Found 1720 article(s) in category 'Q1: Economic Growth'

William Hogan on Electricity Markets, Solutions for Climate Change, and Carbon Tax Policy

William Hogan on Electricity Markets, Solutions for Climate Change, and Carbon Tax Policy August 2019. GrowthPolicy’s Devjani Roy interviewed William Hogan, Raymond Plank Research Professor of Global Energy Policy at Harvard Kennedy School and Research Director of the Harvard Electricity Policy Group, on electricity markets, climate change, and carbon tax policy. | Click here for […]

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Pol Antràs on Trade, Taxation, Solutions for Income Inequality, and the Future of Globalization

Pol Antràs on Trade, Taxation, Solutions for Income Inequality, and the Future of Globalization August 2019. GrowthPolicy’s Devjani Roy interviewed Pol Antràs, Robert G. Ory Professor of Economics at Harvard University, on trade, taxation, solutions for income inequality, and the future of globalization. | Click here for more interviews like this one. Links: Pol Antràs’s faculty page […]

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Varieties of Outward Chinese Capital: Domestic Politics Status and Globalization of Chinese Firms

Varieties of Outward Chinese Capital: Domestic Politics Status and Globalization of Chinese Firms. Meg Rithmire, , Paper, “A great deal of scholarly and popular attention has been devoted the “specter of global China” (Lee 2017). Contemporary China has been interacting with and shaping processes of globalization since it opened its door in 1978, but the more recent spate of attention has focused specifically on Chinese outward investment, which has soared since the early 2000s and especially since the global financial crisis in 2008. Scholars and journalists have sought to understand the extent to which China is “buying the world,” what it means for both the developing world (presumed to be the target) and developed world (presumed to be the competition), and what patterns of investment can illuminate about whether China is “playing our game” (harmonizing with western political and economic institutions) or pursuing a revised world order (Nolan 2013; Steinfeld 2010; Toh 2017).Link

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What About Rochester?

What About Rochester? Kenneth Rogoff, August 1, 2019, Opinion, “There is much to be celebrated in the rise of modern megacities, especially in developing countries. But if the trend persists in advanced economies, which is by no means certain, greater public and private innovation will be required to strike a better regional growth balance.Link

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China, Like the US, Faces Challenges in Achieving Inclusive Growth Through Manufacturing

China, Like the US, Faces Challenges in Achieving Inclusive Growth Through Manufacturing. Robert Lawrence, August 2019, Paper, “For more than three decades the goal of becoming “the factory of the world” has been at the core of China’s development strategy. The approach was to use the country’s abundant labor supply to attract foreign firms to assemble components imported mainly from Asia and to export finished products to advanced industrial countries, especially to the United States. This strategy, in combination with high rates of domestic investment and low rates of consumption, made Chinese production the most manufacturing intensive in the…Link

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Monetary policy spillovers, capital controls and exchange rate flexibility, and the financial channel of exchange rates

Monetary policy spillovers, capital controls and exchange rate flexibility, and the financial channel of exchange rates. Feng Zhu, July 2019, Paper, “We assess the empirical validity of the trilemma (or impossible trinity) in the 2000s for a large sample of advanced and emerging market economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local policy rate to real-time forecasts of domestic fundamentals, global variables, as well as the base-country policy rate. In the regressions, we explore variations in the sensitivity of local to base-country policy rates across different degrees of exchange rate flexibility and capital controls. We find that the data are in general consistent with the predictions from the trilemma: Both exchange rate flexibility and capital controls reduce the sensitivity of local to base-country policy rates.Link

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Paul Reville on Redesigning Education in America

Paul Reville on Redesigning Education in America July 2019. GrowthPolicy’s Devjani Roy interviewed Paul Reville, the Francis Keppel Professor of Practice of Educational Policy and Administration at Harvard Graduate School of Education and former Secretary of Education for Massachusetts, on redesigning education in America. | Click here for more interviews like this one. Links: Paul […]

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Central Banks Should Forget About 2% Inflation

Central Banks Should Forget About 2% Inflation. Jeffrey Frankel, July 25, 2019, Opinion, “Despite years of monetary stimulus, inflation in the United States, Japan, and the eurozone continues to undershoot central banks’ 2% target. Rather than doubling down on their oft-missed goal, however, perhaps the Fed and other central banks should quietly stop pursuing it aggressively.Link

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Coordination Frictions in Venture Capital Syndicates

Coordination Frictions in Venture Capital Syndicates. Ramana Nanda, Matthew Rhodes-Kropf, 2019, Book Chapter, “A clear implication of these potential frictions is that entrepreneurs need to be careful about how to select and build the syndicate of VC investors that back their firm … 18–037). Harvard Business School…Link

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China’s Overseas Lending

China’s Overseas Lending. Carmen Reinhart, July 2017, Paper, “Compared with China’s dominance in world trade, its expanding role in global finance is poorly documented and understood. Over the past decades, China has exported record amounts of capital to the rest of the world. Many of these financial flows are not reported to the IMF, the BIS or the World Bank. “Hidden debts” to China are especially significant for about three dozen developing countries, and distort the risk assessment in both policy surveillance and the market pricing of sovereign debt. We establish the size, destination, and characteristics of China’s overseas lending. We identify three key distinguishing features. First, almost all of China’s lending and investment abroad is official. As a result, the standard “push” and “pull” drivers of private cross-border flows do not play the same role in this case. Second, the documentation of China’s capital exports is (at best) opaque. China does not report on its official lending and there is no comprehensive standardized data on Chinese overseas debt stocks and flows. Third, the type of flows is tailored by recipient. Advanced and higher middle-income countries tend to receive portfolio debt flows, via sovereign bond purchases of the People’s Bank of China. Lower income developing economies mostly receive direct loans from China’s state-owned banks, often at market rates and backed by collateral such as oil. Our new dataset covers a total of 1,974 Chinese loans and 2,947 Chinese grants to 152 countries from 1949 to 2017. We find that about one half of China’s overseas loans to the developing world are “hidden”.Link

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