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

Size: px
Start display at page:

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

Transcription

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

2 China s growth process An unprecedented miracle

3 China has been the fastest growing country in the world since % 9.0% 8.0% 7.0% 6.0% 5.0% GDP per worker GDP per capita Total GDP 4.0% 3.0% 2.0% 1.0% 0.0% CHN BWA KOR THA IRL SGP HKG IND MYS IDN CHL Figure 1. Fastest growing countries between 1978 and 2003.

4 Is this because it started from a very low base in 1978?

5 It has also been the fastest growing country since % 9% 8% 7% 6% 5% GDP per worker GDP per capita Total GDP 4% 3% 2% 1% 0% CHN VNM IRL MOZ THA KOR LAO SGP UGA IND MYS CHL MUS Figure 2. Fastest growing countries between 1988 and 2003.

6 In fact, it is the fastest growing large country in any 25-year period since 1960

7 Fastest 25-year growth episode and enddate MaxgGDPPW BWA OMN MLT JPN HKG SGPKOR GAB HUN IDN GRC EGY BLZ AUT ESP COGCMR ITA SYR DZA LVA LBY FIN BEL FRA ISR PAK PRT BRA NOR PRI TUN PRYBDI KEN ISL PAN TGOMAR BRB GEO TUR CIV MEX MRT MWIBFA DOM PNG BEN BHS CHE COL DNK ECU NLD GBR SWE RWA NGA GTM TTO ZAF AUS ZWE HND SLE ARG FJI CRI HTI PHL GMB IRQ PER SAU CAF CHN CYP LSO THA MYS IRL SLB IND LUX CHL LKA SWZ MMR NPL TCD DEU USA BGD URY SDN CAN GNB MLI JOR SENNZL GHA Maxdate25

8 Who can we compare China with? MaxgGDPPW BWA OMN MLT JPN HKG SGPKOR GAB HUN IDN GRC EGY BLZ AUT ESP COGCMR ITA SYR DZA LVA LBY FIN BEL FRA ISR PAK PRT BRA NOR PRI TUN PRYBDI KEN ISL PAN TGOMAR BRB GEO TUR CIV MEX MRT MWIBFA DOM PNG BEN BHS CHE COL DNK ECU NLD GBR SWE RWA NGA GTM TTO ZAF AUS ZWE HND SLE ARG FJI CRI HTI PHL GMB IRQ PER SAU CAF Population less than 1.5 million CHN CYP LSO THA MYS IRL SLB IND LUX CHL LKA SWZ MMR NPL TCD DEU USA BGD URY SDN CAN GNB MLI JOR SENNZL GHA Maxdate25

9 We choose Korea since 1960 MaxgGDPPW BWA OMN MLT JPN HKG SGPKOR GAB HUN IDN GRC EGY BLZ AUT ESP COGCMR ITA SYR DZA LVA LBY FIN BEL FRA ISR PAK PRT BRA NOR PRI TUN PRYBDI KEN ISL PAN TGOMAR BRB GEO TUR CIV MEX MRT MWIBFA DOM PNG BEN BHS CHE COL DNK ECU NLD GBR SWE RWA NGA GTM TTO ZAF AUS ZWE HND SLE ARG FJI CRI HTI PHL GMB IRQ PER SAU CAF CHN CYP LSO THA MYS IRL SLB IND LUX CHL LKA SWZ MMR NPL TCD DEU USA BGD URY SDN CAN GNB MLI JOR SENNZL GHA 2 percent Maxdate25

10 The Korean model Demographic transition Fertility decline Mortality decline Urbanization Education Technology Manufacturing exports Growth

11 Did China grow faster than Korea because it did more of these determinants?

12 China s population growth was already lower and declined less rapidly than Korea s during the growth miracle China Korea Korea: 1 = 1960 China: 1 =

13 Fertility rates changed much less in China China Korea Korea: 1 = 1960 China: 1 = Figure 11. Fertility Rate Number of births per woman

14 so did under-5 mortality rates China Korea Korea: 1 = 1960 China: 1 = Figure 12. Under-5 mortality rate Number of deaths per thousand

15 China s labor force grew more slowly China Korea Korea: 1 = 1960 China: 1 = 1978 Figure 8. Labor Force Index: Year 1 = 100

16 But GDP per worker grew faster China Korea Korea: 1 = 1960 China: 1 = Figure 9. GDP per worker Index: Year 1 = 100

17 The big difference is in GDP per worker 900% 800% 700% 600% 500% 400% China Korea 300% 200% 100% 0% Total GDP GDP per capita GDP per worker China 845% 597% 535% Korea 544% 295% 204% Figure 10. How much more than Korea did China grow after 25 years? Cumulative growth rate

18 Why was productivity growth faster in China than in Korea? Was it because of faster education? Was it because of faster urbanization? Was it because of faster productivity growth in agriculture?

19 China had fewer children to educate Population under 14 years of age Index: Year 1 = 100 China Korea Korea: 1 = 1960 China: 1 =

20 but education progressed faster in Korea than in China 7 Average years of schooling of the population over China Korea = = = =1975 China Korea Source: Barro-Lee dataset

21 China s educational progress is not outstanding School enrollment, secondary (% gross)- WDI (2005) GBR BEL AUS SWE FINDNK NLD NZL ESP BRA PRT NOR URY HUN FRA IRL LTU POL BGR ARG CZE GRC DEU AUT CHE BLR ISR ITA JPN KGZ UZB UKR BOL ARM CHL HRV AZE JAM EGY GEO JOR KAZ RUSLVA LKA PER SVK USA KOR TJK KWT MNG PHL MKD ROM ZAF ALBNDZA IRN TUR THA TUN MEX OMN HKG MDA VNM CHNVENPAN COL MYS PRY CRI SAU IDN NIC ECU SLV DOM IND YEM NPLBGD SYR LAO MAR GHA GTM MWI NGA KEN SDN ZMBERI BEN CMR KHM GIN ETH MLI MOZ MRT PAKPNG UGA RWA SEN BDI TCD BFA NER LYPPPK Log of GDP per capita PPP Figure 15. Secondary School Enrollment and GDP per capita PPP in 2000

22 especially in tertiary, where Korea is world class School enrollment, tertiary (% gross)- WDI (2005) Korea KOR FIN SWEUSA NOR GRC AUS LVA NZL LTU RUS DNK GBR UKR BLR ESP ARG POL BEL ISRITANLD PRT FRA HUN DEU JPN IRL AUT CHE LBN KAZ KGZ PAN CHL BOL VEN GEO BGR HRV MNG THA URY JOR DOM ROM CZE SVK PER MDA EGY PHL MYS HKG ARM PRY MKD TUR TUN COL SAU DZA IRN MEX BRA NIC CRI TJK IDN AZE JAM SLV UZB CHN ZAF IND VNM MAR NGA GTM BGD COG NPLLAOCMR BDI ETH MDGMLI MRT KHM GHA MWI ERI BFA RWA UGA PAK China TZA AGO LYPPPK Log of GDP per capita PPP Figure 16. Tertiary school enrollment and GDP per capita PPP in 2000

23 China s educational improvement in the 1990s was similar to other countries Secondary school enrollment China India Korea Mexico Turkey South Africa

24 especially in tertiary education Table 4. Tertiary enrollment: Brazil China India Korea Mexico South Africa

25 Not world-class improvement in secondary school enrollment Improvement in enrollment SECENR SLB CPV BRA THA BOL KWT VNMWSM BWA OMN PRY VEN SLV BLZ TUN LCA TUR BGD MUS MKD ARG CYP HUN MWI MEX MAC NAMCRI SAU BGR URY JOR COL LAO NIC SUR PER POL IRN ZAF BRN HRV KNA CHN DZAJAM LBY SVN GIN BEN GMBMMR IDN CHLGUY COM ARE EGY MLI PNG SDN MYS NGA NPL PHL VUT LTU MOZDJI MRT KEN LSO MAR VCT IND PAN LKA QAT TCD RWAUGA ZMB BDI BFA ETH CZE CMR GHA ECU ISR TON SEN SWZ ALB CUB LVA UKR NER HKG TTO MNG RUS KOR sespgl12 Enrollment in 1990

26 or in tertiary It has been growing but from a low base Change in enrollment rate gterenr SWE LVA KOR LBY FIN POL AUS GRC NOR HUN LTU GBR NZL PRT DNK ARE KGZ ROM CHE ITA ESP MNG BEL MYS PAN IRL ISR JPN PRY CZE DEU NLD TUN BOL HRV AUT SAU FRA RUS TUR CHN EGY COL CUB UKR JAMIRN MKD JOR VEN BLR ALB NICBRA VNM DZA IDN MEX URY BGR IND KHM BFA BDI ETH GHA CMR BGD ZAF KAZ MLI UGA PHL TZA AGO MRT NPL SLV PER GEO setpgl12 Tertiary enrollement rate in 1990 USA

27 So, it was not education Was it urbanization?

28 Korea became urbanized much faster Rate of urbanization Percent of total population China Korea

29 Urban population growth : not a world record Urban Population Growth NPL KHM LAO BFA YEM ZAR IDN HTI PAK HND GTM PRY PHL BGD MYS SAU CHN NIC VNMMMR JOR MAR BOL DZA PNG SYR SLV ECU IRN IND TUR COL LBY DOM ISR PER BRA VEN EGY MEX TUN CHLAUS THA PRT USA LKA NLD CAN ARG PRK KOR UZB GRC CHE FRA HUN CUB ESP KGZ AZE SVK JPN AUT SWE DNK DEU GBR FIN ITABLR HKG BEL Urban population in 1999(% of total)- WDI (2005), L5

30 therefore, the rural population has declined very little in China Rural population Absolute number of persons. Index: base year= China Korea

31 Average agricultural productivity per worker is very low Log of VA per worker in agriculture at constant Market Prices (US$ 2000) MNG PAK YEM HTI IND PNG SVN LBN ITA BRB SAU ESP HRV ARG GRC KOR BGR URY CHL DMA MYS DOM LTU MUS CRI CZE ROM GRD PAN HUN BRA EST ARM MKD SYR COL SUR BLR PRY GTM IRN TUN MEX RUS VCT LVA NIC EGYDZA FJI JAM KNA TTO MAR PER LCA GEO ECU SLV TUR UZB WSM UKRTKM ALBKAZ POL HND AZEPHL JOR VNM BTN LKA BOL IDN THA SYC CHN Log of GDP per capita at constant Market Prices (US$ 2000)

32 Agricultural productivity grew at a slow rate both in China and in Korea Agriculture: value added per worker (Index) Agriculture value added per worker Korea quadrupled In the following 20 years China Korea Both countries doubled in the first 25 years

33 What can we conclude so far? China s growth was exceptional in spite of not particularly exceptional Demographic transition Urbanization Education Agricultural progress Where is the miracle?

34 The miracle is especially in industry: Productivity per worker (US$ 2000 prices) Secondary Tertiary Primary Average

35 Industry is 8 times more productive than agriculture 900.0% 800.0% 700.0% 600.0% Productivity in Industry and Services relative to Agriculture 500.0% 400.0% % 200.0% 100.0% 0.0% Ind/Ag SrvAg % 375.2% % 381.1%

36 and this is not common Relative agricultural productivity relprodagr KGZ ARM BGR SVN UZB BRB GEO MDA NIC NGA BLR TJK HRV CAF MNG UKR ROM CMR SYR MKD GNB DOM BEL FRA BEN PRY SGP GHA LAO FINDNK AZE COL RUS SWE BDI TCD TGO TKM URY CIV MAR CPV ARG ALB CHL ETH COM HND DEU AUT BGD ECU EGY GTM IRN LTU SUR MYS MUS GBR ESPITA NERRWA MLTZA KHM I PAK TUN SAU MWINPL UGA HTI LSO PHL KAZ DZA BRA CRICZE EST KOR NOR MDGMBIND LKA FJI HUN GRC BFA IDN BOL JAMLVA MOZ MRT VNMPNG PAN SWZ PER SLV GIN YEM TUR ZAF KEN ZMBSEN ERI CHN NAM GAB BTNCOG JOR MEX THA POL TTO AGO BWA GNQ LYPCKUS Log of GDP per capita

37 The miracle has had to do with investment China Korea

38 Excess savings, excess investment, excess savings over investment Gross capital formation (% of GDP)- WDI (2005) AZE NIC Pop 8.3 million Foreign oil investment JAM HRV HTI LVAHND KOR MOZ CZE ECU GRC HUN ARM ALB PAN ESP KAZ NPL GEO MLI ROM TUN SVK THA BLR CHL AUT COG IND DOM JPN GHA MAR TURKHM BGD BGR LKA JOR HKG NAM LTU MKD BIH CRIUGA ETH MEX MDA ITA BENMDG BRA DEU DNK MYS SEN UKR RUS POL PER SAU RWA TJK FIN GTM ISR GBR EGY IDN NOR SLV KGZ ZAFYEM PAK PHL COL BDI OMN SWE ARG VEN URY KEN BOL SGP CHN Gross national savings, including NCTR (% of GDP)- WDI (2005)

39 The miracle has been in exports Growth in exports of good and services per worker (current US$) vs. growth in GDP per worker (constant LCU prices) CHN Growth in exports of G&S current dollars ZAR NIC VEN KWT SAU SLE IRL TUR THA MEX PRT HKG LSO KOR ESP HUN LUX MYS AUT IND DEU BGD MLT DNK ITA FIN BW A PHLMLI GBR DOM CHE CANUSA FRA BEL CHL ARG GHA GRC JPN NOR BRB SW E MARNLD NPL PAK CRI NZLCOGAUS GNBBRA ISR ISL TUN LKAIDN URY OMN SYR SW Z ZWE JAMCOL EGY PER PRY SLV BFA BOL GUY HND TTO JOR HTI CMR ZAF ECU GMB SDN BEN GTM PNG GABDZA MRT NGA MW I CIV MDG KEN SEN TGO IRN NERCAF TCD RW A ZMB SUR BDI LBR Growth in GDP per worker (constant prices)

40 China s export package is unusually sophisticated for its level of development LUX Sophistication of exports in 2003 MWI TZA MDG CHE IRL ISL DEU JPN FIN SWE AUT CZE GBRDNK HUN KOR SGPFRA USA SVN BEL CAN ISRESPHKG ITA NLD MEX CHN MYS ZAF NZL POL SVK KNA PRT BIH THA EST GRC AUS TUR LVA HRV NOR ARMPHL BLR BGR BRA CRI LTU BRB IND WSM ROMURY RUS IDNEGY ARG SLV LCA NAM MKD COL GRD CHL MUS NPL PAK BGD AZE LKA JORVEN OMN MAR GTM LBN DZA KAZ IRN TTO NGA MDA FJI CIV GEO BOL SYR ALB GAB CMR ECU VCT PAN SEN BHR TGO NIC PRY PER HND BLZ KGZ GUY DMA KEN MNG SDN PNG CAF UGA RWA NER ETH Log of GDP per capita in 2003

41 but this advantage is being eroded relexpy

42 However, there is ample room for China to upgrade its exports In a recent paper (Hausmann and Klinger, 2006) I looked at the nearest products to the current areas of comparative advantage I measure how close they are and how upscale they are China has tremendous potential for upgrading its exports

43 lnprody-lnexpy CHN Density (inverse) Petroleum Forest Animal Prods L Intensive Machinery Raw Materials Tropical Ag Cereals K Intensive Chemicals

44 lnprody-lnexpy BRA Density (inverse) Petroleum Forest Animal Prods L Intensive Machinery Raw Materials Tropical Ag Cereals K Intensive Chemicals

45 lnprody-lnexpy MEX Density (inverse) Petroleum Forest Animal Prods L Intensive Machinery Raw Materials Tropical Ag Cereals K Intensive Chemicals

46 lnprody-lnexpy MYS Density (inverse) Petroleum Forest Animal Prods L Intensive Machinery Raw Materials Tropical Ag Cereals K Intensive Chemicals

47 lnprody-lnexpy VEN Density (inverse) Petroleum Forest Animal Prods L Intensive Machinery Raw Materials Tropical Ag Cereals K Intensive Chemicals

48 lnprody-lnexpy IND Density (inverse) Petroleum Forest Animal Prods L Intensive Machinery Raw Materials Tropical Ag Cereals K Intensive Chemicals

49 Conclusions China s growth has still many potential additional sources that can sustain it Excess savings Excess investment Moderate urbanization Low integration of the domestic economy Low effort in education and health Low agricultural productivity Low dynamism in service sector productivity Potential to upgrade its exports And hence face real appreciation successfully

50 Excess of savings and investment Opportunity: Allows for domestic lead growth Allows for a rapid improvement in current living standards without compromising future growth Policies: Special fiscal spending program Improved social protection Distribution of dividends by SOEs Corporate governance changes in SOEs and social security reform

51 An accelerated pace of urbanization Will increase land/labor ratios for those left in rural areas Can harness the productivity differentials between agriculture and the rest of the economy Will reduce regional inequalities because urban wages are much more equal across provinces than GDP per capita

52 Inequality in urban wages is much smaller than inequality in GDPpc GDPpc Wages Shanghai Beijing Tianjin Zhejiang Guangdong Jiangsu GDPpc Fujian Liaoning Shandong Heilongjiang Hebei Xinjiang Jilin Hubei InnerMongolia Hainan Henan Hunan Shanxi Qinghai Chongqing Tibet Ningxia Jiangxi Shaanxi Anhui Sichuan Guangxi Yunnan Gansu Guizhou

53 Policies to achieve a more rapid urbanization Relaxation of the Hukou Additional central government resources for urban development Integration of the domestic economy Reform of the service sector Improved CIT (communications and information technology) to promote domestic business process outsourcing

54 Excessive investment in physical capital, inadequate investment in human capital Permits to accelerate growth by exploiting a more efficient reallocation of resources Permits faster technological improvements and upgrading of exports Important in a context of real appreciation Permits improvements in social goals

55 Reform the service sector China s miracle in industry was due to competition + FDI The same formula can be applied to the service sector, which has lagged in productivity growth Liberalize private investment (domestic and foreign) in services to promote competition

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

First Universal Health Coverage Financing Forum Raising Funds for Health Background Paper

First Universal Health Coverage Financing Forum Raising Funds for Health Background Paper First Universal Health Coverage Financing Forum Raising Funds for Health Background Paper The purpose of this paper is to guide discussions at the first UHC Health Financing Forum that will take place

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

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

ECONOMIC DIVERSIFICATION: BUILDING RESILIENCE TO CLIMATE CHANGE

ECONOMIC DIVERSIFICATION: BUILDING RESILIENCE TO CLIMATE CHANGE ECONOMIC DIVERSIFICATION: BUILDING RESILIENCE TO CLIMATE CHANGE Sarwat Jahan Bonn September 7 th, 2015 The team also comprises Chris Papageorgiou (lead), Giang Ho, Ke Wang, Lisa Kolovich, Camelia Minoiu,

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

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

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

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

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

Does Export Concentration Cause Volatility?

Does Export Concentration Cause Volatility? Does Export Concentration Cause Volatility? Christian Busch 14. Januar 2010 Overview Countries with undiversified export structure are plausibly more vulnerable to external shocks. But difficult to evaluate

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Income Differences Across Countries

Income Differences Across Countries Income Differences Across Countries Pete Klenow Stanford University Society for Economic Dynamics July 6th, 2006 Vancouver, Canada 1 2000 PPP Income per capita 90 th /10 th 25.6 75 th /25 th 8.8 S.D. of

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

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

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

Why is it so hard for developing countries to make progress?

Why is it so hard for developing countries to make progress? Why is it so hard for developing countries to make progress? Ricardo Hausmann Harvard Kennedy School of Government & Center for International Development at Harvard University Lecture presented at the

More information

Causes of Cross-country Income Gaps

Causes of Cross-country Income Gaps Causes of Cross-country Income Gaps Prof. Lutz Hendricks Econ520 January 14, 2016 1 / 24 Objectives We start looking into the question: Why are some countries rich and others poor? We think about methods

More information

Long run growth 2: The Solow model

Long run growth 2: The Solow model Macroeconomic Policy Class Notes Long run growth 2: The Solow model Revised: October 10, 2011 Latest version available at www.fperri.net/teaching/macropolicyf11.htm Why do we see such large differences

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

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

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

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

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

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

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

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

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

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

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

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

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

In the Solow model we had before: the production technology is held constant (Assumption 4: A t = A) income per capita is constant in the steady state

In the Solow model we had before: the production technology is held constant (Assumption 4: A t = A) income per capita is constant in the steady state In the Solow model we had before: the production technology is held constant (Assumption 4: A t = A) income per capita is constant in the steady state Neither point is true in the real world: 1904-2004:

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

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

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

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

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

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

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

Malaysia is rich in natural resources

Malaysia is rich in natural resources WORLD BANK 1 Malaysia is rich in natural resources Composition of Malaysia s national wealth, 2005 19.7 Intangible Capital 13% 8% Subsoil assets 26.0-1.2 55.5 Net Foreign Assets Produced Capital Natural

More information

Food and Agriculture. The State of. Investing in agriculture for a better future. Food and Agriculture The State of

Food and Agriculture. The State of. Investing in agriculture for a better future. Food and Agriculture The State of 2012 The State of Food and Agriculture Investing in agriculture for a better future Kostas G. Stamoulis Director, Agricultural Development Economics Division Food and Agriculture European Parliament, Committee

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

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

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

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

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

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

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

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

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

Measuring Services Trade Restrictions

Measuring Services Trade Restrictions Measuring Services Trade Restrictions Aaditya Mattoo (based on research with Ingo Borchert and Batshur Gootiiz) Development Research Group The World Bank 11 March 2012 Motivation: Policy Transparency and

More information

Country Risk Classifications of the Participants to the Arrangement on Officially Supported Export Credits. Classification Code Country Name (1)

Country Risk Classifications of the Participants to the Arrangement on Officially Supported Export Credits. Classification Code Country Name (1) 1 AFG Afghanistan 7 7 2 ALB Albania 6 6 3 DZA Algeria 4 4 4 AND Andorra - - (5) 5 AGO Angola 5 6 6 ATG Antigua and Barbuda 7 7 (8) 7 ARG Argentina 7 7 8 ARM Armenia 6 6 9 ABW Aruba 4 4 10 AUS Australia

More information

Long run growth 2: The Solow model

Long run growth 2: The Solow model International Economics and Business Dynamics Class Notes Long run growth 2: The Solow model Revised: November 7, 2012 Latest version available at http://www.fperri.net/teaching/20205.htm Why do we see

More information

Constructing an Index of Objective Indicators of Good Governance Steve Knack & Mark Kugler PREM Public Sector Group, World Bank October 2002

Constructing an Index of Objective Indicators of Good Governance Steve Knack & Mark Kugler PREM Public Sector Group, World Bank October 2002 Introduction Constructing an Index of Objective Indicators of Good Governance Steve Knack & Mark Kugler PREM Public Sector Group, World Bank October 2002 Different indicators of good governance are appropriate

More information

E-government as an anti-corruption tool

E-government as an anti-corruption tool E-government as an anti-corruption tool Thomas Barnebeck Andersen Department of Economics, University of Copenhagen March 2008 Abstract This paper estimates the impact of changes in e-government on changes

More information

Technical partner paper 8

Technical partner paper 8 The Rockefeller Foundation Sponsored Initiative on the Role of the Private Sector in Health Systems in Developing Countries Technical partner paper 8 Regulation of Health Service Delivery in Private Sector:

More information

The Macroeconomic Implications of Financial Globalization

The Macroeconomic Implications of Financial Globalization The Macroeconomic Implications of Financial Globalization Eswar Prasad, IMF Research Department November 10, 2006 The views expressed in this paper are those of the author(s) ) only, and the presence of

More information

Subjective Well Being and Income: Is There Any Evidence of Satiation? *

Subjective Well Being and Income: Is There Any Evidence of Satiation? * Subjective Well Being and Income: Is There Any Evidence of Satiation? * Betsey Stevenson The Gerald R. Ford School of Public Policy, University of Michigan & CESifo and NBER betseys@umich.edu www.nber.org/~bstevens

More information