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. 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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A Claim to Own Productive Property. Nien-he Hsieh, 2019, Book Chapter, “The status of economic liberties remains a serious lacuna in the theory and practice of human rights. Should a minimally just society protect the freedoms to sell, save, profit, and invest? Is being prohibited to run a business a human rights violation? While these liberties enjoy virtually no support from the existing philosophical theories of human rights and little protection by the international human rights law, they are of tremendous importance in the lives of individuals, particularly the poor. Like most individual liberties, economic liberties increase our ability to lead our own life. When we enjoy them, we can choose the occupational paths that best fit us and, in so doing, define who they are in relation to others. Furthermore, in the absence of good jobs, economic liberties allow us to create an alternative path to subsistence. This is critical for the millions of working poor in developing countries who earn their livelihoods by engaging in independent economic activities. Insecure economic liberties leave them vulnerable to harassment, bribery, and other forms of abuse from middlemen and public officials. This book opens a debate about the moral and legal status of economic liberties as human rights. It brings together political and legal theorists working in the domain of human rights and global justice, as well as people engaged in the practice of human rights, to engage in both foundational and applied issues concerning these questions.Link

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Are New Graduates Happier Making More Money or Having More Time? Ashley Whillans, July 25, 2019, Paper, “Each year across North America, millions of graduates have to make tradeoffs between time and money as they plan their next steps. Despite the importance of these choices, we know surprisingly little about how people navigate major life decisions that involve making more money at the expense of having less time, and vice versa. Researchers asked more than 1,000 graduating college students in Canada whether they generally prioritized time or money. They found that students who prioritized time at graduation were happier and more satisfied with their careers 1 to 2 years later than those who prioritized money. They explored why that might be and how factors like financial security and student debt play a role in people’s decision-making and happiness.Link

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Is Politics Getting to the Fed? Robert Barro, July 23, 2019, Opinion, “In the early 1980s, the chairman of the US Federal Reserve, Paul Volcker, was able to choke off runaway inflation because he was afforded the autonomy necessary to implement steep interest-rate hikes. Today, the Fed is clearly under unprecedented political pressure, and it is starting to show.Link

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The Purposes of Refugee Education: Policy and Practice of Including Refugees in National Education Systems. Sarah Dryden-Peterson, July 16, 2019, Paper, “This article explores the understood purposes of refugee education at global, national, and school levels. To do so, we focus on a radical shift in global policy to integrate refugees into national education systems and the processes of vernacularization accompanying its widespread implementation. We use a comparative case study approach; our dataset comprises global policy documents and original interviews (n = 147) and observations in 14 refugee-hosting nation-states. We analyze how the purposes of refugee education are understood and acted upon by actors occupying diverse positions across these nation-states and over time. We demonstrate that the articulated purposes of refugee education are oriented toward possible futures for refugees, and they presuppose refugees’ access to quality education, social belonging, and economic opportunities. Yet we find that across nation-states of exile, refugees’ access to these resources is tenuous. Our findings suggest reconceptualizing refugee education to reflect how refugees are simultaneously embedded within multiple national contexts and to address the exclusions they face within each one. This study of refugee education has implications for understanding the purposes of education in other ever-more-common contexts of uncertainty, including the rapid economic and social changes brought about by migration, globalization, and technology. Empirically, understanding the purposes of refugee education is critical in a time of unprecedented forced migration.Link

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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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How to Address Venezuela’s Crushing Debt Burden. Ricardo Hausmann, July 10, 2019, Opinion, “The legacy of Chávismo includes a mountain of foreign-currency-denominated claims against the Venezuelan public sector, totaling $150 billion, almost all of which is now in default. When Nicolás Maduro finally leaves power, how can these claims be settled while meeting the country’s desperate need for humanitarian relief and economic recovery?Link

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Christine Lagarde enters the European Central Bank at a perilous moment. Lawrence Summers, July 9, 2019, Opinion, “The announcement last week that Christine Lagarde would be leaving her post as managing director of the International Monetary Fund to become president of the European Central Bank marks what may be the most important change in the leadership of the international financial system in decades. At a time when the United States is abdicating its systemic responsibilities and focusing only on narrow commercial interests, the role Lagarde is leaving and the one she is entering are of preeminent importance.Link

 

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