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

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

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

Transcription

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

2 Diversification versus Polarization: Role of industrial policy in Asia and the Pacific Sudip Ranjan Basu* International Trade Division UNCTAD TOWARDS A RETURN OF INDUSTRIAL POLICY? UN ESCAP ARTNeT SYMPOSIUM Bangkok, Thailand July 211 *The views expressed in this presentation are those of the author and do not necessarily reflect the views of the UNCTAD Secretariat or its members. 1

3 A comparative scale: World, Asia-Pacific and Sub-regions in manufacturing Measuring Export Diversification and Polarization Results and analysis Way forward Outline Industrial policy, trade and development 2

4 Industrial policy, trade and development 3

5 Number of Search Results Google Scholar Searching for Industrial Policy (IP) (web accessed as on 25 June 211) capacity and expand structure Rosenstein-Rodan (1943) Hirschman (1958) Prebisch (1959) Infant industry protection, state-ownership and state coordination Google Government Scholar Policy Design Baldwin (1969) Krueger (1974) Pack (1993) Trade liberalization, privatization and attracting FDI : macroeconomic Stability getting prices right and minimum government interference Lall (24) Rodrik (27) Lin (29) Innovation, technological catching up and exports capability Source: SRBasu-211 Year Industrial Policy Macroeconomic Policy Trade Policy

6 Government intervention Components of IP Policy intervention Productive capacity development Enterprise development - Import tariffs, quotas & licences -Export subsidies, trade financing -Tax breaks - Special economic zones - Privatization of firms -Physical capital - Human capital - Labour training & skill formation -Innovation policies - R&D investment - Developing high-tech products, innovation - FDI incentives -Domestic financing -Public-private partnership -SME cluster formation -Management capacity development -Competition policy -Marketing and promotion

7 IP & Diversification Theory and Empirics Structural change and Export diversification Welfare impacts: economic growth and employment creations Sectoral implications: Depending on the institutional linkages and stages of development, welfare implications tend to be higher in high skilled/technology content industries, and new issues related to intensive and extensive margin Domestic economic linkages: Forward and backward linkages with domestic firms leading to a productive capacity and expand structure Recent papers Lall (2), Wood and Mayer (21), Lederman and Maloney (23), Imbs and Wacziarg (23), Hausman and Rodrik (23), Collier (23) Sachs et al. (24), Hausman, Hwang and Rodrik (25), Melitz and Ottaviano(25), Rodrik (26), UN Africa (27) Cadot, et al (28), World Bank (29), UN DESA (26, 21) UNCTAD (22, 28, 29 and 21),Basu and Das (21), Basu (211) 6

8 UNCTAD TDI model Policy and Outcomes Source: UNCTAD 27 7

9 A comparative scale: World, Asia-Pacific and Subregions in manufacturing 8

10 Messages Key descriptive findings Benchmarking outcomes: Asia-Pacific to RoW Share of manufacturing/gdp Comparing Asia-Pacific with other regions Sub-regional outcomes for regional coordination Process of catching-up across regions Manufacturing and GDP Positive correlation of manufactures with GDP per capita Composition of exports Climbing-up skill and technology contents of exports Dynamic shifts of quality of exports 9

11 Manufacturing Manufacturing Benchmarking Asia-Pacific 2 Manufacturing contributions to GDP (% of GDP, world by regions, averages) Manufacturing contributions to GDP (% of GDP, developing world by regions, averages) Africa Americas Asia Europe Africa Americas Asia Source:UN,SRBasu-211 Source:UN,SRBasu-211 1

12 Medium-skill and Technology Intensive Manufactures High-skill and Technology Intensive Manufactures Resource and Labor-intensive Manufactures Overview Sub-regions in Manufacturing 5 Primary Commodities contributions to GDP (% of GDP, Asia-Pacific regions, averages) Resource and Labor-intensive Manufactures contributions to GDP (% of GDP, Asia-Pacific regions, averages) Eastern Asia Pacific South Asia Southeast AsiaWestern Asia Source:UN,SRBasu Eastern Asia Pacific South Asia Southeast AsiaWestern Asia Source:UN,SRBasu Low-skill and Technology Intensive Manufactures contributions to GDP (% of GDP, Asia-Pacific regions, averages) Medium- skill and Technology Intensive Manufactures contributions to GDP (% of GDP, Asia-Pacific regions, averages) High- skill and Technology Intensive Manufactures contributions to GDP (% of GDP, Asia-Pacific regions, averages) Eastern Asia Pacific South Asia Southeast AsiaWestern Asia Eastern Asia Pacific South Asia Southeast AsiaWestern Asia Eastern Asia Pacific South Asia Southeast AsiaWestern Asia Source:UN,SRBasu Source:UN,SRBasu Source:UN,SRBasu

13 GDP per capita (USD 25) Correlating GDP and Manufacturing GDP per capita and Manufactures (Manucaturing % of GDP, averages, ) GDP per capita and Manufactures (Manucaturing % of GDP, developing world, averages, ) LUX NOR ISL CHE DNK IRL NLD USA BELAUT SWE AUS FRA GBR JPN CAN DEUFIN NCL KWT ARE ITA BRN HKG NZL ESP SGP BHS MAC GRC BHR PRT MLT SVNKOR ATG OMN BRB SAU SYC PLW GAB LBY TTO BWA GNQ KNA BLZ ARG AGO BEN CAF BDI ALBBFABOL BGR CHL BRA EST CIVMEX HUN LCA GRDMA COG COL CRI DJI COM CPV DZAECU PAN JAM LVA LTU MUS EGY DOM NGA GINGMB MLI ETHNER MRT LBR GNB ERI GUY SUR GHA KEN MDG MWI MOZ NAM PER POL SLE STP SDNRWA PRY SEN RUS SVK VCT LBN URY VENZAF TUR TCD MAR GTM NIC LSO MDA HND CMR SLV UGA TZA BTN TGO AZE GEO IRN KAZ FJI MYS IRQ MHL VUT KIRSLB PNG MDV ZMBLAO KHM KGZ ZWE TUN MMR MNG NPL YEM TON UZB SYR AFG IND BGD WSM JOR PAK LKA VNMTKMARM PHL UKR IDN BLR CHN THA TJK SWZ ARE NCL KWT BRN SGP HKG BHS MAC BHR KOR SAU OMN ATG BRB SYC TTO PLW GAB LBY KNA CIV GNQ CHLMEX BWA LCA GRDMA BLZ COL BRA ARG AGO COM COG CPV PAN JAM LBN URY VCT VENZAF TUR MUS CRI MYS MHL DZAECU NAM DOM DJIGINGMB ETH BEN CAF BDI GNB ERI GUY IRNSUR FJI PER GHA BFABOL GTM NGAMLI MRT LBR KEN MAR SLE NER SDNRWA MDG MWI MOZ PRY TUN SENEGY NIC LSO HND SLV IRQ VUT KIR STP SLB MDV UGA TZA BTN TON PNG JOR MMR MNG TCD TGO NPL YEM SYR WSM ZMBLAO KHM AFG IND BGD PAK LKA ZWE VNMCMR PHL IDN CHN THA SWZ Manufactures Manufactures Rest of world Fitted values Asia-Pacific Rest of world Fitted values Asia-Pacific Source:UN,SRBasu-211 Source:UN,SRBasu

14 GDP per capita Primary Sub-regional variations (per capita exports, ppp $) 5 4 Regions (Per capita US dollars, Asia-Pacific, average of ) KOR LBNTUR CHN IND PAK PHL WSM TON BGD IDNJOR BTN NPL KHMLAO KIR LKAVUT VNM GDP and Non-fuel Primary Commodities (Per capita US dollars, Asia-Pacific, ) THA MDV FSM FJI MNG PNG SLB Non-fuel Primary Commodities MYS SGP Source:UN,SRBasu-211 Emerging Asia Fitted values Rest of Asia LBN TUR THA MYS GDP per capita GDP and Non-fuel Primary Commodities (Per capita US dollars, Asia-Pacific, ) Eastern Asia Pacific South Asia Southeast AsiaWestern Asia Source:UN,SRBasu JOR WSM CHN TON VUT IDNLKA PHL BTN IND PAK KIR VNM BGD KHM LAO NPL MDV FJI FSM MNG SLB PNG 5 1 Non-fuel Primary Commodities Source:UN,SRBasu-211 Emerging Asia Fitted values Rest of Asia 13

15 GDP per capita GDP per capita Labour Sub-regional variations (per capita exports, ppp $) 4 Regions (Per capita US dollars, Asia-Pacific, average of ) GDP and Resource and Labor-intensive Manufactures (Per capita US dollars, Asia-Pacific, ) KOR SGP TUR LBN PAK CHN IND PHL JOR THA FSM MDV FJI KIR SLB VUT WSM TON BGD VNM IDN BTN KHM LAO MNG PNG NPL LKA MYS Resource and Labor-intensive Manufactures Eastern Asia Pacific South Asia Southeast AsiaWestern Asia Source:UN,SRBasu-211 TUR MDV JORFJI VUT TON WSM FSM CHNLKAIDN SLB PHL KIR PAK VNM IND BGD KHM LAO NPL Emerging Asia Fitted values LBN THA BTN MNG PNG Rest of Asia GDP and Resource and Labor-intensive Manufactures (Per capita US dollars, Asia-Pacific, ) MYS Source:UN,SRBasu Resource and Labor-intensive Manufactures Source:UN,SRBasu-211 Emerging Asia Fitted values Rest of Asia 14

16 GDP per capita GDP per capita Low skill and technology Sub-regional variations (per capita exports, ppp $) Regions (Per capita US dollars, Asia-Pacific, average of ) GDP and Low-skill and Technology Intensive Manufactures (Per capita US dollars, Asia-Pacific, ) SGP KOR Eastern Asia Pacific South Asia Southeast AsiaWestern Asia LBN TUR MYS CHN IND PHL IDN PAK JOR THA TONBTN BGD VNM FJI KIR PNG SLB VUT WSM FSM MDV LAO MNG LKA NPL KHM Low-skill and Technology Intensive Manufactures Source:UN,SRBasu-211 LBN MDV TON VUT WSM FSM PHL BTN SLB KIR PNG MNG IND LAO NPL BGD Emerging Asia Fitted values JOR FJI IDN CHN PAK VNM KHM LKA THA Rest of Asia GDP and Low-skill and Technology Intensive Manufactures (Per capita US dollars, Asia-Pacific, ) TUR MYS Source:UN,SRBasu Low-skill and Technology Intensive Manufactures Source:UN,SRBasu-211 Emerging Asia Fitted values Rest of Asia 15

17 GDP per capita Medium skill and technology Sub-regional variations (per capita exports, ppp $) 3, Regions (Per capita US dollars, Asia-Pacific, average of ) GDP and Medium-skill and Technology Intensive Manufactures (Per capita US dollars, Asia-Pacific, ) KOR SGP LBN TUR MYS PAK CHN IND IDN PHL JOR THA KIR MDV FSM FJI BGD LAO PNG SLB TON VUT MNG LKA NPL KHM VNM BTN WSM 2, Medium-skill and Technology Intensive Manufactures Source:UN,SRBasu-211 Emerging Asia Fitted values Rest of Asia GDP per capita GDP and Medium-skill and Technology Intensive Manufactures (Per capita US dollars, Asia-Pacific, ) 1, LBN TUR MYS THA Eastern Asia Pacific South Asia Southeast AsiaWestern Asia Source:UN,SRBasu-211 MDV FJI FSM TON VUT LKA IDN BTN SLB PHL KIR PNG MNG PAK INDVNM LAO BGD NPLKHM CHN JOR WSM Medium-skill and Technology Intensive Manufactures Source:UN,SRBasu-211 Emerging Asia Fitted values Rest of Asia 16

18 GDP per capita High skill and technology Sub-regional variations (per capita exports, ppp $) 6, Regions (Per capita US dollars, Asia-Pacific, average of ) GDP and High-skill and Technology Intensive Manufactures (Per capita US dollars, Asia-Pacific, ) KOR SGP LBN TUR THA CHN IND IDN JOR PAK FJI MDV BGD KHM KIR FSM WSM LAO MNG SLB TON VUT PNG LKA NPL VNM BTN PHL MYS 4, High-skill and Technology Intensive Manufactures Source:UN,SRBasu-211 Emerging Asia Fitted values Rest of Asia 2, TUR LBN MYS GDP per capita GDP and High-skill and Technology Intensive Manufactures (Per capita US dollars, Asia-Pacific, ) Eastern Asia Pacific South Asia Southeast AsiaWestern Asia Source:UN,SRBasu-211 MDV FJIJOR TON WSM VUT FSM LKA IDN BTN CHN SLB PAK KIR MNG IND PNG VNM BGD KHM LAO NPL PHL THA High-skill and Technology Intensive Manufactures Source:UN,SRBasu-211 Emerging Asia Fitted values Rest of Asia 17

19 Primary Density estimates (per capita exports, ppp $) Density curves for Non-fuel primary commodities (Asia-Pacific Region) Density curves for Non-fuel primary commodities (Asia-Pacific Region, average of the period) log(primary, per capita) Log (primary commodities, per capita) Source: UN, SRBasu-211 Source: UN, SRBasu

20 Labour Density estimates (per capita exports, ppp $) Density curves for Resource & Labour-intensive manufactures (Asia-Pacific Region) Density curves for Resource & Labour-intensive manufactures (Asia-Pacific Region, average of the period) Log (Resource & Labour, per capita) Source: UN, SRBasu Log (Resource & Labour, per capita) Source: UN, SRBasu

21 Low skill and technology Density estimates (per capita exports, ppp $) Density curves for Low skill & technology intensive manufactures (Asia-Pacific Region) Density curves for Low skill & technology intensive manufactures (Asia-Pacific Region, average of the period) Log (Low, per capita) Log (Low, per capita) Source: UN, SRBasu-211 Source: UN, SRBasu-211 2

22 Medium skill and technology Density estimates (per capita exports, ppp $) Density curves for Medium skill & technology intensive manufactures (Asia-Pacific Region) Density curves for Medium skill & technology intensive manufactures (Asia-Pacific Region, average of the period) Log (Medium, per capita) Source: UN, SRBasu Log (Medium, per capita) Source: UN, SRBasu

23 High skill and technology Density estimates (per capita exports, ppp $) Density curves for High skill & technology intensive manufactures (Asia-Pacific Region) Density curves for High skill & technology intensive manufactures (Asia-Pacific Region, average of the period) Log (High, per capita) Source: UN, SRBasu Log (High, per capita) Source: UN, SRBasu

24 Measuring Export Diversification and Polarization 23

25 Tool: 1 Measuring Diversification (exports) Understanding quality and composition of exports Skill and Technology contents of exports sectors Diversification index: =least diversified, and 1=most diversified -Non-fuel Primary commodities -Labour intensive and resource based manufactures -Manufactures with low skill and technology intensity -Manufactures with medium skill and technology intensity -Manufactures with high skill and technology intensity -Energy products -Unclassified products 24

26 Tool: 2 Inequality and Polarization Gini coefficient of inequality Generalized entropy class (GE) to allow inequality across groups to be broken down into within group inequality and between group inequality Polarization index as ratio of between group inequality in total inequality (within group inequality + between group inequality) Basu, Fan and Zhang 27 and Basu 29 Shorrocks decomposition Total inequality into inequality contributions from each of the factors of total exports 25

27 Testing hypothesis Data sets Exports composition: Shifting exports from primary commodities to skill-technology manufactures Computations to estimate exports patterns: Overall inequality Spatial inequality Sources of inequality Data/Sample: 29 countries (21 Asia, 8 Pacific) 12 Emerging countries, 1 LDCs, 8 ASEAN, 18 Tropical Time periods: 1993 to 28 Trade database UNCTAD South-South Trade Information System (SSTIS) Product Classification at HS-4 digit level and Basu (21, 211) 26

28 Results and Analysis 27

29 Policy Messages Explorative results Inequality: Regions: Different sub-regions progress differently Income level: LDCs, SIDS, ASEAN indicate Sectors : Sectoral differences remain within sub-regions and income level Polarization: Regions: Pacific, South East &East, South Asia Income: Emerging, LDCs, SIDS Geography: Tropocal Uneven development of manufacturing in Asia-Pacific 28

30 Percent 1: Gini 1 Asia-Pacific exports inequality (per capita, by skill and technology contents) Source: SRBasu-211 Primary Labour Low Medium High 29

31 Pacific region Percent 1 Pacific regions exports inequality (per capita, by skill and technology contents) Primary Labour Low Medium High 3

32 Emerging Asia Percent 1 9 Emerging Asia s exports inequality (per capita, by skill and technology contents) Primary Labour Low Medium High 31

33 Percent ASEAN 1 ASEAN exports inequality (per capita, by skill and technology contents) GAP Primary Labour Low Medium High 32

34 Percent Low income 1 LDCs exports inequality (per capita, by skill and technology contents) GAP Primary Labour Low Medium High 33

35 Small islands Percent 1 SIDS exports inequality (per capita, by skill and technology contents) GAP Primary Labour Low Medium High 34

36 LDCs and SIDS Percent 1 LDCs & SIDS exports inequality (per capita, by skill and technology contents) Primary Labour Low Medium High 35

37 Primary Percent 1 9 Asia-Pacific sub-regional exports inequality (per capita, by skill and technology contents) GAP South East & South East Pacific 36

38 Labour Percent 1 9 Asia-Pacific sub-regional exports inequality (per capita, by skill and technology contents) GAP South East & South East Pacific 37

39 Low Percent 1 9 Asia-Pacific sub-regional exports inequality (per capita, by skill and technology contents) GAP GAP South East & South East Pacific 38

40 Percent Medium 1 Asia-Pacific sub-regional exports inequality (per capita, by skill and technology contents) GAP GAP GAP South East & South East Pacific 39

41 Percent High Asia-Pacific sub-regional exports inequality (per capita, by skill and technology contents) GAP South East & South East Pacific 4

42 : Polarization Percent 8 Pacific and rest of Asia s exports (per capita, by skill and technology contents) Primary Labour Low Medium High 41

43 Regions Percent 6 South-East & East and rest of Asia s exports (per capita, by skill and technology contents) Primary Labour Low Medium High 42

44 Regions Percent 7 South Asia and rest of Asia s exports (per capita, by skill and technology contents) Primary Labour Low Medium High 43

45 Regions Percent 7 ASEAN and rest of Asia s exports (per capita, by skill and technology contents) Primary Labour Low Medium High 44

46 Income Percent 3 Emerging economies and rest of Asia s exports (per capita, by skill and technology contents) Primary Labour Low Medium High 45

47 Income Percent LDCs and rest of Asia s exports (per capita, by skill and technology contents) Primary Labour Low Medium High 46

48 Percent Size SIDS and rest of Asia s exports (per capita, by skill and technology contents) Primary Labour Low Medium High 47

49 Physical Geography Percent 7 Tropical Asia and rest of Asia s exports (per capita, by skill and technology contents) Primary Labour Low Medium High 48

50 Way forward 49

51 Regional polices Summary Asia-Pacific regions shared development leveraging on export-led growth Inequality in skill-technology contents remains and is reducing unevenly depending on stage of development Emerging economies play key role to improve conditions National Strategies Industrial Policies What s next Globally? Policies to Capability development to identify new and dynamic sectors, and help discovery process Inter- ministerial coordination and policy coherence Identifying Priority sectors for skill-technology development Providing incentives depending on industry and sectoral cluster, integration, competitiveness Investment in infrastructure, education and productive capacity building should remain high Global policy coordination on skill and technology development Regional funds to promote capability and capacity development Industrial Policy and Productive Capacity development for growth with Equity agenda 5

52 Thank you! Fax:

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

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

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

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 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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

F L O O R FINANCIAL ASSISTANCE, LAND POLICY, AND GLOBAL SOCIAL RIGHTS

F L O O R FINANCIAL ASSISTANCE, LAND POLICY, AND GLOBAL SOCIAL RIGHTS Lutz Leisering, Tobias Böger Measuring Social Citizenship in Developing Countries DFG-Research Project FLOOR-B www.floorgroup.de Principal Investigator: Lutz Leisering F L O O R FINANCIAL ASSISTANCE, LAND

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

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

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

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

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

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

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

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

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

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

Economists have long known that poorly managed exchange rates can. The Real Exchange Rate and Economic Growth. DANI RODRIK Harvard University

Economists have long known that poorly managed exchange rates can. The Real Exchange Rate and Economic Growth. DANI RODRIK Harvard University DANI RODRIK Harvard University The Real Exchange Rate and Economic Growth ABSTRACT I show that undervaluation of the currency (a high real exchange rate) stimulates economic growth. This is true particularly

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

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

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

COUNTRY CLASSIFICATION 2015 AS OF 16 JULY 2015

COUNTRY CLASSIFICATION 2015 AS OF 16 JULY 2015 This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any

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

Country/Economy Code Region Income group

Country/Economy Code Region Income group Afghanistan AFG South Asia Albania ALB Europe & Central Asia Algeria DZA Middle East & North Africa American Samoa ASM East Asia & Pacific Andorra ADO Europe & Central Asia Angola AGO Sub-Saharan Africa

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