected in their willingness to invest in risky assets, such as jewellery, animals, mone...
Peter Debaere
Peter Debaere
Associate Professor of Business at the Darden School of Business, University of Virginia and CEPR Research Affiliate
With every new report of water crises in California, Australia, Spain, Brazil and other places, it becomes increasingly clear that adequate water management is one of the major challenges the world faces today. Contrary to discussions about climate change, and no doubt related to the tangible, local impact of water crises, the public has a more willing ear for the often alarmin...
FactCheck.org
FactCheck.org
A Project of the Annenberg Public Policy Center of the University of Pennsylvania.
Sen. Rand Paul said the attack in Garland, Texas, was “an example of how we do need to secure our border,” but neither of the attackers crossed the southern border to gain access to the U.S. Both were Americans who were believed to have been radicalized in their hometown of Phoenix. The two men were shot dead after wounding a security guard while trying to shoot their way in...
Bruno Maes
Bruno Maçães
Secretary of State for European Affairs, Portuguese Government
Europe stands for an integrated space where borders tend to disappear and ideas, people, goods, services, and capital are allowed to move freely. If this is what a closer union means, then it resonates deeply with what European citizens want. Ideas, people, goods, services, and capital One crucial piece of the puzzle is still missing. Even those who have no interest ...
Branko Milanovic
Branko Milanovic
Visiting Presidential Professor, Graduate Center University of New York; Senior Scholar, Luxembourg Income Center
It is as obvious as it is well known that the world is unequal in terms of individuals’ incomes (e.g. Mohammed 2015).  But it is unequal in a very particular way – when split into ‘inequality within countries’ and ‘inequality between countries’, the latter accounts for by far the biggest gap. Inequality within countries measures, for instance, gaps between poor and rich Amer...
George Ward
George Ward
George is a researcher at the Centre for Economic Performance (London School of Economics). His main research interests lie in political economy, behavioural economics and the economics of well-being.
Politicians have long focused on GDP as the main measure of national performance. And with good reason — one of the most-replicated and well-known findings in economics and political science is that voters reward incumbents at the ballot box during periods of economic prosperity, and punish them during downturns (e.g. Fair, 1978; Kramer, 1971). However, the last few years ha...
Seema Jayachandran
Seema Jayachandran
Associate Professor of Economics, Northwestern University
Rohini Pande
Rohini Pande
Mohammed Kamal Professor of Public Policy, Kennedy School, Harvard University
It has long puzzled researchers that when you look at child height – the best anthropometric measure of net nutrition – the average child born in India is more likely to be stunted than her counterpart in Sub-Saharan Africa, even though her mother is more likely to survive her birth, and her parents are probably richer and more educated (Gwatkin et al 2007). In 2005, 40% of Ind...
Patrick Minford
Patrick Minford
Professor of Economics at Cardiff University and Director of the Julian Hodge Institute of Applied Macroeconomics
We now have three ‘monetary policy functions’, all lodged at the Bank of England: ‘normal’ monetary policy, financial stability policy and ‘macro-prudential’ policy. The first concerns the setting of interest rates. The second concerns the avoidance of financial risk. The third concerns the use of regulatory levers to manage the business cycle in lending and finance. Similar fr...
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France fly-half Tales to join Racing-MetroFrench international fly-half Remi Tales, pictured in action on December 28, 2014, said he will replace Ireland's starting No.10 Jonathan Sexton at Racing-Metro next season
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Emotional Benitez named Real Madrid coachRafael Benitez has been appointed as the new Real Madrid coach
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