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Andrew G Haldane
Andrew G. Haldane is Head of Market Infrastructure at the Bank of England. Previous to that he was Head of International Finance at the Bank. He is the author of over 60 articles on monetary policy, international finance and financial stability and the editor of two books—on Targeting Inflation and on Fixing Financial Crises in the 21st Century. He has served as a consultant for a number of international organisations, most recently the International Monetary Fund.

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Andrew G. Haldane
Andrew Haldane is Head of Systemic Risk Assessment at the Bank of England where he is responsible for conducting policy and research on risks to the UK financial system and the Bank’s Financial Stability Report. Prior to that he was Head of International Finance and Head of Market Infrastructure at the Bank. He has written extensively on monetary policy and financial stability issues, including books on inflationtargeting, international financial crises and, most recently, payment systems.

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Günther G. Schulze
Günther G. Schulze is Professor of Economics at the University of Freiburg, Germany. His main research areas are international economics, international environmental economics, and interjurisdictional competition. He is author of The Political Economy of Capital Controls (2000, Cambridge University Press) and editor of International Environmental Economics (2001, Oxford University Press, jointly with Heinrich Ursprung).

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Jeffrey G. Williamson
Jeffrey G. Williamson is the Laird Bell Professor of Economics, Faculty Associate at the Center for International Development, Harvard University and Research Associate at the National Bureau of Economic Research. He has twice received the Galbraith Prize for the best teacher in Harvard’s graduate economics program. During 1994–1995 he was President of the Economic History Association. Professor Williamson teaches and does research on economic history and the contemporary Third World. Some topics he has explored recently include: the growth and distributional implications of the demographic transition in Asia 1950–2025 and the Atlantic economy 1820–1940; the impact of international migration, capital flows and trade on factor price convergence in the greater Atlantic economy since 1830; the sources of globalization backlash before World War I; the causes of the cessation of convergence during the de-globalization years between 1914 and 1950; a detailed analysis of both the sources and consequences of the mass migrations prior to the 1920s and after the 1950s; the economic implications of 1492. New research topics include a project establishing a data base and then the exploration of the evolution of world factor prices and living standards since 1820.

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Leslie G. Manison
Leslie G. Manison
Leslie G. Manison is an economist, specialising in macroeconomic policy analysis and international financial relations. He is a former senior economist at the International Monetary Fund, an ex-advisor in the Cyprus Ministry of Finance, and a former senior advisor in the Central Bank of Cyprus.

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M. G. Quibria
M. G. Quibria is currently Advisor, Operations Evaluation Department, Asian Development Bank and was previously Assistant Chief Economist in the research department. He also held teaching and research appointments at Nuffield College, Oxford; Boston University; and ADB Institute. Dr Quibria is the author of many scholarly articles and books. He obtained his MA and Ph.D. degrees in economics from Princeton University.

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M.G. Quibria
M.G. Quibria
M.G. Quibria is currently Professor of International Development at Morgan State University, Baltimore, MD. Previously, he was Assistant Chief Economist and Senior Advisor at the Asian Development Bank and the Asian Development Bank Institute, respectively. He also held teaching and research appointments at Nuffield College, Oxford, Boston University and Singapore Management University. Dr Quibria is the author of many scholarly articles and books. He obtained his MA and PhD degrees in economics from Princeton University.

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M.G.Quibria
M.G.Quibria
Muhammad Quibria is currently Professor of International Development at Morgan State University, Baltimore, MD. Previously, he was Assistant Chief Economist and Senior Advisor at the Asian Development Bank and the Asian Development Bank Institute, respectively. He also held teaching and research appointments at Nuffield College, Oxford, Boston University and Singapore Management University. Dr Quibria is the author of many scholarly articles and books. He obtained his MA and PhD degrees in economics from Princeton University.

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Richard G. Richels
Richard G. Richels is Director of Global Climate Change Research at the Electric Power Research Institute, Palo Alto, California, USA, where he studies the economic implications of greenhouse gas emission reduction policies. He is active in the Energy Modeling Forum and the Intergovernmental Panel on Climate Change.

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Roger G. Noll
Roger G. Noll
Roger G. Noll is Professor of Economics (emeritus) at Stanford University.

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Peter A.G. van Bergeijk
Peter A.G. van Bergeijk
Peter A.G. van Bergeijk is Professor of International Economics and Macroeconomics at the Institute of Social Studies (Erasmus University) . His research interests in the field of international economics include economic sanctions, diplomacy, development, competition policy regimes and trade uncertainty. His most recent books include Sustainable Development Goals and Income in Equality (co-edited with Rolph van der Hoeven, Edward Elgar 2017) and Research Handbook of Economic Diplomacy (co-edited with Selwyn Moons, Edward Elgar 2017) Articles have appeared amongst others in Ecological Economics, Journal of Peace Research, Cambridge Journal of Regions, Economy and Society, and World Development. Bergeijk has a Ph.D. in International Economics from Groningen University and a MA in theoretical economics from Erasmus University, where he was a Professor of Economic Policy in the Research Centre for Economic Policy (1998–2004). He was a Visiting Professor in Monetary Policy at the University of Zurich, Switzerland (1999-2001). Bergeijk has been strongly involved in policy making and banking. He served several high ranking functions in economic diplomacy including the Bureau of the OECD’s EPC Working Party 1 (2007-2009), the steering committee of the EU’s ECN chief competition economist network (2004-2006) and the EU’s Monetary Committee (1997-1999). He was a Chief Economist at the Dutch competition authority NMa (2001-2006) and the Directorate General for International Economic relations (2006-2009). Previous positions include Director of the Monetary and Economic Policy department of De Nederlandsche Bank NV (Central Bank) (1997-1999) and Director of UBS Group Economic Research, Zurich, Switzerland (1999-2001).

  Click to view all papers by Peter A.G. van Bergeijk on World Economics.


Combining Growth and Gender Diagnostics for the Benefit of Both
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Elena Ianchovichina & Danny Leipziger, World Economics, December 2019
Women’s economic empowerment is not a new issue, but it continues to challenge both governments and development assistance agencies. Progress in closing the gender gap in labor force participation has stalled despite closing the gender gap in education. One reason for this may be that gender advocates and growth devotees are not pursuing both agendas simultaneously when there is a huge space for them to collaborate effectively. Gender-enhanced growth diagnostics offers a ‘win-win’ solution to this problem. It identifies distortions that constrain both economic growth and female labor force participation and can therefore point to efficient welfare-enhancing interventions that close gender gaps. Applied to Turkey, this approach reprioritizes the constraints to economic growth and inclusion.
Global Trade Data
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World Economics, December 2019
There are serious problems with official trade statistics since according to the IMF in 2016 the world imported US$339 billion more than it exported. The Ricardian concept of comparative advantage in final goods is no longer fully relevant to explain trade between countries and the solution is to operate a paradigm shift in the packaging and interpretation of trade data. The accuracy and reliability of data is affected by a number of key biases separate from data quality issues and misreporting. The main problems are trade data asymmetries; the Rotterdam Effect and the impact of global value chains. Until this happens international trade statistics will be used as evidence of global trade imbalances and form the basis of potentially misguided policies aimed at their correction.
How to Increase your Countries GDP
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World Economics, December 2019
There are three ways to increase the real Gross Domestic Product (GDP) of any country. First, by producing more goods and services in a given time frame. This is not easy. Second, by fiddling the figures, a method often adopted by politicians of all kinds, as the economist John Kay illustrated in an article in the Financial Times titled: “Politicians will always succumb to the need to bend data“ (and this in relation to the UK!) There are many ways to do this, and it’s the easiest, cheapest and quickest method. There are only two downsides. First you may be found out. Second, “bending “or otherwise fiddling GDP data may lead to the adoption of seriously erroneous policy decisions. It’s all too easy to believe your own lies... A third method, and the one on which this paper will focus is to measure the output already produced more accurately. Usually but not universally this produces a significant increase in GDP, with many beneficial effects. This method is also relatively easy (no rocket science involved), and cheap (and can easily pay for itself in reduced debt servicing charges). Furthermore, unlike actually producing more goods and services, it doesn’t contribute to global warming.
The Cause of Disinflation
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Jang C. Jin, World Economics, December 2019
An empirical model estimates the effects of central bank independence and increasing globalisation on recent disinflation. The model that includes the globalisation measure is found to fit the data better than the one with central bank independence alone. Using pooled sample periods gives further information on recent disinflation that was largely caused by globalisation, and partly by central bank independence. The results suggest that many industrialised countries, including the United States, benefited from globalisation lowering inflation rates during the late twentieth century.
Global Population Data Quality Ratings
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World Economics, March 2020
The accuracy of population data varies widely across countries. The most comprehensive data on the number of people living in a territory and their demographic profile, a vital component for public sector economic and social planning and also for private sector needs, is usually available from the result of a census.
The Alarming Problems Caused By Misleading Trade Data
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World Economics, March 2020
The fact that world exports do not match world imports indicates that there are serious problems with official trade statistics.
Measuring Modern Business Investment: A Case Study for Germany
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Michael Grömling, World Economics, March 2020
An extended concept for intangible investment does not lead to additional investment momentum in the case of Germany. This corresponds to experiences with former extension of investments in national accounts. Also, growth in real GDP and the related labour productivity dynamics are not higher when a broader definition of investment in the form of intangibles is applied. Even if the investment processes are defined beyond the measurement concept for intangibles established by Corrado, Hulten and Sichel, there are no fundamentally different findings for German investment dynamics based on a special company survey. However, these findings should not be misunderstood as suggesting there is no need for action in terms of statistical measurement. Extended concepts and estimates signal for Germany considerable level effects of a more broadly defined investment concept.
Cryptocurrency Challenges Sovereign Currency
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George C. Georgiou, World Economics, March 2020
All national and international monetary structures have evolved to assist in the creation and management of sovereign fiat currencies. This sovereign currency status quo was suddenly upended with the arrival of the first cryptocurrency, Bitcoin, in 2008 which introduced a peer-to-peer digital fiat currency without the need of a central banking system, through a trustless, fungible and tamper-resistant distributed accounting system known as blockchain. The response to the threat posed by cryptocurrency has ranged from declaring it illegal, attempting to regulate it, ignoring it, treating it as a commodity and/or like any other financial asset and regulating it as such; or more recently seriously considering state-backed digital currency. Presently the assessment appears to be that of ‘co-existence’ with central banks providing national/sovereign currency, primarily digital currency, and cryptocurrency vying with gold as a back-up or ‘insurance’ against the perils of a sovereign fiat currency.
Data Quality Rating: China
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World Economics, September 2019
The quality of GDP data in China is improving, and up to date in many respects. But is still some way from good quality. Use with caution!
A Statistician’s Ordeal - The Case of Andreas Georgiou
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Miranda Xafa, World Economics, September 2019
For the past eight years Andreas Georgiou has been facing prosecution for the way he discharged his duties while he was president of Greece’s statistical agency (ELSTAT) in 2010-15. His detractors claim that Greece was forced to face harsher conditionality because the deficit was revised upwards, thus helping to justify externally imposed austerity. Despite overwhelming evidence that Mr. Georgiou correctly applied EU rules in revising Greece’s fiscal deficit and debt figures, and despite strong international support for his case, some Greek courts continued the pursuit. The Georgiou case tested the independence of the Greek judiciary, as some senior prosecutors and judges would appear to have repeatedly failed to act in accordance with the rule of law and due process. With a solid majority in parliament, the newly-elected center-right New Democracy government has the opportunity to deliver deep institutional and economic reforms. Ensuring the independence of the judiciary should be a top priority.
Measuring Natural Capital and the Causes of Deforestation
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Brian Sturgess, World Economics, September 2019
This study looks at the measurement of the extent, causes and consequences of deforestation as a depletion of a stock of natural capital, a topic of interest to national statistics offices (NSO) in the preparation of satellite accounts. Currently many anomalies and unresolved issues affect the construction of forest databases, although efforts are currently under way to resolve these data problems. Brazil and Indonesia account for 35% of global forest loss in the sample of countries studied in this paper between 1990 and 2015. This has called beef and palm oil to international attention, especially from environmental activists. The case of Malaysia, where consistent data show that reforestation has followed rising GDP per capita and strong policy on forest management, provides strong empirical support for Forest Transition Theory.
China’s Monetary Policy Functions from the Core Inflation Perspective
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Yu Li Zhu & Lu Chang Rong, World Economics, September 2019
Based on the open-economy new Keynesian model, this paper studies the influence of core inflation on the central bank’s monetary policy reaction rules by optimising the multi-target welfare loss functions, and draws three conclusions. Sustainable balance of payments should be considered as a goal rather than a tool for monetary policy. The central bank should focus more on core inflation than normal inflation in its daily operations. An authoritative core inflation sequence should be established as a focal point in the policymaking process. In addition, we emphasise that the central bank should accurately judge the impacts of real exchange rate changes, and adjust how frequently it intervenes in interest rates.
Income Inequality and Foreign Direct Investment in Australia
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Anna Ploszaj, Tarlok Singh & Jen-Je Su, World Economics, June 2019
Income, wealth and consumption are three main factors that determine people’s standard of living. Many organisations in Australia report that in recent years the Australian standard of living has been changing, with some people falling behind. This paper examines the magnitude of and the factors contributing towards the growing income inequality in Australia. The data shows that income inequality, which in Australia in the mid-1990s was around the same level as in other developed countries, has recently outpaced their levels. The data on FDI shows that, at the same time as income inequality was on the rise, the amount of FDI inflows to Australia increased and despite a higher FDI restrictiveness index than the average for OECD countries Australia holds its position in the top ten countries in terms of the preferred destination of FDI.
Saudi Arabian Labour Market Data Outlines the Challenges of Reform
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Brian Sturgess, World Economics, March 2019
Saudi Arabia’s Council of Ministers approved an ambitious National Transformation Programme (NTP) in June 2016 with the aim of carrying out a complete restructuring of the economy. The implementation of Vision 2030 has major implications for the structure of Saudi Arabia’s labour market with the creation of 1.2 million non-oil private sector jobs, most of which are expected to be taken up by citizens. Official data shows the labour market has a number of distinctive features which will challenge the implementation of Vision 2030: an overreliance on expatriate labour; a preference by nationals for public sector jobs; a gender imbalance; persisting structural unemployment and problems in balancing labour supply and demand. The government is attempting to change the operation and structure of the labour market by a set of policies involving quotas, subsidies, taxes, penalties and the provision of information services, but for a number of reasons change is unlikely to proceed smoothly in the next few years.
The Informal Economy: Who Wins, Who Loses and Why We Care
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Giovanna Maria Dora Dore, World Economics, March 2019
The informal economy is one of the most complex economic and political phenomena of our time. It exists in rich and poor countries alike, and currently employs almost half of the world’s workers, about 1.8 billion people. •At a value of US$10 trillion, the informal economy is the second-largest economy in the world, after the economy of the United States (at US$14 trillion) and before that of China (at US$8.2 trillion). High taxes, labour costs and social security infrastructures, undeclared work and underreporting are among the most powerful drivers of informality. Measures promoting behavioural changes can help counter its growth, even though controls and penalties remain more popular as tools in the fight against the informal economy. The informal sector remains the fastest-growing part of the world economy and we need a better understanding of what it means for business and society and why it is the preferred operating sector for many entrepreneurs.
The Comparative Analysis on the Population Control Policies in China and India
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Min-kyung, KIM, World Economics, March 2019
Population is a source of a nations’ strength and national security, but some overpopulated countries in Asia are trying to lower their population growth, even implementing population control policies. This paper conducts a comparative study of China and India to explore the effectiveness of their population control policies, and its findings suggest that education can be one of the strongest methods to curb the population explosion, reducing its side effects by giving Kerala case. This study suggests that further attention must be given to more cases in China and India related to the correlation between the level of education and population growth. Also, the case of Kerala will be needed to be researched more in-depth and yield more concrete recommendations to facilitate an added value to this field.
The European Union Must Defend Andreas Georgiou
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Nicolas Véron, World Economics, March 2019
In August 2010, Andreas Georgiou, former President of the Hellenic Statistical Authority, was charged with having harmed Greece's national interests. In this paper, Nicolas Veron argues that the relentless prosecutions against Georgiou are more than a matter of shameful harassment by Greece. Georgiou’s case also raises disturbing questions about the integrity of European statistical processes. The European Union also needs to consider reforming its statistical framework to ensure a similar scandal cannot recur.
An Economic Comparison of Greece and Italy
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Theodore Pelagidis, World Economics, December 2018
In Greece and Italy, populist parties have taken power in recent years, a result of coalition between radical left and far-right parties. Both countries are of concern to the European Commission—Greece’s ‘enhanced surveillance’ could end in another bail-out program; Italy is pursuing its budget deficit dispute. Greece and Italy share many economic structural weaknesses in the size of public sector deficits, in the taxation of labour, corporate taxes, and high levels of regulation. Finally, the current and future growth rates of both Greece and Italy are inadequate and the political climate is highly polarized, radical, with no culture of compromising.
CryptoRuble: From Russia with Love
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Zura Kakushadze & Jim Kyung-Soo Liew, World Economics, December 2018
A large number of decentralized cryptocurrencies has emerged since the inception of Bitcoin in 2009, with a total market size exceeding $170bn. Recent reports suggest that Russia will issue its government-backed cryptocurrency, CryptoRuble, in the middle of 2019. Russia’s primary goal in issuing a government cryptocurrency is to free its monetary system from the controls exerted by the Federal Reserve and their allied central banks. Government-issued cryptocurrencies will increase: Large sovereign states have the technological know-how and means to do this, but small and/or developing countries may be forced to outsource issuance of their government-backed cryptocurrencies to larger states.
The Seemingly Underappreciated Role of Panel Data in Measuring Poverty and Economic Transformation
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Hai-Anh H. Dang & Calogero (Gero) Carletto, World Economics, September 2018
Panel survey data play a crucial role in producing estimates on welfare dynamics as well as insights into transformation processes in developing economies. Panel survey data are indispensable for effective policy advice for poverty reduction and growth. Fielding and maintaining a good-quality panel survey requires investment in financial and technical resources as well as careful planning, especially in developing countries. Statistical techniques can also be employed to produce estimates on poverty dynamics as an alternative methodology, but a new hybrid approach can combine the advantages of both methods.

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