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

Size: px
Start display at page:

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

Transcription

1 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 and Economic Diversification Economic Research Forum November 6, 2009; Cairo, Egypt

2 To start: Measurement of Natural Resource Abundance Trade based indicators of dependence on natural resources NR exports as a share of total merchandise exports Not strictly positively correlated with abundance in theory Different propensities to consume different goods (which differ across development levels) determine the relationship with abundance A measure of export concentration NR exports as a share of GDP Negatively correlated with abundance when NR sector growth has spillovers on the rest of the economy Net exports per worker Theoretically strictly positively correlated with abundance But negative income effect

3 Trade Proxies for Natural Resources and Heterogeneity within MENA plus Comparators Country World Bank Regional and Income Classifications Net exports of petroleum per worker (000s USD, annual average ) Gross petroleum exports over GDP (annual average ) Gross petroleum exports over total merchandise exports Singapore High income: nonoecd % 25.1% Bahrain High income: nonoecd % 11.0% Jordan Middle East & North Africa % 0.2% Morocco Middle East & North Africa % 3.5% Egypt Middle East & North Africa % 50.1% Tunisia Middle East & North Africa % 36.7% Syria Middle East & North Africa % 91.1% Yemen (1989 GDP pc) Middle East & North Africa % 57.2% Iran Middle East & North Africa % 83.6% Algeria Middle East & North Africa % 97.7% United Arab Emirates High income: nonoecd % 18.8% Oman (2004 GDP p.c.) Middle East & North Africa % 92.1% Kuwait High income: nonoecd % 94.8% Libya (2000 GDP p.c.) Middle East & North Africa % 149.9% Saudi Arabia High income: nonoecd % 130.2% Qatar (2003 GDP p.c.) High income: nonoecd % 84.7% Venezuela Latin America & Caribbean % 110.6% Trinidad and Tobago High income: nonoecd % 97.4% Source: Authors' calculations based on data from PWT 6.2 on GDP (PPP adjusted) and World Bank, World Development Indicators for popu from UNCOMTRADE, via World International Trade Statistics (WITS). Petroleum refers to SITC category 33. It includes oil, other petroleum

4 Arab Countries Classified according to NR abundance Emerging markets, not rich in NR: Egypt, Jordan, Morocco, Tunisia, [Lebanon] Net exports/worker Resource rich GCC countries: Kuwait, Oman, Saudi Arabia, Qatar, U.A.E, Net Exports/Worker Bahrain is exception but included in this group. Resource rich, labor abundant economies: Algeria, Iraq, Libya, Syria, [Yemen] Net Exports/Worker 1.000

5 The rest of the presentation: What We Care About Resources, level of income and economic growth The level of development versus recent growth Volatility For a given growth rate, volatility reduces welfare Employment Not just about full employment, but also about the structure of employment due to social concerns (e.g., youth unemployment, social and political stability) Sustainability Economic conditions after the last drop of oil Centrality of diversification

6 1. The Relationship between Net Exports of Natural Resources and GDP per Capita is Positive for Net Exporters Source: Lederman & Maloney (2008)

7 The Relationship between Net Imports of Natural Resources and GDP per Capita is Positive for Net Importers: There s Gotta Be An Income Effect! Source: Lederman & Maloney (2008)

8 The Effect of Natural Resources (Imperfect Proxy for Abundance) on Income per Capita For Research: What is the effect of Oil and Minerals across conditional quantiles? Net Exporters by Quantiles Source: Lederman & Maloney (2008, Economia) Net Importers by Quantiles

9 Natural Resource and GDP per capita in Arab countries Table 1: GDP, GDP per capita, and Population GDP Per Capita, constant 2000 US$ (1960)* GDP Per Capita, constant 2000 US$ (2007) GDP Growth Period GDP (constant 2000 US$) Growth Rate GDP Per capita (constant 2000 US$) Growth Rate Population Growth Rate*** Emerging countries Egypt 432 1, Jordan 1,119 2, Morocco 647 1, Tunisia 625 2, Average 706 2, Median 636 2, Resource Rich Labor Importing (GCC) Bahrain 11,479 16, Kuwait 59,183 23, Oman , Saudi Arabia 6,976 10, Qatar United Arab Emirates 49,329 26, Average 25,584 17, Median 11,479 16, Average (w/o Oman) 31,742 18, Resource Rich Labor Abundant (Non-GCC) Algeria 1,280 2, Iraq Libya 6,511 7, Syria 477 1, Average 2,756 3, Median 1,280 2, ,246 2,866 Other Resource Rich Countries Iran 981 2, Venezuela 5,425 5, Average 3,203 3, Median 3,203 3,

10 Oil Abundance, Income Levels, and Growth in MENA, 1960 versus 2005 (constant U.S. $ of 2000)

11 GDP per Capita Growth and Oil,

12 GDP Per capita (constant constantlcu) Growth Rate GDP Per capita (constant LCU) Growth Rate Oil and Growth by Decades in MENA: Not a Stable Relationship y = x R² = y = x x R² = Net exports of petroleum per worker (000s USD, annual average ) Kuwait S. Arabia U.A.E. Oman GDP Per capita (constantlcu) Growth Rate y = x x R² = Oman y = x R² = U.A.E Kuwait S. Arabia Net exports of petroleum per worker (000s USD, annual average ) Kuwait S. Arabia y = x R² = Qatar y = x x R² = Net exports of petroleum per worker (000s USD, annual average ) GDP Per capita (constantlcu) Growth Rate Kuwait y = x x R² = Oman y = x R² = S. Arabia Qatar U.A.E Net exports of petroleum per worker (000s USD, annual average )

13 Issues for Research: First, are issues of measurement of economic growth. Example: Saudi Arabia GNI & GDP - per capita values - Saudi Arabia 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, GNI per capita, PPP (current international $) GDP per capita (current US$) GNI per capita, Atlas method (current US$) GDP per capita (constant 2000 US$)

14 Issues for Research: What is the appropriate measure of economic growth: total GDP or GNI, at what prices? Or non hydrocarbon GDP? Is there a negative relationship between natural resource abundance and economic growth? Growth volatility as a research challenge: Focus only on the determinants of the level of GDP per capita, the realization all past growth? Pritchett s mountains and plateau s Why and how does the relationship change over time? If a single determinant e.g., oil price then deep implications for policy and research on growth Is dependence on hydrocarbons different from that on other natural resources? Are there exceptional experiences? The case of Oman?

15 2. Growth Volatility Natural resource abundance is associated with high growth volatility This affects welfare through its effects on: Average growth Uncertainty These effects are due to: Hysteresis effects on policy When temporary shocks result in long lasting policies Uncertainty affects private investment and savings decisions: the usual channel affecting growth itself How relevant for oil economies with small private sectors?

16 Volatile Growth over Time by Decades

17 Volatile Measured Productivity Growth by Decades

18 More globally, Growth Volatility and Natural Resources, : Not a Clear Relationship GDP per Capita Volatility ALBR GEO BIH RWA AZE GNB TJK COG TKM DJI UKR KGZ KAZ LBN ETH ZWE EST TZA CUB TTO HRV MDA ARE BDI ERI MOZ RUS FJI URY BGR CAF SOM ARG CIV BTN BWA CMR IRN JOR KHM CHL BHR KOR LTU CPV FIN ARM BLR CRI BRA BEN BFA CYP CZE GHA HKG DOM GMB IRL HUN MAR LSO MWI MLI MDG NER PER SVK SLE PNG ROM PAN NIC MNG GAB ISRCOM BGD CHN GIN IDN NGA PHL POL SEN UGA TGO ZMB SYR YEM VEN SGP SVN NAM MRT MUS THA TUR SDN MKD BOL ECUDZA CAN BEL CHE AUT ESP DNK GRC LVA HND LKA JAM MEX OMN PRT JPN KEN NPL EGY FRA GTM IND MYS ITANZL NLD PRY SLV SWE USA SWZ PAK TUN GBR VNM COL ZAF AUS KWT SAU NOR QAT Net Exports of Minerals and Petroleum per Worker (000s USD) Source: Lederman and Xu (in progress) GDP per Capita Volatility BEL SGP JPN ALB LBR GEO BIH RWA AZE GNBTJK TKM DJI KGZ UKR KAZ ETH LBN ZWE TZA EST CUB HRVMDA BDI ERI MOZ RUS FJI URY BGRCAF SOM ARG CIVBTN CMR IRN JOR KHM BWA PER SVK CPV LSO MLI SLE PNG ROM GHA CHL KOR LTU MWI TGO NER SYR YEM MAR FIN HKG CZE BFA ARM BLR CRI DOMBRA GMB HUN IDN CYP IRL MKD ISR LVA COM HND LKA MDG MNG NGA PAN NIC PHL POL SEN UGA ZMB SVN NAM MRT THA TUR SDN MUSWZ BEN JAM BGD CHNGIN MEX PRT SLV BOLECU CHE DNK GRC KEN NPL EGY AUTFRA ESP GTMIND MYS SWEUSA ITA NZL PRY NLD PAK TUN GBR VNMZAF COL Net Exports of Minerals and Petroleum per Worker (000s USD)

19 Volatility and Natural Resources: The Structural Connection Export-Revenue Concentration NGA IRN BWA COM MRT YEM GAB BDI MLI GIN BEN TJK BFA AZE COG VEN ARE CUB ETH RWA OMN GHA SOM ZMB TKM GNB CAF SLE NER MOZ SYR KAZ BHR DZA CPV GMB MWI JAM CMR MNG LBR ECU MUS SWZ UGA PNG ARM ERI DJI PRY GUY LSO KGZ HUN FJI DOM HND NPL SDN RUS TZA KHM TGO NAM PAN CRI SLV NIC CIV MDG MMR BTN EGY COL BOL CHL TTO ISRGTM KEN ALB MEX MDA LKA SEN ZWE BGD VNM IDN CYP PHL TUN GEO PER JOR BIH BELIRL LVA MAR PAK SGP URY MYS LBN ARG JPNSVK AUS FIN KOR ESPEST NZL BLR HRV MKD POL IND ZAF CAN BGR BRA CHE DEU HKG PRT GRC LTU SVN SWE CZE ROM THA TUR UKR CHN AUT FRA USA DNK YUGBR ITANLD LBY KWT SAU NOR QAT Net Exports of Minerals and Petroleum per Worker (000s USD) GDP per Capita Volatility TKM ALB GEO TJK BIH GNB DJI KGZ UKR KAZ ETH LBN EST ZWE TZA HRV MDA ERI MOZ RUS YEM URY KHM BGR ARG BTN BWA MLI PNG CAF PER CMR ROM SVK LSO JOR TGO SYR CHL MWI CIV PAN LTU POL GHA KOR MAR SEN UGA SVNTUR NAM CPV FIN CZE CRI BRA BFA ARM GMB MRT HKG THA PHL HUN BLR DOM IDN MDG SWZ IRL MUS MKD MEX BEN CHN GIN ISR HNDLKA BOL LVA ECU COM GRC PRTMYS SLV PRY KEN BGD AUT BEL DNK GBRCHE EGY NLD SWE TUN USA NZL FRA ESP ZAF GTM JPN PAK IND ITA COL VNM AZE ZMB SDN NIC RWA Terms of Trade Volatility IRN Terms of Trade Volatility NIC SDN RWA AZE ZMB GNB BIH CMR UGA GEO CIV TJK BGD KAZ YUG SYR RUS GHA TZA MWI UKR KGZ CPV ETH IND VNM ECU GMB MOZ BEN PAK PER MDG ARM BFA BLR JORIDNKENEGY DOM NAM TGO LVA SLV BOL CAF BRAARG LKA CHL ERI PNG CZE BGR JPN ZWE SEN ALB MEX COL GTMCRI GUY LSO MLI HND ESP PHL THA ZAF URY GIN MAR ITACHN ROM TUR KOR MKD SVKMYS MDA PRY MUS FRAFIN CHE DEU LTUNZL POL USA LBN GRC PRT SVN AUT DNK GBR HKG EST HUN HRV BEL IRL TUNISR PANKHM SWE SWZ NLD BTNDJI TKM COM MRT YEM BWA Export-Revenue Concentration (Root of Herfindahl) IRN Source: Lederman and Xu (in progress)

20 Research Agenda: Volatility and growth Is high and relatively stable growth possible with high dependence on oil: How did Oman do it? A case study. Is the impact of volatility different depending on the extent of NR wealth? How to achieve less volatility of growth in already rich economies? Frankel: Commodity currencies assessed via simulations Optimal savings and investment rules for sovereign wealth funds and fiscal policy (especially in emerging resource rich economies)? Engel: optimal versus practical rules assessed via simulation

21 3. The Challenge of Employment Generation It is not only about growth of income, but about quality jobs for a rapidly increasing labor force Labor force increasingly educated and feminized Major differences between labor abundant and nonlabor abundant countries GCC labor markets: markets for national and for migrant workers Non GCC labor markets: high unemployment, especially among the youth

22 Labor Force Growth

23 Employment Issues for Research: Does NR resource wealth create perverse incentives regarding work (high reservation wage?) and education (low incentives for private citizens to invest in education)? Is this related to actual current income or potential wealth? Are current labor market policies consistent with the creation of quality jobs? Big public sectors with high wages and benefits Immigration of unskilled workers (in GCC) Assuming no diversification in tradables, what is the potential for employment generation in non tradables?

24 What potential alternative labor market policies? Negative income taxes for nationals Conditional cash transfers to supplant public employment Randomized trials and conditional cash transfers in rich economies with large public sectors How big do they need to be to incentivize private employment? To incentivize further investments in human capital? i.e., transforming oil wealth into human capital and innovation

25 4. Sustainability Issues The horizon for exhaustion of the hydrocarbon resource varies significantly among countries Some countries have already faced or are currently facing this transition: Bahrain, [Dubai], Syria, Yemen

26 Sustainability Issues for Research Sustainability via portfolio diversification: where should saved revenue from NR be invested? Within country or abroad Which assets abroad (real assets, financial assets) Where? Geographical distribution? Which institutional mechanisms to use for achieving such objectives? Start by taking stock of actual behavior of various countries. What kind of economic diversification at home for long term sustainability? Investing in human capital, science and technology Investing in tradables vs non tradables (with temporary subsidies) How to recycle the savings from NR income for productive investment?

27 5. The centrality of Diversification Diversification is central to: Achieving higher economic growth Reducing volatility of growth Creating jobs Sustaining in the long term the higher income and wealth

28 Diversification in Arab countries

29 Diversification in Arab countries

30 Diversification Issues for Research Take One: Macro and Structural Change Policies If Dutch disease, is fiscal restraint enough (by reducing domestic absorption), or how big? Structural policies for diversification: Can they work in small open oil economies? Successful picking winners policies could be counter productive (Easterly, Resheff & Schwenkenberg 2009) Estimating social benefits of IP, e.g., educational services and exchange rate policies and IP are related

31 Exchange Rate Protection and Infant Industries: An Illustration of NR Driven Appreciation and the Scope for Successful IPs AC, P a c b AC with apprec. AC* o D AC without apprec. Q

32 Diversification Issues for Research Take Two: Structural Change Policies IP as Science &Technology policy in rich countries The structure of fiscal expenditures Investments in trade facilitation (or reducing production and transport costs for exports) with overtime fiscal implications Investments in self renewing capital Education and training But these investments might be less selfrenewing than

33 Diversification Issues for Research Take Two: Structural Change Policies Innovation: Past ideas or innovation breeds more innovation as in Romer type endogenous growth models: Flow of Knowledge = a*lnr&d + b*ln(stock of Knowledge) Estimating parameters a and b, but allowing for heterogeneity across types of countries (e.g., high income NR abundant, low income NR abundant) could be instructive

34 Engineering Exchange Rate Protection (Depreciation) for a Given Fiscal Balance: Questions for Research Sovereign Wealth Funds and rules Some might be better than others, but do we know what savings and investment rules work best? Foreign exchange interventions Does sterilization work in small open economies? Capital controls Are they needed to make sterilized intervention work? Large literature on whether they work in small open economies. Is it relevant for MENA? For the GCC?

35 Summary of Proposed Research Agenda with Diversification as the Central Theme 1. Volatility and Growth (are inextricable) Measurement Effects of NRs (allowing for heterogeneity) Revisit concept of long run growth determinants when growth is volatile: levels versus growth rates Case study of Oman Optimality of fiscal and monetary rules and corresponding institutions (Frankel, Engel) Study the role of diversification (case studies and econometrics) 2. Employment a priority Policy options and evaluations (income taxes, CCTs)

36 Summary of Proposed Research Agenda with Diversification as the Central Theme 3. Pro Diversification Structural Policies The structure of fiscal expenditures (investments) and their effectiveness Qualitative evaluation of recent experiences in subsidizing non oil activities (e.g., educational services) The scope for exchange rate protection (macro policies) Study (quantitatively or qualitatively) the scope for Science and Technology subsidies in oil economies (focus on Romer s parameters and case studies) 4. Sustainability and the Transition Case studies: Bahrain? Focus on the evolution of productive diversification, employment and the maturation of formerly infant industries (i.e., any examples where new self sustaining industries have emerged)

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

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

More information

Addressing institutional issues in the Poverty Reduction Strategy Paper process

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

More information

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In Defense of Wall Street - Does Finance Cause Creative Destruction?

In Defense of Wall Street - Does Finance Cause Creative Destruction? 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

Institutional Change and Growth-Enabling Governance Capabilities

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

More information

The 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

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

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

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

More information

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

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

More information

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

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

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

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

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

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

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

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

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

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

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

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

More information

The 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

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

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

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

More information

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

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

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

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

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

How To Increase Crop Output

How To Increase Crop Output 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

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 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

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

A Pragmatic Approach to Capital Account Liberalization. Eswar Prasad Cornell University

A Pragmatic Approach to Capital Account Liberalization. Eswar Prasad Cornell University A Pragmatic Approach to Capital Account Liberalization Eswar Prasad Cornell University Presentation partly based on my joint work with: Ayhan Kose, Kenneth Rogoff, Shang-Jin Wei (2003, 2006) Raghuram Rajan

More information

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

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

More information

The 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

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

TRADE WATCH DATA JANUARY T RVSFRRTVL

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

More information

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

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

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

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

Good Governance and its benefits on economic Development

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

More information

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

Outline 4/22/2011. Koc University April, 2011

Outline 4/22/2011. Koc University April, 2011 4/22/211 Koc University April, 211 Outline Main messages Crisis experience and focus Reserves trends Review of existing approaches Proposed new approach and metric Cost of reserves Reserve alternatives

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

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

Rodolfo Debenedetti Lecture

Rodolfo Debenedetti Lecture Rodolfo Debenedetti Lecture Andrei Shleifer March 2005 Legal Origin Distribution Legal Origins = English = French = German = Scandinavian = Socialist Institution Procedural Formalism Outcomes Time to evict

More information

First Credit Bureau Conference

First Credit Bureau Conference First Credit Bureau Conference Riga, Latvia 13.1.15 Presentation by: Leora Klapper Lead Economist Development Research Group, World Bank DEVELOPING A NATIONAL CREDIT BUREAU Financial Development What is

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

Design of efficient redistributive fiscal policy

Design of efficient redistributive fiscal policy Fiscal Policy and Income Inequality Sanjeev Gupta Deputy Director Fiscal Affairs Department, IMF IMF-Hitotsubashi University Workshop March 12, Tokyo Structure of the presentation Trends in inequality

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

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

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

COMPLEXITY AND INDUSTRIAL POLICY

COMPLEXITY AND INDUSTRIAL POLICY IPD/JICA Task Force on Industrial Policy and Transformation Amman, Jordan, June 5-6, 2014 COMPLEXITY AND INDUSTRIAL POLICY Luciano Pietronero Measuring the Intangible Growth Potential of Countries Collaborators:

More information

How To Understand The World'S Governance

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

More information

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

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

More information

Technology Choice. Francesco Caselli. Summer School 2005

Technology Choice. Francesco Caselli. Summer School 2005 Technology Choice Francesco Caselli Summer School 2005 1 Motivation All of the evidence and all of the models we have studied so far assume that cross-country technology differences are factor-neutral.

More information

Employment, Structural Change, and Economic Development. Dani Rodrik March 15, 2012

Employment, Structural Change, and Economic Development. Dani Rodrik March 15, 2012 Employment, Structural Change, and Economic Development Dani Rodrik March 15, 2012 A remarkable reversal in fortunes since 1990s -.04 -.02 0.02.04.06 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000

More information

EC 2725 April 2009. Law and Finance. Effi Benmelech Harvard & NBER

EC 2725 April 2009. Law and Finance. Effi Benmelech Harvard & NBER EC 2725 April 2009 Law and Finance Effi Benmelech Harvard & NBER Broad Picture A market economy is not only laissez faire but it also requires a set of institutions that allow markets to work their magic.

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

Overview of Growth Research in the Past Two Decades

Overview of Growth Research in the Past Two Decades Overview of Growth Research in the Past Two Decades by Pete Klenow Stanford University and NBER September 21, 2010 Early Growth Research 1950s Solow (1956) 1960s Nelson and Phelps (1966) 1970s Dark Ages

More information

A Survey of Securities Laws and Enforcement

A Survey of Securities Laws and Enforcement A Survey of Securities Laws and Enforcement Preliminary Draft By Florencio Lopez-de-Silanes YALE University and NBER October 2003 *I am indebted to Patricio Amador, Jose Caballero and Manuel Garcia-Huitron

More information