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  Working Paper No. 633

  Immigrant Parents’ Attributes versus Discrimination

  There is much interest in explaining the persistent ethnic gaps in education among Israeli Jews; specifically, the much lower attainments of those from Asian and African countries compared to the rest—Mizrahim vs. Ashkenazim, respectively. Some explanations (especially early ones) have stressed premigration immigrant characteristics, particularly the relatively lower level of educational attainment among Mizrahim. More […]
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  Blog

  Something from the Bookshelf

  I’ve emerged this morning to report on some of what’s transpired recently. I’m not referring to whatever might have happened yesterday and overnight at major centers of research in neoclassical macroeconomics, such as the University of Minnesota. I’m referring to a new book by John Quiggin entitled Zombie Economics: How Dead Ideas Still Walk Among [...]
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  Working Paper No. 632

  The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy

  This paper investigates private net saving in the US economy—divided into its principal components, households and (nonfinancial) corporate financial balances—and its impact on the GDP cycle from the 1980s to the present. Furthermore, we investigate whether the financial markets (stock prices, BAA spread, and long-term interest rates) have a role in explaining the cyclical pattern […]
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  Working Paper No. 631

  Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework

  This paper explores the degree of structural change of the Philippine economy using the input-output framework. It examines how linkages among economic sectors evolved over 1979–2000, and identifies which economic sectors exhibited the highest intersectoral linkages. We find that manufacturing is consistently the key sector in the Philippine economy. Specifically, resource-intensive and scale-intensive manufacturing industries […]
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  Public Policy Brief No. 116

  An Alternative Perspective on Global Imbalances and International Reserve Currencies

  The stability of the international reserve currency’s purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well as the compatibility of export-led development strategies with international payment balances. According to Senior Scholar Jan Kregel, export-led growth and free capital flows are the […]
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  Working Paper No. 630

  Managing Finance in Emerging Economies

  India has been experiencing rising inflows of overseas capital since the deregulation of its financial sector. Often looked upon as a success story among other emerging economies, the country has been subject to pitfalls and trilemmas that deserve attention. It has been officially recognized by the Governors of RBI that the financial crisis in India […]
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  Working Paper No. 629

  The Impact of Geography and Natural Resource Abundance on Growth in Central Asia

  This paper examines the growth experience of the Central Asian economies after the breakup of the Soviet Union. In particular, it evaluates the impact of being landlocked and resource rich. The main conclusions are: (1) Over the period 1994–2006, the landlocked resource-scarce developing countries of Central Asia grew at a slower pace than other landlocked […]
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  Policy Notes No. 3

  Why the IMF Meetings Failed, and the Coming Capital Controls

  The global financial breakdown is part of the price to be paid for the refusal of the Federal Reserve and Treasury to accept a prime axiom of banking: debts that cannot be paid, won’t be. These agencies tried to “save” the banking system from debt writedowns by keeping the debt overhead in place, while reinflating […]
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  Working Paper No. 628

  The Role of Trade Facilitation in Central Asia

  With a decrease in formal trade barriers, trade facilitation has come into prominence as a policy tool for promoting trade. In this paper, we use a gravity model to examine the relationship between bilateral trade flows and trade facilitation. We also estimate the gains in trade derived from improvements in trade facilitation for the Central […]
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  Working Paper No. 627

  The Transition from Industrial Capitalism to a Financialized Bubble Economy

  For the past decade, the US economy has been driven not by industrial investment but by a real estate bubble. Although the United States may seem to be the leading example of industrial capitalism, its economy is no longer based mainly on investing in capital goods to employ labor to produce output to sell at […]
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  Working Paper No. 626

  Technical Change in India’s Organized Manufacturing Sector

  We use the real wage–profit rate schedule to examine the direction of technical change in India’s organized manufacturing sector during 1980–2007. We find that technical change was Marx biased (i.e., declining capital productivity with increasing labor productivity) through the 1980s and 1990s; and Hicks neutral (increasing both capital and labor productivity) post-2000. The historical experience […]
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  Working Paper No. 625

  A Post Keynesian Perspective on the Rise of Central Bank Independence

  This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late 1980s, we single out the role of peculiar German traditions in spreading CBI across continental Europe, while its global spread may be largely attributable to […]