Does Export Concentration Cause Volatility?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Does Export Concentration Cause Volatility?"

Transcription

1 Does Export Concentration Cause Volatility? Christian Busch 14. Januar 2010

2 Overview Countries with undiversified export structure are plausibly more vulnerable to external shocks. But difficult to evaluate causal influence of export concentration on external volatility (exchange rate, terms of trade, export growth) Use of a new instrument that is based entirely on geographic characteristics, and thus plausibly uncorrelated with other determinants, including institutions, income, and policies. Causal effect found for terms of trade and export growth, but not for exchange rates. 14. Januar

3 Introduction Large variation in volatility of macroeconomic aggregates (output, exports, exchange rates, terms of trade etc.) across countries Volatility decreases with level of development Lack of access to financial markets to mitigate external risks External shocks can be amplified by weak institutional environment (Rodrik, 1999, JEG) Instability in economic performance critical for many developing countries Uncertainty lowers private investment and leads to slower growth Increases inequality and poverty Instability can result in crises 14. Januar

4 Determinants of Volatility Policy Mismanagement (Fatas and Mihov, 2003, QJE) Financial Institutions (Easterly et al. 2001, WB) Political Institutions (Acemoglu et al., 2003, JME) Export Concentration and Geography (Malik and Temple, 2009, JDE) 14. Januar

5 Determinants of Volatility: Institutional Constraints and Export Concentration Volatility of GDP per capita growth rate GNB STP GEOROM HTI RWA TCD TJK LVA TZA AGO AZE BLR GAB UGA GUY BDI KAZ UZB LBN TTO MW I LCA COG ETH YEM NGA CAF UKR MRT ZAR BGR MOZ PER ARG SYC PNG SYR VCT ALB CMR KGZ RUS KNA SVK TGO KHM SLE IRN MLI MARATG URY MKD BRB DMA COM CUB JOR VNM ARM POL NIC CHL FJI NER ZWE MDA LTU SVN LSO SEN HKG CHN IDN BEN GMB KOR NAM THA PAN BFA CPV CYP CRI CZE BWA BRA ECU DOM GHA PRY PHL SGP ZMB GRDHUN MEX TUR BLZ SLV IRL DZA HND VEN EST FIN JAM MYS CAN ESP LUX ISL GIN BOL HRV CIV KENPL PRT TUN LKA MDG MLTGRC AUS BGD MUS NZL PAK CHE SWE GTM ZAF GBR USA COL DNK FRA INDNOR ISRJPN SWZ AUT DEU NLD ITA EGY BEL Volatility of GDP per capita growth rate STP GNB GEO MRT ROM LVA SYR TJK BLR AZE HTI RWA GAB COGAGO BDI SGP LBN TZA NGA KAZ LCA CPV CYP MOZ GHA TGO GUY UKR UGA IRN DZA YEM BGR ZWE JOR TTOVCT MWI GMB SVK ALB NAM BWA DMA RUS LSO ARG KGZ NIC ATG BRB CMR PNG SYC KHM CAF COM MKD MUS KNA SLE MLI POL KEN MAR CHL PER NER ARM ETH HKG ZMB CHN SVN LTU MDA CIVFJI CUB VNM DOM ECU CZE BRA GRC ISR URY SEN EGYJAM BGD BFA CRI SLV HUN ISL JPN KOR PAN PRT IDN BOL BLZ BEN ESTFIN LUX MAC HNDVEN ESP TURMEX THA GRD GIN IND IRL NZL TUN PRY NPL ITA DNKCHE HRV CAN MYS PHL PAK MDG FRA BEL AUT AUS GTM MLT DEU NLD GBR USA SWE ZAF LKA NOR COL SWZ Political constraints Export concentration 14. Januar

6 Export Concentration versus Income per Capita Export Concentration BMU GNB NGA STP AGO BDI COM MRT COG GAB ETH MLI YEM RWA DZA BEN SLECAF VNM GIN TJKLSO TKM SYC QAT BTN GUY DMA NPL SDN PNG CPV BW A SAU KHM DJI ECU ISL MWI NER ERI BFA HTI GRD IRN PRY BGD BOL BLZ CUB OMN KW T UGA TGO GHA GMB MNG CMR SYR KNA BHR MOZ ZMB LCA VCT VEN MUS MDG DOM JAM PAN HND NIC TTO AZE EGY FJI KAZ CIV ARM MLT BHS TZA SEN PAK LKA NAM MAC ALB SLV PER COL CRI CHL HUN MDA KGZMAR SWZ BRB KEN IDN PHLGTM GEO TUN JOR URY ZW E RUS ATG MYS CYP NOR ISR MKD POL ARG LUX THA NZL LVA IND ROM LBN GRC IRL AUS MEX UKRHRV KOR FINCAN BRA LTU PRT SGP TUR JPN BLR EST BGR ZAF HKG CHN SVK SVN SWECHE DNK ESP AUT BEL GBR USA CZE DEU NLD ITA FRA Volatility of GDP per capita growth rate GNB STP HTI RWA ROM GEO TCDTJK LVA TZA AGO AZE BLR UGA GUY GAB BDI UZB LBN TTO KAZ MWI LCA CAF COG ETH YEM NGA UKR MRT ZAR BGR MOZ PNG PER ARG ALB SYR VCT KHM CMR KGZ RUS KNA SYCSVK TGO MLI SLE MAR IRN MKD URY ATG VNM DMA BRB COMNIC ARM POL FJI NER MDAZW E JOR CUB LTU CHL PRI SVN LSO SEN BEN GMB NAM THA BFA CHN CPV IDN CRI PAN KOR DOM CYP BWABRA CZE HKG MAC ZMB PHL GHA SLV ECU GRD PRYTUR MEXHUN IRL HND BLZ VEN SGP DZA EST FIN JAM MYS ESP ISL CAN LUX NPL KEN GIN LKA BOL HRV PRT MDG CIV TUN GRC MLT AUS BGD MUS NZL PAK SWE IND GTM COL ZAF ISR GBRDNK ITA FRA AUT DEU BEL JPN NOR CHE USA SWZ NLD EGY GDP per Capita Income per capita 14. Januar

7 Causality and Model Uncertainty Instrumental Variables Acemoglu et al. (2003, JME): Institutions versus policies Bayesian Methods Malik and Temple (2009, JDE): Geography and export concentration Panel Data Yang (2008, JM): Influence of democracy depends on ethnic homogeneity Here: New instrument for export concentration based on geographic characteristics 14. Januar

8 Approach Use geographically determined component of export concentration as an instrument for actually observed export concentration to study influence on external volatility Remoteness as a natural barrier to trade (Malik and Temple, 2009) Transport costs affect sectors differently (imported intermediate goods) countries may be locked into concentrated export structures Export concentration determines how external shocks are absorbed Terms of trade: Undiversified countries are hit more severely by price shocks Exports: Diversification dampens exposure to demand shocks Exchange rates: currency demand fluctuates with exports 14. Januar

9 Geography-based Instrument for Export Concentration Appropriately weighted average of countries remoteness (based on Frankel and Romer, 1999) Include information about distance, population, area, landlocked, border Do not use common geographic variables Distance from equator and tropical area (Sachs, 2003) Soil quality (Sokoloff and Engerman, 2000) Coastal area (Acemoglu et al., 2005) Control for trade Remoteness reduces trade; Increased specialization induces more volatility (di Giovanni and Levchenko, RES, forthcoming) 14. Januar

10 New Zealand: Influence of Distance on Export Concentration export concentration Nepal Guatemala Bolivia Venezuela Iran Peru Iraq Panama USSR Jordan Romania Jamaica Nigeria Trinidad Bangladesh Costa Rica Barbados and Tobago Syria Turkey Egypt Ecuador Bulgaria Greece Malta Sri Ghana Cyprus Mauritius Mexico Seychelles Lanka Oman Poland Myanmar Zimbabwe (Burma) Belgium Colombia Pakistan Kuwait Portugal Tanzania Qatar Saudi Arabia Vietnam Brazil Iceland Kenya Hungary Italy Uruguay Bahrain Austria Argentina Chile China India Germany Spain West United Arab Emirates France Philippines Korea South United Denmark Ireland FinlandKingdom Indonesia Thailand Canada Israel Norway Malaysia South Africa Sweden Switzerland Japan Netherlands United States Hong Kong Tuvalu Singapore New Caledonia Papua New Guinea Solomon Islands Kiribati Niue Fiji Cook Islands Australia log distance 14. Januar

11 Belgium: Influence of Trading Partner s Size on Export Concentration (Controlling for Distance) e( export concentration X ) Niger Bahamas Guinea-Bissau Mongolia Myanmar (Burma) Chad Iraq Israel Central African Republic Malawi Liberia Sri Lanka India Nepal Nicaragua Seychelles Djibouti ComorosMauritania Panama Sierra Leone Haiti Benin Mozambique Guyana Jamaica Togo Suriname BarbadosGambia Fiji El Salvador Switzerland Malta Ireland Zambia Yemen Mali Syria Hungary Sudan Ethiopia Bahrain Trinidad Oman and Mauritius Tobago Paraguay Honduras Uganda Yugoslavia Bolivia Burkina Faso Bangladesh Gabon Congo Republic Iceland Jordan Dominican Guatemala Senegal Zimbabwe Republic Costa Rica Guinea Tunisia Cameroon United Kingdom Bulgaria Angola Netherlands Iran Qatar Cyprus Kuwait Norway Denmark Austria Hong Kong TanzaniaPakistan Ecuador Ivory Coast United Arab Emirates Sweden Madagascar Algeria Ghana Venezuela Romania Poland Thailand Greece Kenya Egypt Turkey Nigeria CanadaMexico Uruguay Finland Burundi Saudi Rwanda Portugal Morocco Peru Arabia Colombia SpainItaly Japan Congo Malaysia Democratic Philippines France Argentina Korea South Republic Brazil United States Indonesia Singapore New Zealand South Africa Chile Australia China e( lpop2 X ) coef = , se = , t = Januar

12 Method Estimate bilateral export concentration equation Include only purely geographic determinants Aggregate fitted values to estimate a geographic component of countries overall export concentration Problem: bilateral export concentration cannot be easily aggregated across countries (as is the case for trade) Solution: use an additively decomposable inequality measure 14. Januar

13 Generalized Entropy Inequality Measure x value of trade in product h between country i and country j n number of products traded µ mean value of trade flows across products α inequality weighting parameter (set to 0.5) 14. Januar

14 Concentration Measures Compared Herfindahl concentration Generalized entropy concentration 14. Januar

15 allows Decomposition by Export Country Where the first term is the concentration between all bilateral trade relationships for country i, and the second term is the concentration within each bilateral trade relationship Thus, we need to estimate X i,j, N i,j, and GE i,j 14. Januar

16 Data Export concentration: Concentration across products (4-digit SITC) Comtrade dataset; averaged over Volatility (standard deviation; WDI) Terms of trade Real effective exchange rate Export growth Gravity variables from Frankel and Romer (1999) Trade openness (EX+IM / GDP; WDI) Institutional environment (Aggregate Governance Indicators) 14. Januar

17 How does Geography Influence Concentration? Dependent Variable Bilateral export concentration Bilateral exports Number of sectors ln Export ln Number Frankel/Romer all > 50 value of sectors original values Comtrade values ln distance 0.213*** 0.212*** *** *** -0.85*** *** (0.007) (0.008) (0.033) (0.011) (0.04) (0.036) ln population (country i) *** *** 0.663*** 0.270*** -0.24*** *** (0.003) (0.005) (0.020) (0.006) (0.03) (0.030) ln area (country i) 0.100*** 0.094*** *** *** -0.12*** (0.003) (0.003) (0.016) (0.005) (0.02) (0.023) ln population (country j) *** *** 0.718*** 0.085*** 0.61*** 1.400*** (0.004) (0.005) (0.019) (0.007) (0.03) (0.028) ln area (country j) 0.010*** *** ** -0.19*** *** (0.003) (0.004) (0.016) (0.005) (0.02) (0.023) Landlocked dummy 0.107*** 0.033** *** *** -0.36*** *** (0.011) (0.014) (0.060) (0.021) (0.08) (0.103) Common border dummy-0.231*** ** 0.426*** 0.123*** (0.039) (0.038) (0.156) (0.045) Bilateral trade flows Constant 4.800*** 4.275*** 7.103*** 3.120*** -6.38*** *** (0.068) (0.086) (0.351) (0.120) (0.42) (0.469) R Observations 12'503 6'773 6'773 6'773 3'220 6' Januar

18 Actual versus Constructed Export Concentration Actual Export Concentration IND CHN NGA AGO GNB BDI SOM COM COG GAB MRT SLB ETH RWA GIN YEM DZA BEN SLE MLI LBR CAF SUR QAT SYC MMR BTN DMA GUY NPL SDN SAU PNG IRN ECU DJI ISL BGD BFA HTI MWINER KWT GRD PRY BHR BOL BLZ GHACMR SYR ARE OMN UGA MUS GMB MNG MOZ VEN TGO ZMB VCT LCA DOM JAM MDGTTO HND NIC PAN EGY FJI CIV MLT BHS PAK LKA TZA SEN HUN MAR SLV PER COL CHL BRB CRI IDNPHL KEN TUN GTM JOR URY ZWE NOR ISRMYS CYP POL ARG THA NZL ROM GRC IRL AUS MEX FIN CAN JPN KOR SGP TUR PRT BRA HKG BGR ZAF CHE SWE DNK ESP AUT BEL GBR ITA USA NLD FRA Constructed Export Concentration 14. Januar

19 External Volatility and Export Concentration Dependent Variable Regressions of Volatility Terms of Trade Real Effective Exchange Rate Export Growth OLS IV OLS IV OLS IV (1) (2) (3) (4) (5) (6) Export 0.068*** 0.043*** 0.054*** *** 0.054*** Concentration (0.008) (0.013) (0.012) (0.023) (0.010) (0.019) Trade *** *** *** *** *** *** Openness (0.009) (0.009) (0.019) (0.019) (0.012) (0.013) Constant 0.087** 0.143*** 0.248*** 0.326*** 0.121** 0.161*** (0.039) (0.055) (0.071) (0.098) (0.047) (0.058) R N Excluded Instrument Predicted Predicted Predicted Concentration Concentration Concentration Levels of statistical significance indicated by: *** p<0.01; ** p<0.05; * p<0.1 Numbers reported in parentheses are heteroscedasticity-robust standard errors. 14. Januar

20 Importance of Controlling for Trade (e.g. ToT) Residuals from Regressing Exp. Conc. on Pred. Trade Residuals from Regressing Trade on Pred. Exp. Conc Resdiuals from Regressing Predicted Export Concentration on Predicted Trade Resdiuals from Regressing Predicted Trade on Predicted Export Concentration Residuals from Regressing Exp. Conc. on Pred. Exp.Con Residuals from RegressingTrade on Pred. Trade Resdiuals from Regressing Predicted Trade on Predicted Export Concentration Resdiuals from Regressing Predicted Export Concentration on Predicted Trade 14. Januar

21 Export Concentration and Institutions Regressions of Volatility in Terms of Trade Method OLS OLS IV IV IV 2SLS First Stage First Stage Exp. Conc. Governance (1) (2) (3) (4) (5) Export 0.046*** 0.047*** 0.042* Concentration (0.010) (0.014) (0.025) Trade ** Openness (0.008) (0.008) (0.007) (0.107) (0.928) Aggregate *** ** Governance (0.001) (0.002) (0.004) Predicted Exp ** Concentration (0.230) (2.067) Settler 0.323*** *** Mortality (0.044) (0.458) Constant 0.057* (0.034) (0.036) (0.067) (0.964) (6.893) R N Excluded Instrument Predicted Predicted Predicted Concentration, Concentration, Concentration, Settler Mortality Settler Mortality Settler Mortality Levels of statistical significance indicated by: *** p<0.01; ** p<0.05; * p<0.1 Numbers reported in parentheses are heteroscedasticity-robust standard errors. 14. Januar

22 Robustness Checks Overidentification tests using concentration across countries (predicted from weighted bilateral distance) as additional IV Control for export shares of various natural resources (oil, agriculture, various raw materials) Control for the size of the manufacturing sector: inconclusive results 14. Januar

23 Conclusions Bilateral export concentration is well described by a gravity equation Inequality decomposition methods allow to aggregate bilateral export concentration to an overall measure of export concentration Predicted export concentration contains valuable information about actual concentration Using predicted export concentration as an IV, export concentration exhibits a causal influence on volatility in terms of trade and growth in exports, but not so on volatility in exchange rates The instrumental variable is not suited to elucidate the separate roles of institutions and export concentration in determining aggregate volatility 14. Januar

The new gold standard? Empirically situating the TPP in the investment treaty universe

The new gold standard? Empirically situating the TPP in the investment treaty universe Graduate Institute of International and Development Studies Center for Trade and Economic Integration Working Paper Series Working Paper N IHEIDCTEI2015-08 The new gold standard? Empirically situating

More information

Addressing institutional issues in the Poverty Reduction Strategy Paper process

Addressing institutional issues in the Poverty Reduction Strategy Paper process SESSION 1 Addressing institutional issues in the Poverty Reduction Strategy Paper process Scoping notes, detailed diagnostics, and participatory processes Public Sector Reform and Capacity Building Unit

More information

Figure 1.1 The Parade of World Income. Copyright 2005 Pearson Addison-Wesley. All rights reserved. 1-1

Figure 1.1 The Parade of World Income. Copyright 2005 Pearson Addison-Wesley. All rights reserved. 1-1 Figure 1.1 The Parade of World Income Copyright 2005 Pearson Addison-Wesley. All rights reserved. 1-1 Copyright 2005 Pearson Addison-Wesley. All rights reserved. 1-2 Growth and Development: The Questions

More information

Today s tips for the Country Buy Report

Today s tips for the Country Buy Report High level outline Today s tips for the Country Buy Report Stephen Malpezzi Introduction Overview of the country and economy Basic indicators (GDP, employment, etc.) Key institutions, the setting How does

More information

Ken Jackson. January 31st, 2013

Ken Jackson. January 31st, 2013 Wilfrid Laurier University January 31st, 2013 Recap of the technology models Do the models match historical data? growth accounting Estimating technology change through history A revised model of technology

More information

The Fall of the Final Mercantilism

The Fall of the Final Mercantilism The Fall of the Final Mercantilism Labour Mobility in the Caribbean and the World, from Arthur Lewis to the 21 st Century Eastern Caribbean Central Bank Michael Clemens November 3, 2010 1 2 Migration

More information

Building Capacity in PFM

Building Capacity in PFM Building Capacity in PFM Measuring economic governance in the context of national development planning LAMIA MOUBAYED BISSAT Beirut, Lebanon, 13 June 2014 The Institut des Finances Basil Fuleihan 1996

More information

Does Absolute Latitude Explain Underdevelopment?

Does Absolute Latitude Explain Underdevelopment? AREC 345: Global Poverty and Economic Development Lecture 4 Professor: Pamela Jakiela Department of Agricultural and Resource Economics University of Maryland, College Park Does Absolute Latitude Explain

More information

A new metrics for the Economic Complexity of countries and products

A new metrics for the Economic Complexity of countries and products A new metrics for the Economic Complexity of countries and products Andrea Tacchella Dept. of Physics, La Sapienza - University of Rome Istituto dei Sistemi Complessi, CNR Roma CRISISLAB ANALYTICS FOR

More information

Natural Resources and Development in the Middle East and North Africa: An Alternative Perspective

Natural Resources and Development in the Middle East and North Africa: An Alternative Perspective Natural Resources and Development in the Middle East and North Africa: An Alternative Perspective Daniel Lederman and Mustapha K. Nabli The World Bank Presentation at the Workshop on Natural Resources

More information

Lecture 21: Institutions II

Lecture 21: Institutions II Lecture 21: Institutions II Dave Donaldson and Esther Duflo 14.73 Challenges of World Poverty Institutions II: Plan for the lecture Discussion of assigned reading (Acemoglu, Johnson and Robinson) Causes

More information

China: How to maintain balanced growth? Ricardo Hausmann Kennedy School of Government Harvard University

China: How to maintain balanced growth? Ricardo Hausmann Kennedy School of Government Harvard University China: How to maintain balanced growth? Ricardo Hausmann Kennedy School of Government Harvard University China s growth process An unprecedented miracle China has been the fastest growing country in the

More information

THE QUALITY OF GOVERNMENT CA FOSCARI INTERNATIONAL LECTURE

THE QUALITY OF GOVERNMENT CA FOSCARI INTERNATIONAL LECTURE THE QUALITY OF GOVERNMENT CA FOSCARI INTERNATIONAL LECTURE Andrei Shleifer December 12, 2012 1 Richer countries almost always have better governments Less corrupt More efficient Quality of government improves

More information

Economic Complexity and the Wealth of Nations

Economic Complexity and the Wealth of Nations Economic Complexity and the Wealth of Nations Cesar A. Hidalgo ABC Career Development Professor MIT Media Lab Faculty Associate, Center for International Development Harvard University EARTH WIND WATER

More information

Human Resources for Health Why we need to act now

Human Resources for Health Why we need to act now Human Resources for Health Why we need to act now Progress towards the MDGs, particularly in Africa is slow, or even stagnating. Poor people cannot access basic services for want of doctors, nurses and

More information

Economic Growth: the role of institutions

Economic Growth: the role of institutions ECON 184 Economic Growth: the role of institutions ECON 184: Institutions and Growth January 26, 2010 1 Contents 1 Institutions and growth: initial analysis 3 2 How can institutions affect economic growth?

More information

Movement and development. Australian National University Jan. 17, 2013 Michael Clemens

Movement and development. Australian National University Jan. 17, 2013 Michael Clemens Movement and development Australian National University Jan. 17, 2013 Michael Clemens ? 60% Benefits Little Haiti Cap-Haïtien Gibson and McKenzie 2010 Tongan seasonal workers in NZ NZ$1,400/family

More information

Fear of flying: Policy stances in a troubled world economy

Fear of flying: Policy stances in a troubled world economy Fear of flying: Policy stances in a troubled world economy UNCTAD G-24 Technical Meeting Luxor, 10-11 March 2014 Session 1 Global Economy A weakening economic performance reflects inability to address

More information

Deep Roots of Comparative Development

Deep Roots of Comparative Development Deep Roots of Comparative Development Oded Galor AEA Continuing Education Program Lecture III - AEA 2014 Oded Galor Roots of Comparative Development Lecture III - AEA 2014 1 / 41 Deep Roots of Comparative

More information

Estimating Global Migration Flow Tables Using Place of Birth Data

Estimating Global Migration Flow Tables Using Place of Birth Data Estimating Global Migration Flow Tables Using Place of Birth Data Guy J. Abel Wittgenstein Centre (IIASA, VID/ÖAW, WU) Vienna Institute of Demography/Austrian Academy of Sciences 1 Introduction International

More information

Addressing The Marketing Problem of the Social Market Economy

Addressing The Marketing Problem of the Social Market Economy Addressing The Marketing Problem of the Social Prepared for: KAS-Conference on 60 Years of Social Market Economy Sankt Augustin, November 30, 2009 Marcus Marktanner, American University of Beirut Outline

More information

FACTSHEET. Figure [1]: Economic Complexity Index vs. Opportunity Value (Positive Product Complexity Index, 2011) 2 ESP ITA POL BEL DNK PRT

FACTSHEET. Figure [1]: Economic Complexity Index vs. Opportunity Value (Positive Product Complexity Index, 2011) 2 ESP ITA POL BEL DNK PRT Opportunity Value Median = -0.06 FACTSHEET Knowledge Economy Assessment of Tunisia - Identifying and addressing capability and innovation gaps in the Southern and Eastern Mediterranean region (SEMED) Overriding

More information

Lecture 9: Institutions, Geography and Culture. Based on Acemoglu s L. Robbins lectures

Lecture 9: Institutions, Geography and Culture. Based on Acemoglu s L. Robbins lectures Lecture 9: Institutions, Geography and Culture Based on Acemoglu s L. Robbins lectures 1 The Wealth of Nations Vast differences in prosperity across countries today. Income per capita in sub-saharan Africa

More information

Trade Policy Restrictiveness in Transportation Services

Trade Policy Restrictiveness in Transportation Services Trade Policy Restrictiveness in Transportation Services Ingo Borchert, Batshur Gootiiz and Aaditya Mattoo Development Research Group Trade and International Integration, The World Bank OECD Expert Meeting

More information

Macroeconomics II. Growth

Macroeconomics II. Growth Macroeconomics II Growth Growth Possibilities We previously referred to the aggregate production function Y = A K α L 1- α. The growth rate of real GDP, Y, is generated by the contributions of A, K and

More information

Infrastructure and Economic. Norman V. Loayza, World ldbank Rei Odawara, World Bank

Infrastructure and Economic. Norman V. Loayza, World ldbank Rei Odawara, World Bank Infrastructure and Economic Growth thin Egypt Norman V. Loayza, World ldbank Rei Odawara, World Bank Motivation Questions How does Egypt compare internationally regarding public infrastructure? Is Egypt

More information

ECON 260 Theories of Economic Development. Instructor: Jorge Agüero. Fall 2008. Lecture 1 September 29, 2008 1

ECON 260 Theories of Economic Development. Instructor: Jorge Agüero. Fall 2008. Lecture 1 September 29, 2008 1 ECON 260 Theories of Economic Development. Instructor: Jorge Agüero. Fall 2008. Lecture 1 September 29, 2008 1 General information Time and location: TR 2:10-3:30 p.m. SPR 3123 Office hours: T 10am-11am,

More information

Economic Growth: The Neo-classical & Endogenous Story

Economic Growth: The Neo-classical & Endogenous Story Density of countries Economic Growth: The Neo-classical & Endogenous Story EC307 ECONOMIC DEVELOPMENT 1960 Dr. Kumar Aniet University of Cambridge & LSE Summer School Lecture 4 1980 2000 created on July

More information

Bringing Up Incentives: A Look at the Determinants of Poverty. Alice Sheehan

Bringing Up Incentives: A Look at the Determinants of Poverty. Alice Sheehan Bringing Up Incentives: A Look at the Determinants of Poverty Alice Sheehan Outline presentation What s going on out there? Growth, Human Development indicators, Poverty rates, etc. A look at determinants

More information

Financial services and economic development

Financial services and economic development GDP per capita growth 03/11/2014 Financial services and economic development Thorsten Beck Finance why do we care? 0.04 BWA 0.02 0.00-0.02 COG SLE ALB GAB IND KOR TUR SGP MUS SDN MOZ IRLLUX IDN MAR EGY

More information

Political Economy of Growth

Political Economy of Growth 1 Political Economy of Growth Daron Acemoglu Department of Economics, MIT Milan, DEFAP June 11, 2007 The Wealth of Nations Vast differences in prosperity across countries today. Income per capita in sub-saharan

More information

Lecture 12 The Solow Model and Convergence. Noah Williams

Lecture 12 The Solow Model and Convergence. Noah Williams Lecture 12 The Solow Model and Convergence Noah Williams University of Wisconsin - Madison Economics 312 Spring 2010 Recall: Balanced Growth Path All per-capita variables grow at rate g. All level variables

More information

Accounting For Cross-Country Income Di erences

Accounting For Cross-Country Income Di erences Accounting For Cross-Country Income Di erences January 2011 () Aggregation January 2011 1 / 10 Standard Primal Growth Accounting Aggregate production possibilities frontier: where Change in output is )

More information

Geography and Economic Transition

Geography and Economic Transition Global Spatial Analysis at the Grid Cell Level Mesbah Motamed Raymond Florax Will Masters Department of Agricultural Economics Purdue University March 2009 Urbanization at the grid cell level Growth regimes

More information

Institute for Development Policy and Management (IDPM)

Institute for Development Policy and Management (IDPM) Institute for Development Policy and Management (IDPM) Development Economics and Public Policy Working Paper Series WP No. 33/212 Published by: Development Economics and Public Policy Cluster, Institute

More information

International Investment Patterns. Philip R. Lane WBI Seminar, Paris, April 2006

International Investment Patterns. Philip R. Lane WBI Seminar, Paris, April 2006 International Investment Patterns Philip R. Lane WBI Seminar, Paris, April 2006 Introduction What determines aggregate capital inflows and outflows? What determines bilateral patterns in international

More information

Subjective Well-Being, Income, Economic Development and Growth

Subjective Well-Being, Income, Economic Development and Growth Subjective Well-Being, Income, Economic Development and Growth Dan Sacks, Betsey Stevenson and Justin Wolfers Wharton School, University of Pennsylvania and NBER Annual Bank Conference on Development Economics--Stockholm,

More information

Rethinking the Wealth of Nations. Daron Acemoglu, MIT FEEM Lecture, December 14, 2009.

Rethinking the Wealth of Nations. Daron Acemoglu, MIT FEEM Lecture, December 14, 2009. Rethinking the Wealth of Nations Daron Acemoglu, MIT FEEM Lecture, December 14, 2009. 1 The Failure of Nations Vast differences in prosperity across countries today. Income per capita in sub-saharan Africa

More information

Diversification versus Polarization: Role of industrial policy in Asia and the Pacific

Diversification versus Polarization: Role of industrial policy in Asia and the Pacific TOWARDS A RETURN OF INDUSTRIAL POLICY? ARTNeT SYMPOSIUM 25-26 JULY 211 ESCAP, BANGKOK Diversification versus Polarization: Role of industrial policy in Asia and the Pacific Sudip Ranjan Basu* International

More information

Export Survival and Comparative Advantage

Export Survival and Comparative Advantage Export Survival and Comparative Advantage (Work in progress) Regional Seminar on Export Diversification, October 27-28, 2010 Bolormaa Tumurchudur, UNCTAD Miho Shirotori, UNCTAD Alessandro Nicita, UNCTAD

More information

NGO PERSPECTIVE: FROM WORDS TO DEEDS

NGO PERSPECTIVE: FROM WORDS TO DEEDS MMSD & IIED Managing Mineral Wealth NGO PERSPECTIVE: FROM WORDS TO DEEDS Miguel Schloss Executive Director Transparency International Issues Policy distortions Institutional incentives Governance Implications

More information

Non-market strategy under weak institutions

Non-market strategy under weak institutions Lectures 5-6 Non-market strategy under weak institutions 1 Outline 1. Does weakness of institutions matter for business and economic performance? 2. Which institutions matter most? 3. Why institutions

More information

Governance, Rule of Law and Transparency Matters: BRICs in Global Perspective

Governance, Rule of Law and Transparency Matters: BRICs in Global Perspective Governance, Rule of Law and Transparency Matters: BRICs in Global Perspective Daniel Kaufmann * Senior Fellow, Brookings Institution http://www.brookings.edu/experts/kaufmannd.aspx Panel on Transparency

More information

Infrastructure and Economic Growth in Egypt

Infrastructure and Economic Growth in Egypt Public Disclosure Authorized Policy Research Working Paper 5177 WPS5177 Public Disclosure Authorized Public Disclosure Authorized Infrastructure and Economic Growth in Egypt Norman V. Loayza Rei Odawara

More information

Trade and International Integration: A Developing Program of Research

Trade and International Integration: A Developing Program of Research Trade and International Integration: A Developing Program of Research World Bank Development Economics Research Group Geneva, June 2013 Three areas of focus I. Implications of the changing patterns of

More information

Subjective Well Being, Income, Economic Development and Growth

Subjective Well Being, Income, Economic Development and Growth Subjective Well Being, Income, Economic Development and Growth Dan Sacks, Betsey Stevenson and Justin Wolfers Wharton School, University of Pennsylvania and NBER CSLS ICP Conference on Happiness December

More information

DEPENDENT ELITES IN POST- SOCIALISM: ARE LAND-BASED POST- COLONIAL SYSTEMS SO DIFFERENT FROM THE TRANSCONTINENTAL ONES? by Pal TAMAS [Institute of

DEPENDENT ELITES IN POST- SOCIALISM: ARE LAND-BASED POST- COLONIAL SYSTEMS SO DIFFERENT FROM THE TRANSCONTINENTAL ONES? by Pal TAMAS [Institute of DEPENDENT ELITES IN POST- SOCIALISM: ARE LAND-BASED POST- COLONIAL SYSTEMS SO DIFFERENT FROM THE TRANSCONTINENTAL ONES? by Pal TAMAS [Institute of Sociology, HAS Budapest] STRUCTURE OF THE PAPER 1. STATE

More information

Evaluation with stylized facts

Evaluation with stylized facts Evaluation with stylized facts AMPERE Subgroup on IAM Validation Valeria Jana Schwanitz Potsdam Institute for Climate Impact Research 27. Mai 2013 Content Fundamental laws and stylized facts Systematic

More information

2006/SOM1/ACT/WKSP/007a Recasting Governance for the XXI Century - Presentation

2006/SOM1/ACT/WKSP/007a Recasting Governance for the XXI Century - Presentation 2006/SOM1/ACT/WKSP/007a Recasting Governance for the XXI Century - Presentation Submitted by: Miguel Schloss, Managing Partner DamConsult Ltd. APEC Workshop on Anti-Corruption Measures for the Development

More information

Growing Together with Growth Polarization and Income Inequality

Growing Together with Growth Polarization and Income Inequality Growing Together with Growth Polarization and Income Inequality Sudip Ranjan Basu, Ph.D. Economist, United Nations ESCAP UN DESA Expert Group Meeting on the World Economy (LINK Project) United Nations

More information

Fertility Convergence

Fertility Convergence Fertility Convergence Tiloka De-Silva a Silvana Tenreyro a,b a London School of Economics, CfM; b CEP, CEPR July 2015 Abstract A vast literature has sought to explain large cross-country differences in

More information

Bangladesh Visa fees for foreign nationals

Bangladesh Visa fees for foreign nationals Bangladesh Visa fees for foreign nationals No. All fees in US $ 1. Afghanistan 5.00 5.00 10.00 2. Albania 2.00 2.00 3.00 3. Algeria 1.00 1.00 2.00 4. Angola 11.00 11.00 22.00 5. Argentina 21.00 21.00 42.00

More information

The Role of Trade in Structural Transformation

The Role of Trade in Structural Transformation 1 The Role of Trade in Structural Transformation Marc Teignier UNIVERSIDAD DE ALICANTE European Summer Symposium in International Macroeconomics 23 May 2012, Tarragona Question Contributions Road Map Motivation

More information

Infrastructure investment and growth

Infrastructure investment and growth Infrastructure investment and growth Luis Servén The World Bank IMF, November 2010 Background How important is infrastructure for economic growth? Old question even in Adam Smith s Wealth of Nations Empirically

More information

The Global Crisis in Low- and Middle-Income Countries: How the IMF Responded

The Global Crisis in Low- and Middle-Income Countries: How the IMF Responded The Global Crisis in Low- and Middle-Income Countries: How the IMF Responded Andrea F. Presbitero Alberto Zazzaro 1 Università Politecnica delle Marche 2 Money and Finance Research group (MoFiR) Real and

More information

Institutional Change and Growth-Enabling Governance Capabilities

Institutional Change and Growth-Enabling Governance Capabilities Institutional Change and Growth-Enabling Governance Capabilities Nicolas Meisel Strategy and Research Dept - French Development Agency (AFD) Jacques Ould Aoudia Treasury and Economic Policy Directorate

More information

The contribution of trade in financial services to economic growth and development. Thorsten Beck

The contribution of trade in financial services to economic growth and development. Thorsten Beck The contribution of trade in financial services to economic growth and development Thorsten Beck Finance why do we care? 0.04 BWA GDP per capita growth 0.02 0.00-0.02 COG SLE ALB GAB IND KOR TUR SGP MUS

More information

Finance, Growth & Opportunity. Implications for policy

Finance, Growth & Opportunity. Implications for policy Finance, Growth & Opportunity Implications for policy Today, I will make three points 1) Finance matters for human welfare beyond crises. 2) Financial innovation is associated with arguably necessary for

More information

FDI performance and potential rankings. Astrit Sulstarova Division on Investment and Enterprise UNCTAD

FDI performance and potential rankings. Astrit Sulstarova Division on Investment and Enterprise UNCTAD FDI performance and potential rankings Astrit Sulstarova Division on Investment and Enterprise UNCTAD FDI perfomance index The Inward FDI Performance Index ranks countries by the FDI they receive relative

More information

In Defense of Wall Street. The Social Productivity of the Financial System

In Defense of Wall Street. The Social Productivity of the Financial System In Defense of Wall Street The Social Productivity of the Financial System Finance is powerful Mobilizes Researches and allocates Monitors and exerts corporate control Provides risk diversification and

More information

Proforma Cost for international UN Volunteers for UN Partner Agencies for 2016. International UN Volunteers (12 months)

Proforma Cost for international UN Volunteers for UN Partner Agencies for 2016. International UN Volunteers (12 months) Proforma Cost for international UN Volunteers for UN Partner Agencies for 2016 Country Of Assignment International UN Volunteers (12 months) International UN Youth Volunteers (12 months) University Volunteers

More information

Country Risk Classifications of the Participants to the Arrangement on Officially Supported Export Credits

Country Risk Classifications of the Participants to the Arrangement on Officially Supported Export Credits Country Risk Classifications of the Participants to the Arrangement on Officially Supported Export Credits 19992013 8 9 10 11 12 13 01Jan99 22Jan99 19Mar99 1Jun99 14Oct99 24Jan00 29Jan99 26Mar99 24Jun99

More information

Relative Prices and Sectoral Productivity

Relative Prices and Sectoral Productivity Relative Prices and Sectoral Productivity Margarida Duarte University of Toronto Diego Restuccia University of Toronto August 2012 Abstract The relative price of services rises with development. A standard

More information

Trends in global income inequality and their political implications

Trends in global income inequality and their political implications Trends in global income inequality and their political implications LIS Center; Graduate School City University of New York Talk at the Stockholm School of Economics, September 1, 2014 A. National inequalities

More information

Incen%ves The Good, the Bad and the Ugly

Incen%ves The Good, the Bad and the Ugly Incen%ves The Good, the Bad and the Ugly Vale Columbia Center Interna%onal Investment Conference New York, Nov 13-14, 2013 Sebas%an James The World Bank Group 1 Prevalence of Tax Incen%ves around the Number

More information

Informality in Latin America and the Caribbean

Informality in Latin America and the Caribbean WPS4888 Policy Research Working Paper 4888 Informality in Latin America and the Caribbean Norman V. Loayza Luis Servén Naotaka Sugawara The World Bank Development Research Group Macroeconomics and Growth

More information

The distribution of household financial contributions to the health system: A look outside Latin America and the Caribbean

The distribution of household financial contributions to the health system: A look outside Latin America and the Caribbean The distribution of household financial contributions to the health system: A look outside Latin America and the Caribbean Priyanka Saksena and Ke Xu 3 November, 2008 Santiago 1 The distribution of household

More information

Online Appendix to The Missing Food Problem: Trade, Agriculture, and International Income Differences

Online Appendix to The Missing Food Problem: Trade, Agriculture, and International Income Differences Online Appendix to The Missing Food Problem: Trade, Agriculture, and International Income Differences Trevor Tombe, Uversity of Calgary Contents 1 Proof of Propositions 2 2 Data and Sample of Countries

More information

Industrial Policy, Capabilities, and Growth: Where does the Future of Singapore lie? Jesus Felipe Asian Development Bank

Industrial Policy, Capabilities, and Growth: Where does the Future of Singapore lie? Jesus Felipe Asian Development Bank Industrial Policy, Capabilities, and Growth: Where does the Future of Singapore lie? Jesus Felipe Asian Development Bank Purpose of the talk Understand the economic challenges that Singapore faces Discuss

More information

Department of Economics

Department of Economics Department of Economics Dr. Seo-Young Cho Platz der Göttinger Sieben 3, D-37073 Göttingen Tel. +49 (0) 551 / 39-7368 Fax +49 (0) 551 / 39-7302 scho@uni-goettingen.de Göttingen, 17.02.2012 Several Developed

More information

The Impact of Primary and Secondary Education on Higher Education Quality 1

The Impact of Primary and Secondary Education on Higher Education Quality 1 The Impact of Primary and Secondary Education on Higher Education Quality 1 Katharina Michaelowa University of Zurich katja.michaelowa@pw.unizh.ch 1. Introduction Undoubtedly, the overall education system

More information

Life-cycle Human Capital Accumulation Across Countries: Lessons From U.S. Immigrants

Life-cycle Human Capital Accumulation Across Countries: Lessons From U.S. Immigrants Life-cycle Human Capital Accumulation Across Countries: Lessons From U.S. Immigrants David Lagakos, UCSD and NBER Benjamin Moll, Princeton and NBER Tommaso Porzio, Yale Nancy Qian, Yale and NBER Todd Schoellman,

More information

The Effects of Infrastructure Development on Growth and Income Distribution

The Effects of Infrastructure Development on Growth and Income Distribution The Effects of Infrastructure Development on Growth and Income Distribution César Calderón Luis Servén (Central Bank of Chile) (The World Bank) ALIDE - The World Bank - Banco BICE Reunión Latinoamericana

More information

BUILDING A DATASET FOR BILATERAL MARITIME CONNECTIVITY

BUILDING A DATASET FOR BILATERAL MARITIME CONNECTIVITY Région et Développement n - BUILDING A DATASET FOR BILATERAL MARITIME CONNECTIVITY Marco FUGAZZA *, Jan HOFFMANN *, Rado RAZAFINOMBANA * Abstract - This paper presents a unique database reporting the shortest

More information

The Role of Women in Society: from Preindustrial to Modern Times

The Role of Women in Society: from Preindustrial to Modern Times CESifo Economic Studies Advance Access published May 22, 2014 CESifo Economic Studies, 2014, doi:10.1093/cesifo/ifu019 The Role of Women in Society: from Preindustrial to Modern Times Paola Giuliano UCLA

More information

Adaptation to land constraints: Is Africa different?

Adaptation to land constraints: Is Africa different? Adaptation to land constraints: Is Africa different? Derek Headey International Food Policy Research Institute (IFPRI) Thom Jayne Michigan State University (MSU) 1 1. Introduction Some 215 years ago, Malthus

More information

Session 5x: Bonus material

Session 5x: Bonus material The Social Statistics Discipline Area, School of Social Sciences Session 5x: Bonus material Mitchell Centre for Network Analysis Johan Koskinen http://www.ccsr.ac.uk/staff/jk.htm! johan.koskinen@manchester.ac.uk

More information

Country Risk Classifications of the Participants to the Arrangement on Officially Supported Export Credits

Country Risk Classifications of the Participants to the Arrangement on Officially Supported Export Credits Country Risk Classifications of the Participants to the Arrangement on Officially Supported Export Credits 19992013 8 9 10 11 12 13 01Jan99 22Jan99 19Mar99 1Jun99 14Oct99 24Jan00 29Jan99 2Mar99 24Jun99

More information

Tripartite Agreements for MEPC.2/Circ. Lists 1, 3, 4 received by IMO following issuance of MEPC.2/Circ.20

Tripartite Agreements for MEPC.2/Circ. Lists 1, 3, 4 received by IMO following issuance of MEPC.2/Circ.20 The following is a list of tripartite agreements reported to IMO during the period between the issuance of the annual MEPC.2/Circular, disseminated in December of each year. Any countries wishing to join

More information

BUILDING A DATASET FOR BILATERAL MARITIME CONNECTIVITY. Marco Fugazza Jan Hoffmann Rado Razafinombana

BUILDING A DATASET FOR BILATERAL MARITIME CONNECTIVITY. Marco Fugazza Jan Hoffmann Rado Razafinombana U N I T E D N AT I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T POLICY ISSUES IN INTERNATIONAL TRADE AND COMMODITIES STUDY SERIES No. BUILDING A DATASET FOR BILATERAL MARITIME CONNECTIVITY

More information

Informality in Latin America and the Caribbean

Informality in Latin America and the Caribbean Public Disclosure Authorized Policy Research Working Paper 4888 WPS4888 Public Disclosure Authorized Public Disclosure Authorized Informality in Latin America and the Caribbean Norman V. Loayza Luis Servén

More information

Reported measles cases and incidence rates by WHO Member States 2013, 2014 as of 11 February 2015 2014 data 2013 data

Reported measles cases and incidence rates by WHO Member States 2013, 2014 as of 11 February 2015 2014 data 2013 data Reported and rates by WHO s 2013, 2014 as of 11 February 2015 Number of by confirmation rate AFR Algeria DZA 49 0 0.00 0.12 0 0.00 0.22 AFR Angola AGO 12301 12036 547 11173 316 54.37 1.20 6558 30.54 1.20

More information

Specialization Patterns in International Trade

Specialization Patterns in International Trade Specialization Patterns in International Trade Walter Steingress November 16, 2015 Abstract The pattern of specialization is key to understanding how trade affects the production structure of an economy.

More information

POPULATION DENSITY, LAND, AND FUTURE TRAJECTORIES OF STRUCTURAL TRANSFORMATION IN AFRICA

POPULATION DENSITY, LAND, AND FUTURE TRAJECTORIES OF STRUCTURAL TRANSFORMATION IN AFRICA POPULATION DENSITY, LAND, AND FUTURE TRAJECTORIES OF STRUCTURAL TRANSFORMATION IN AFRICA T.S. Jayne, Jordan Chamberlin, Milu Muyanga, Derek Headey Michigan State University, USA Plenary presentation at

More information

Tripartite Agreements for MEPC.2/Circ. Lists 1, 3, 4 received by IMO following issuance of MEPC.2/Circ.21

Tripartite Agreements for MEPC.2/Circ. Lists 1, 3, 4 received by IMO following issuance of MEPC.2/Circ.21 The following is a list of tripartite agreements reported to IMO during the period between the issuance of the annual MEPC.2/Circular, disseminated in December of each year. Any countries wishing to join

More information

Econ 1340: World Economic History

Econ 1340: World Economic History Econ 1340: World Economic History Lecture 16 Camilo Gracía-Jimeno University of Pennsylvania April 4, 2011 Camilo Gracía-Jimeno (University of Pennsylvania)Econ 1340: World Economic History April 4, 2011

More information

Global Value Chains in the Current Trade Slowdown

Global Value Chains in the Current Trade Slowdown MARCH 14 Number 137 Global Value Chains in the Current Trade Slowdown Michael J. Ferrantino and Daria Taglioni Real growth in global trade has decelerated significantly since its sharp recovery in 1. Year-on-year

More information

Consolidated International Banking Statistics in Japan

Consolidated International Banking Statistics in Japan Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public Sector

More information

Political Economy of Development and Underdevelopment

Political Economy of Development and Underdevelopment Political Economy of Development and Underdevelopment Daron Acemoglu Department of Economics Massachusetts Institute of Technology October 10, 2005 The State of the World Economy Vast differences in prosperity

More information

Good Governance and its benefits on economic Development

Good Governance and its benefits on economic Development Good Governance and its benefits on economic Development An Overview of Current Trends World Bank Institute Outline What is governance? Why does governance matter? Costs of poor governance Benefits of

More information

Human Rights and Governance: The Empirical Challenge. Daniel Kaufmann World Bank Institute. www.worldbank.org/wbi/governance/

Human Rights and Governance: The Empirical Challenge. Daniel Kaufmann World Bank Institute. www.worldbank.org/wbi/governance/ Human Rights and Governance: The Empirical Challenge Daniel Kaufmann World Bank Institute www.worldbank.org/wbi/governance/ Presentation at Human Rights and Development: Towards Mutual Reinforcement Conference,

More information

The geography of development within countries

The geography of development within countries The geography of development within countries J. Vernon Henderson Brown University & NBER June 2012 GDN 13TH ANNUAL GLOBAL DEVELOPMENT CONFERENCE Urbanization and Development: Delving Deeper into the Nexus

More information

SUMMARY REPORT OF THE 2013 UIS INNOVATION DATA COLLECTION

SUMMARY REPORT OF THE 2013 UIS INNOVATION DATA COLLECTION INFORMATION PAPER NO. 24 FEBRUARY 2015 SUMMARY REPORT OF THE 2013 UIS INNOVATION DATA COLLECTION - i - UNESCO The constitution of the United Nations Educational, Scientific and Cultural Organization (UNESCO)

More information

TRADE WATCH DATA JANUARY T RVSFRRTVL

TRADE WATCH DATA JANUARY T RVSFRRTVL Public Disclosure Authorized TRADE WATCH DATA JANUARY T RVSFRRTVL Public Disclosure Authorized A C F D H T W B DECRG Public Disclosure Authorized Public Disclosure Authorized *TRADE WATCH is a monthly

More information

Bands (considered to be) Shared on an Equal Basis Between Space and Terrestrial Services (for Region 1)

Bands (considered to be) Shared on an Equal Basis Between Space and Terrestrial Services (for Region 1) Bands (considered to be) Shared on an Equal Basis Between Space and Terrestrial Services (for Region 1) Source: RR2012 Art 5, Art 9, Art 21, App 5, App 7; Rules of Procedure 2012 Rev. 5 Lower 137 137.025

More information

International Mains Voltages Edition 01/97

International Mains Voltages Edition 01/97 International Mains Voltages Edition 01/97 0921 271X / 0197 The international low voltages used in industry, business and domestically. Listed in continents and countries. Status April 1996 The following

More information

Changing nature of South-South trade: Implications for world trade prospects

Changing nature of South-South trade: Implications for world trade prospects Changing nature of South-South trade: Implications for world trade prospects Sudip Ranjan Basu* UNCTAD, Geneva Project LINK Spring Meeting St. Petersburg International Economic Forum St. Petersburg, Russia

More information

Appendix 1: Full Country Rankings

Appendix 1: Full Country Rankings Appendix 1: Full Country Rankings Below please find the complete rankings of all 75 markets considered in the analysis. Rankings are broken into overall rankings and subsector rankings. Overall Renewable

More information

Financial Integration and Deepening: Are Poor Countries Lagging?

Financial Integration and Deepening: Are Poor Countries Lagging? Financial Integration and Deepening: Are Poor Countries Lagging? Mark M. Spiegel Vice President Economic Research Federal Reserve Bank of San Francisco Prepared for conference on Capital Flows, Monetary

More information

Metrics Matters: Measures of Governance and Security and the Business Perspective An initial empirical exploration

Metrics Matters: Measures of Governance and Security and the Business Perspective An initial empirical exploration Metrics Matters: Measures of Governance and Security and the Business Perspective An initial empirical exploration Daniel Kaufmann, World Bank Institute www.worldbank.org/wbi/governance For presentation

More information