Malaysia is rich in natural resources
|
|
- Lesley Lawrence
- 7 years ago
- Views:
Transcription
1 WORLD BANK 1
2 Malaysia is rich in natural resources Composition of Malaysia s national wealth, Intangible Capital 13% 8% Subsoil assets Net Foreign Assets Produced Capital Natural Capital 79% Forestry, incl. Protected Areas Agriculture Source: World Bank, The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium. WORLD BANK 2
3 Malaysia is a success story in harnessing natural resources for development Human Development Index (2005), vertical axis; Log of subsoil resources per capita (2005), horizontal axis MYS Resource Rich High HDI Mid HDI Low HDI Source: World Development Indicators, World Bank staff calculations. WORLD BANK 3
4 Resource revenues were invested, not consumed Increase in produced capital if Hartwick Rule followed, percent, vertical axis; Total natural resource rents as a share of GDP, average, percent, horizontal axis COG OMN NGA ZAR SAU TTO GAB VEN PNG SLE BDI UZB BRN GNB SYR IRN ECU ARE BHR BOL ZMB AZE DZA CAF NOR EGY KWT MRT CMR GUY CIV ARG ZWE MEX NIC ZAF PER CHL IDN CAN TCD COL MYS PAK TGO TUN URY SWE FIN NER RWA HUN AUS HND SLV GTM BEN BRA BFA GHA MWI UGA PHL IND DNK CRI BGD CHN DOM GMB FJI MDG USA SDN NPL SWZ SEN GBR KEN MLI LKA MAR THA NZL NLD JOR AUT BLZ BWA LSO PAN TUR Source: World Development Indicators, World Bank staff calculations. WORLD BANK 4
5 The economy diversified Sectoral shares in GDP, percent Primary Manufacturing Other Industry Services, etc Source: World Development Indicators WORLD BANK 5
6 The export basket diversified Sectoral shares in exports, percent Agricultural Raw Materials Ores and metals Manufactures Source: World Development Indicators WORLD BANK 6
7 No Dutch Disease Real Effective Exchange Rate Index, 2005= Source: World Development Indicators, World Bank staff calculations WORLD BANK 7
8 Benefits from growth were widely shared Rural household incomes, RM per month 3,500 3,000 2,500 2,000 Rural Household Incomes Rural Household Incomes: Bottom 40 percent CAGR: 5.9% 1,500 1, CAGR: 7.1% 0 Source: CEIC, Department of Statistics, Malaysia, World Bank staff calculations WORLD BANK 8
9 How did Malaysia do it? Malaysia pro-actively diversified the asset-base of the economy Export & GDP diversification = flow Asset diversification = stock (natural resources, human capital, infrastructure, etc.) Both sector-specific and economy-wide policies played a role PETRONAS as an effective resource fund Social policies were supportive of income-gains by low-income households WORLD BANK 9
10 Higher prices bring new challenges Index, Jan 1960=100, both axes 800 9, Palm Oil Rubber Petroleum (RHS) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Source: World Bank DECPG, World Bank staff calculations WORLD BANK 10
11 Higher oil prices has made fiscal revenues more commodities-dependent Oil revenues in the Budget as a share of GDP, percent Source: Accountant General s Department WORLD BANK 11
12 More revenues spent on consumption by the public sector Fiscal dependence on oil revenues has increased sharply since vs Emoluments, Pensions and Gratuities Fuel Subsidies Other Operating Expenditure Net Dev elopment Expenditure Oil Rev enues Non-Oil Rev enues Deficit Financing Non-Oil Primary Deficit All Expenditures Source: MoF, CEIC, World Bank staff calculations WORLD BANK 12
13 and private sector, since investment rate lower even as non-oil revenues declined Percent of GDP GFCF (Private) GFCF (Public) Gross Fixed Capital Formation Adjusted Net Savings Source: World Development Indicators and World Bank staff calculations WORLD BANK 13
14 Investments picked up in 2011 and 2012, but mostly in commodity sectors NKEA Investments, RM billion Commited investment Targeted investment balance to strike Oil, gas & energy Greater KL/KV Tourism Wholesale & retail E&E Business services Education Healthcare Palm oil & rubber CCI Agriculture Financial services % 14.8% 2.9% 5.3% 12.3% 1.6% 44.4% 33.8% 7.4% 0% 4.1% Source: PEMANDU WORLD BANK 14
15 Higher prices has also made the export basket more commodities-dependent Share of total exports of goods, percent 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Other manufacturing High-tech manufacturing Processed Commodities Raw Commodities 0% Source: CEIC and World Bank staff calculations. WORLD BANK 15
16 Economic performance became more strongly correlated with commodity prices Change from previous year, percent 100 S&P GSCI (% yoy, LHS) Nominal GDP (% yoy) Malaysia Correlation Q 92 1Q 94 1Q 96 1Q 98 1Q 00 1Q 02 1Q 04 1Q 06 1Q 08 1Q 10 1Q Source: Haver Analytics and World Bank staff calculations. WORLD BANK 16
17 Competitiveness of E&E appears to have declined Revealed Comparative Advantage Index, -1 to China Japan Malaysia Thailand Vietnam Korea Taiwan Indonesia Phillipines Hong Kong Source: World Bank staff calculations WORLD BANK 17
18 But the commodities super-cycle could be ending USD Billion Crude Oil Exploration & Production Spending Source: CEIC and World Bank staff calculations. WORLD BANK 18
19 bringing significant risks especially to the fiscal position Federal debt-to-gdp ratio, percent 65.0% 60.0% 95% - 99% 90% - 95% 75% - 90% 55.0% 67% - 75% 50% - 67% 50.0% 33% - 50% 25% - 33% 45.0% 10% - 25% 5% - 10% 1% - 5% 40.0% S1 scenario Source: World Bank Malaysia Economic Monitor November 2011 WORLD BANK 19
20 RM million What to do? Save more 1. Shift the balance of funds going to KWAN vs. directly to the budget 80,000 60,000 Government revenue from oil and gas Share of KWAN to petroleum revenue to Government (RHS) percent share ,000 20,000 0 CAGR: 10.5% Source: Accountant General s Office, Malaysia This requires raising new revenues through broader tax base (e.g. GST), and/or WORLD BANK 20
21 Spend less on distorting and environmentallyunfriendly subsidies on fuel Price gap between Malaysia s fuel prices and East Asia and world prices, USD per liter Price gap between East Asia and Malaysia Price gap btw World and Malaysia Source: World Bank WORLD BANK 21
22 and gas Potential Revenue foregone from gas subsidies, RM billion unless otherwise indicated Cumulativ e FY 2011 % of GDP since 1997 Power Sector Tenaga Nasional Bhd Independent Power Producers Non-Power Sector, including industrial, commercial, residential users and NGV Total Source: PETRONAS (2012) and World Bank staff calculations WORLD BANK 22
23 Invest more in R&D PETRONAS: 0.01% (2011) Source: Presentation given by Datuk (Dr) Abdul Rahim Hj Hashim, PETRONAS VP for Research & Technology, December WORLD BANK 23
24 and in assets that promote horizontal diversification Promote growth of high value-added, externally-oriented manufacturing and services through structural reform WORLD BANK 24
25 Improve public investment management to increase effectiveness of public investment Public investment management to convert natural resource revenues into public infrastructure with maximum efficacy Bolstering public investment management capacity is critical to ensure that scaled-up spending will yield the expected growth benefits. Project proposals should be carefully appraised and the capacity for project implementation strengthened, including by improved procurement practices. These reforms should be implemented in the context of wider public financial management reforms that provide a credible mediumterm orientation to the budget (Rajaram et. al. 2010). Introduce rigorous cost-benefit analysis to capital budgeting WORLD BANK 25
26 Key Messages While recent trends have raised some concerns, Malaysia remains a success story in natural resource management and offers many lessons to other resource-rich countries An evolution to the management of natural resources by PETRONAS: from direct contributions to the budget towards an Increased role for KWAN as a natural resource fund. This can be supported by: Broadening the tax base Replacing fuel subsidies with targeted transfers Reviewing gas pricing Export-orientation and openness key to ensure economy builds competitiveness in both manufacturing and services Rigorous evaluation of policy experiments E.g., rigorous cost-benefit analysis of fiscal incentives across industries WORLD BANK 26
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 informationFinancial 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 informationEconomic 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 informationLecture 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 informationThe 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 informationLecture 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 informationFigure 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 informationAccounting 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 informationAddressing 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 informationKen 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 informationIn 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 informationToday 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 informationA 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 informationBringing 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 informationFinance, 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 informationEconomic 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 informationExport 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 informationChina: 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 informationDeep 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 informationInfrastructure 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 informationThe 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 informationTHE 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 informationNatural 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 informationMacroeconomics 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 informationLecture 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 informationBuilding 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 informationPolitical 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 informationDoes 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 informationThe 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 informationTrade 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 informationThe 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 informationEconomic 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 informationA 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 informationTrade 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 informationInstitutional 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 informationEstimating 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 informationFear 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 informationIncen%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 informationThe 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 informationECON 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 information2006/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 informationGovernance, 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 informationHuman 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 informationThe 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 informationRethinking 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 informationDiversification 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 informationHuman 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 informationNon-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 informationInfrastructure 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 informationInstitute 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 informationNGO 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 informationDEPENDENT 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 informationMovement 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 informationThe 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 informationEcon 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 informationSubjective 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 informationGeography 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 informationTechnology 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 informationThe 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 informationHow 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 informationDoes 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 informationRelative 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 informationSubjective 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 informationPolitical 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 informationLife-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 informationGrowing 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 informationInformality 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 informationFertility 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 informationInformality 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 informationOverview 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 informationTrends 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 informationThe 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 informationHow To Account For Differences In Intermediate Input To Output Ratios Across Countries
Agriculture and Aggregate Productivity: A Quantitative Cross-Country Analysis Diego Restuccia University of Toronto Dennis Tao Yang Virginia Polytechnic Institute Xiaodong Zhu University of Toronto March
More informationInternational 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 informationEvaluation 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 informationMeasuring the Pollution Terms of Trade with Technique Effects
Measuring the Pollution Terms of Trade with Technique Effects Jean-Marie Grether, University of Neuchâtel Nicole Mathys, Swiss Federal Office of Energy and University of Neuchâtel Conference on the International
More informationSpecialization 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 informationPOPULATION 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 informationFirst 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 informationFinancial 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 informationOnline 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 informationSession 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 informationEconomists 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 informationChanging 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 informationIndustrial 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 informationThe Shift to Government Banking:
The Shift to Government Banking: Risks for the Netherlands and other Developed Countries Prof. Florencio Lopez de Silanes EDHEC Business School, NBER and DSF April 28, 2011 Amsterdam Outline I. The Policy
More informationE-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 informationAre «Good Governance» reforms a priority? Conceptual, measurement, and policy issues
SOAS & Mo Ibrahim Residential School on Governance in Africa Are «Good Governance» reforms a priority? Conceptual, measurement, and policy issues Nicolas Meisel (meiseln@afd.fr) Research Department - French
More informationFinancial Liberalization and Capital Flows: Facts
Financial Liberalization and Capital Flows: Facts Alberto Martin CREI, Universitat Pompeu Fabra and Barcelona GSE July 2014 The rise of nancial globalization Since the late 1970s Dramatic increase in nancial
More informationGlobal 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 informationCOMPLEXITY 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 informationRodolfo 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 informationDepartment 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 informationCountry 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 informationTripartite 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 informationPolicies for Economic Diversification. Dani Rodrik Raúl Prebisch Memorial Lecture ECLAC, Santiago August 31, 2005
Policies for Economic Diversification Dani Rodrik Raúl Prebisch Memorial Lecture ECLAC, Santiago August 31, 2005 Key ideas What you produce matters Economic fundamentals and comparative advantage do not
More informationF 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 informationSovereign Defaults: The Price of Haircuts
Sovereign Defaults: The Price of Haircuts Juan Cruces Univ. Torcuato Di Tella Christoph Trebesch University of Munich and CESIfo Debt Crisis Conference, Reykjavik University, 08.10.2011 1 INTRODUCTION
More informationBUILDING 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 information14.452 Economic Growth: Lecture 4, The Solow Growth Model and the Data
14.452 Economic Growth: Lecture 4, The Solow Growth Model and the Data Daron Acemoglu MIT November 8, 2011. Daron Acemoglu (MIT) Economic Growth Lecture 4 November 8, 2011. 1 / 52 Mapping the Model to
More information