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Report No. 3
Report June 1996
Speaking at the Levy Institute’s sixth annual conference on the financial structure, summarized in this issue, Federal Reserve Governor Janet L. Yellen expresses concern that financial innovation has complicated regulating traditional measures of financial soundness. Contents: Annual Conference on Employment * Sixth Annual Conference on the Financial Structure * Forums: Immigration and Ethnicity * The […]
Press Release
Capital Gains Tax Cut Will Not Spur Substantial Investment and Economic Growth, New Study Shows
Working Paper No. 166
The Minimum Wage and the Path towards a High Wage Economy
According to Resident Scholar Oren M. Levin-Waldman, the arguments both in favor of raising the minimum wage (to restore its real spending power to levels of previous years, to increase the incentive to work, and, as a matter of fairness, to allow those who work to earn incomes above the poverty line) and against raising […]
Working Paper No. 165
Economic Insecurity and the Institutional Prerequisites for Successful Capitalism
In this working paper, Distinguished Scholar Hyman P. Minsky and Visiting Scholar Charles Whalen search for reasons to account for the split in post-World War II economic performance—that is, the difference in performance between the 1946–66 period and the 1966–96 period. The authors discuss a number of economic problems that have arisen during the past […]
Working Paper No. 164
The Consumer Price Index As a Measure of Inflation
A consensus is emerging among economists and policymakers that the consumer price index (CPI) as a measure of cost of living has an upward bias. As a result, downward revisions of cost-of- living adjustments are frequently recommended, especially in discussions about deficit reduction. Such revisions would lower the rate of increase of some entitlements and […]
Working Paper No. 163
Managing Foreign Capital Flows
Between 1990 and 1994, developing countries in Asia posted $261 billion in net capital inflows, an amount equivalent to about half the total inflows to all developing countries. Although foreign direct investment accounts for the largest portion of net inflows to Asia, the share of portfolio investment has been steadily rising, from an average of […]
Working Paper No. 162
Capital Account Regulations and Macroeconomic Policy
A resurgence of perceived opportunities by international investors has resulted in a new policy debate regarding the regulation of capital flows into certain South American countries. The integrationist camp defends totally open markets on the grounds that they result in a more efficient financial sector, greater asset diversification, and other benefits; those in the isolationist […]
Working Paper No. 161
Globalization, Capital Flows, and International Regulation
In the postwar period prior to 1990 policy proposals aimed at reducing the instabilities associated with increased capital flows focused on increasing market efficiencies so that nominal variables would reflect real conditions in the economy. However, those in charge of financial resource flows applied theories largely unconcerned with fundamentals, resulting in such financial market instabilities […]
Working Paper No. 160
Intervention versus Regulation
This new working paper investigates the roles the International Monetary Fund (IMF) might play given its mandate to provide institutional support for a global capital market that can promote trade and investment, and given current worldwide economic instabilities such as highly volatile exchange rates. The experience of steady growth and price stability under the Bretton […]
Working Paper No. 159
The Anatomy of the Bond Market Turbulence of 1994
The bond market sell-off of 1994 has begun to show up on lists of market events against which risk management systems are judged, but there has been little analysis of the cause of the 1994 decline. This new working paper fills the void by examining a number of factors that might explain the rise in […]
Working Paper No. 158
Capital Inflows and Macroeconomic Policy in Sub-Saharan Africa
Little has been written about capital flows to sub-Saharan Africa (SSA), largely because of the flows’ small size and data limitations. In this working paper, Louis Kasekende, executive director for policy and research at the Bank of Uganda; Damoni Kitabire, commissioner for the Macroeconomic Policy Department for the Ministry of Finance and Economic Planning in […]
Working Paper No. 157
A New Facility for the IMF?
In this working paper, John Williamson, senior fellow at the Institute for International Economics, evaluates proposals to create a short-term financing facility within the International Monetary Fund (IMF). The emphasis in this facility would be on the period within which the IMF would respond to a request for assistance, rather than on the duration of […]