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  Working Paper No. 1032

  Applying OECD Policy Evaluation Criteria to Child Protection Schemes in India

  The policy evaluation is a crucial component in analyzing the efficacy of public spending in translating the money spent into desired outcomes. Using OECD evaluation criteria, we analyzed the child protection schemes of Odisha to understand whether legal commitments on child protection are translated into fiscal commitments. The intergovernmental fiscal transfers and state-targeted programs for […]
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  Working Paper No. 1031

  A Stock-Flow Ecological Model from a Latin American Perspective

  This study aims to develop an ecological stock-flow consistent (SFC) model based on the Latin American–stylized facts regarding economic, financial, and environmental features. We combine the macro-financial theoretical framework by Pérez-Caldentey et al. (2021, 2023) and the ecological modeling of Carnevali et al. (2020) and Dafermos et al. (2018). We discuss two scenarios that test […]
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  Working Paper No. 1030

  Economic Transformation and Growth in the Philippines

  The main gateway for the Philippines to develop and become an upper-middle-income economy—and eventually, a high-income economy—is to expedite the shift of workers out of agriculture and to produce and export more complex products with a higher income elasticity of demand. The actual growth rate is constrained by the balance-of-payments equilibrium growth rate, about 6 […]
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  Working Paper No. 1029

  Is Anything Left of the Debate about the Sources of Growth in East Asia Thirty Years Later?

  The year 2023 commemorates the 30th anniversary of the publication of the influential, yet controversial, study The East Asian Miracle report by the World Bank (1993). An important part of the report’s analysis was concerned with the sources of growth in East Asia. This was based on the neoclassical decomposition of growth into productivity and […]
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  Policy Notes No. 4

  Effects of Forced Formalization (Demonetization) in the Indian Economy 

  Nischal Dhungel examines the impact of India’s demonetization experiment—an effort at “forced formalization” of the economy. He urges a more organic approach to formalization, pairing efforts to bring the unbanked population into the banking system with greater funding and accessibility for India’s signature employment guarantee program.
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  Institute Scholar Michalis Nikiforos’ op-ed “Markups, Profit Shares, and Cost-Push-Profit-Led Inflation” featured by The Institute for New Economic Thinking

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  Institute Scholar Michalis Nikiforos and Simon Grothe’s article “Markups, Profit Shares, and Cost-Push-Profit-Led Inflation” was featured by the Institute for New Economic Thinking

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  Working Paper No. 1028

  Contractionary Effects of Foreign Price Shocks (and Potentially Expansionary Effects of Inflation)

  Using the model proposed in Krugman and Taylor’s “Contractionary effects of devaluation” (1978), we examine the macroeconomic effects of shocks to foreign prices. We show that these shocks can be contractionary for two reasons: (i) because they imply a loss of income if an economy has a trade deficit or import prices increase proportionally more […]
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  Working Paper No. 1027

  Structural Change and Gender Sectoral Segregation in Sub-Saharan Africa

  Structural change has long been at the core of economic development debates. However, the gender implications of structural change are still largely unexplored. This paper helps to fill this gap by analyzing the role of structural change in the gender distribution of sectoral employment in sub-Saharan African countries. I employ aggregate and disaggregate measures of […]
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  Working Paper No. 1026

  Banking Sector, Distributive Conflict, and Monetary Theory of Distribution

  This paper analyzes the implications of distributional contrast for the monetary theory of distribution. The first step is to try to introduce the banking sector within Pivetti's monetary distribution theory approach. Pivetti in fact does not analyze the links between the central bank and the banking sector. It therefore seems interesting to study what role […]
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  Working Paper No. 1025

  Unconventional Monetary Policy or Automatic Stabilizers?

  The purpose of public policy, expansionary or contractionary, is to encourage the expansion of income, output, and employment. Theory decides the nature and kind of policy, and the underlying mechanics that result in expansion. Keynes (1964) brings money and a monetary production economy to the forefront of economic analysis, yet in the General Theory, he […]
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  Working Paper No. 1024

  When Minsky and Godley Met Structuralism

  Underdevelopment is often conceived as being reproduced domestically. This paper emphasizes the international forces that enable the persistence of underdevelopment. We first explore how the currency hierarchy imposes a dependency relation between developed and underdeveloped economies. We improvise and quantify the currency hierarchy using ratios from the consolidated sovereign balance sheet. Using the improvisation of […]