Curriculum Vitae Joseph E. Stiglitz
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South Africa
South Africa Official Title: Republic of South Africa General Information: Capital Tshwane (Pretoria) Population (million) 59.622n/a Total Area 1,221,038 km² Currency 1 CAN$=12.343 Rands (ZAR) (2020 - Annual average) National Holiday 27 April, Freedom Day Language(s) Afrikaans, English, Ndebele, Pedi, Sotho, Swazi, Tsonga, Tswana, Venda, Xhosa, Zulu Political Information: Type of State Parliamentary Republic Type of Government Executive: President elected by the National Assembly for a 5-year term (eligible for a second term). Legislative: Bicameral Parliament – National Assembly (400 members) and National Council Bilateral Product trade of Provinces (90 members). Canada - South Africa 2500 2000 1500 Balance 1000 Head of State Head of Government Can. 500 Exports President President 0 Can. Millions Cyril Ramaphosa Cyril Ramaphosa -500 Imports -1000 Total Trade -1500 Ministers: International Relations and Cooperation: Naledi Pandor -2000 Trade, Industry and Competition: Ebrahim Patel 2016 2017 2018 2019 2020 Finance: Enoch Godongwana Statistics Canada Main Political Parties Canadian Imports African National Congress (ANC), Democratic Alliance (DA), Economic Freedom Fighters (EFF), Inkatha Freedom Party (IFP), National Freedom Party (NFP), United Democratic from: South Africa Movement (UDM), Freedom Front Plus (FFP), Congress of the People (COPE). Precio us M etals/ stones Veg. Prod. Food Prod. Base M etal Prod. M ach. M ech. Elec. Prod. Elections: Last:n/a 2019 (legislative-lower and upper house). Next: 2024 (legislative-lower and Chemical Prod. upper house). 2020 M ineral Prod. Statistics Canada Economic Information: (2020) IMF (estimates) South Africa Canada GDP: (billion) $397.52n/a $2,162.38 Canadian Exports GDP per capita: $6,667.31n/a $56,945.03 to: South Africa GDP Growth rate: (%) -6.96n/a -5.40 M ach. -
Development Financing
DRAFT, FOR COMMENTS ONLY NOT FOR CITATION Half a Century of Proposals for ‘Innovative’ Development Financing Barry Herman Background Paper World Economic and Social Survey 2012 2 20 July 2012 HALF A CENTURY OF PROPOSALS ON ‘INNOVATIVE’ FINANCING FOR DEVELOPMENT Barry Herman 1 Abstract This paper recalls the history of proposed “innovative” mechanisms by which governments could strengthen financial cooperation for development. Such proposals sought more predictable and assured financial flows to facilitate recipient country programming, while also substantially adding to the volume of highly concessional international support for development. International discussions of these proposals mostly began in the 1960s and in many cases continue today, although implementation thus far has been modest. These discussions are contrasted with generally more recent proposals that proponents call “innovative” but that do not share the characteristics of the more radical thinking underlining the older proposals. Governments, international institutions, civil society organizations and academic writers have been showing a growing interest in “innovative” financing for development in their discussions of international cooperation on economic, social and environmental policy matters. Although the term “innovative” connotes something recently invented, many of the proposals that carry that name today have a long history, most of it in the political wilderness. Today some of the old as well as new “innovations” are somehow being implemented on a limited basis or discussed in national legislative bodies, as the term “innovative financing” gains a positive political connotation and broader endorsement. Nevertheless, different parties have different concepts in mind about what makes an initiative “innovative.” Definitions are “by definition” arbitrary, but, it seems the term has become so elastic that it has lost any hope of a precise meaning. -
JOI Volume 5 Issue 2 Cover and Front Matter
17441374_5-2.qxd 6/25/09 4:00 PM Page 1 Journal of ISSN 1744-1374 Economics Institutional of Journal Institutional Journal of Economics vol 5 • no 2 • AUGUST 2009 Institutional Economics Contents 137 Knowledge and the theory of institutional change vol 5 • no 2 • AUGUST 2009 Thráinn Eggertsson 151 Comparing theories of institutional change Chris Kingston and Gonzalo Caballero 181 Institutions and US regional development: a study of Massachusetts and Virginia Sukkoo Kim 207 Does institutional quality affect capital mobility? Evidence from developing countries Javed Younas 225 Comparative urban institutions and intertemporal externality: a revisit of the 5 • no 2 AUGUSTvol 2009 Coase conjecture Feng Deng Fragment 251 Self-deceit and self-serving bias: Adam Smith on ‘General Rules’ Elias L. Khalil Cambridge Journals Online For further information about this journal please go to the journal website at: journals.cambridge.org/joi Downloaded from https://www.cambridge.org/core. IP address: 170.106.35.76, on 28 Sep 2021 at 20:26:04, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1744137409001258 17441374_5-2.qxd 6/25/09 4:00 PM Page 2 Journal of Institutional Economics Journal of Institutional Economics editors statement of aims submission of articles subscriptions copying issn Institutions are the stuff of social and institutions and organizations. The Journal of Institutional Economics ( Geoffrey M. Hodgson (Editor-in-Chief) Submission should be made electronically to This journal is registered with the Copyright economic life. The importance of The Journal of Institutional Economics is an 1744-1374) is published three times a year, The Business School the Editor-in-Chief, Geoffrey Hodgson, via Clearance Center, 222 Rosewood Drive, understanding the role of institutions in interdisciplinary journal that will be of interest April, August and December. -
State Failure in Developing Countries and Strategies of Institutional Reform
State Failure in Developing Countries and Strategies of Institutional Reform Mushtaq H. Khan Department of Economics, SOAS, University of London. Abstract: The analysis of state failure and the policy debate have been driven by two very different underlying views of what the state does. The first, which we call the “service- delivery” view says the role of the state is to provide law and order, stable property rights, key public goods and welfarist redistributions. In failing to provide these, state failure contributes to economic under-performance and poverty. State failure of this type is in turn related to an inter-dependent constellation of governance failures including corruption and rent-seeking, distortions in markets and the absence of democracy. All of these need to be addressed to focus the state on its core service-delivery tasks. The second locates the developing country state in the context of “social transformation”: the dramatic transition these countries are going through as traditional production systems collapse and a capitalist economy begins to emerge. Dynamic transformation states have heavily intervened in property rights and devised rent-management systems to accelerate the capitalist transition and the acquisition of new technologies. State failure according to this view has been driven by the lack of institutional capacities in these respects, and more importantly, the incompatibility of institutional capacities with pre-existing distributions of power. An examination of the econometric data and historical evidence raises serious doubts as to whether the governance reforms suggested by the first view can improve growth, while the need for reforms identified by the second view are much better supported. -
Economic Liberalisation in India Then and Now
25 YEARS OF ECONOMIC LIBERALISATION Economic Liberalisation in India Then and Now Deepak Nayyar Even if adjustment and reform in 1991 were driven by or the economy of independent India, 1991 was a tumul- economic compulsions, it was the political process that tuous and momentous year that witnessed radical de- partures from the past. Over the past six months, it has made these possible. However, liberalisation was shaped F been the focus of much discussion not only in the media, but also largely by the economic problems of the government among scholars in economics and politics. This is no surprise. It rather than by the economic priorities of the people or is 25 years since July 1991, when economic liberalisation began by long-term development objectives. Thus, there were life in India. For those who lived through the times as adults, it is etched in memories as a watershed. For those who were young, limitations in conception and design which have been or at school, or not yet born, it is essentially folklore. subsequently validated by experience. Jobless growth, The object of this article is to analyse economic liberalisa- persistent poverty and rising inequality have mounted tion in India during the past quarter century. In doing so, it as problems since economic liberalisation began. And, traces its origins and examines its limitations, to discuss the implications of outcomes that have unfolded, and problems 25 years later, four quiet crises confront the economy, in that have surfaced for economic development in India. The article agriculture, infrastructure, industrialisation and is divided into three parts. -
DETAILED SCHEDULE for NEUDC @ Dartmouth
DETAILED SCHEDULE for NEUDC @ Dartmouth SATURDAY, 3 NOVEMBER 2012 8:00 - 9:00 AM BREAKFAST AND REGISTRATION 9:00 - 10:40 AM SECTION 1 SESSION 1: Food & Nutrition Chair: Simone Schaner, Dartmouth College Location: Kemeny 108 Paper Authors Discussants The Long-Term Cognitive Consequences of Early Chih Ming Tan; Clark University Li Childhood Malnutrition: The Case of Famine in Ghana Samuel Ampaabeng; Clark University Saving Lives: Evidence from a Nutrition Program in Stephan Litschig, Universitat Pompeu Fabra Singh Ecuador Marian Meller; Pompeu Fabra Spillovers in learning and behavior: Evidence from a Prakarsh Singh; Amherst College Tan nutritional information campaign in urban slums Can caloric needs explain three food consumption Nicholas Li; University of Toronto Litschig puzzles? Evidence from India Shari Eli; University of Toronto SESSION 2: Schooling Incentives Chair: Richard Akresh, University of Illinois Location: Kemeny 105 Paper Authors Discussants The schooling repayment hypothesis for private Carlos Chiapa; El Colegio de Mexico transfers: Evidence from the Laura Juarez; Instituto Tecnológico Autónomo de Majlesi PROGRESA/Oportunidades experiment México Parental Response to Changes in Return to Education Kaveh Majlesi; Lund University Chiapa for Children: The Case of Mexico Closing the Education Gender Gap: Estimating the Ousman Gajigo; African Development Bank Barham Impact of Girls' Scholarship Program in The Gambia More Schooling and More Learning? Effects of a 3- Tania Barham; University of Colorado, Boulder Year Conditional -
Janet Yellen's Legacy at the Federal Reserve
Journal of Finance and Bank Management December 2019, Vol. 7, No. 2, pp. 82-87 ISSN: 2333-6064 (Print), 2333-6072 (Online) Copyright © The Author(s). All Rights Reserved. Published by American Research Institute for Policy Development DOI: 10.15640/jfbm.v7n2a6 URL: https://doi.org/10.15640/jfbm.v7n2a6 Janet Yellen’s Legacy at the Federal Reserve Alexander G. Kondeas1 Abstract This paper examines the empirical results of the monetary policies followed by the Federal Reserve during the period of 2010-2018, when Janet Yellen served first as vice chair (2010-2014) and subsequently as chair (2014-2018) of the Federal Reserve Board of Governors. As the Central Bank of the United States, the Federal Reserve System (FED) is entrusted with conducting the monetary policy in a way that fulfills the Congressional dual mandate of price stability and full employment. Janet Yellen generally adhered to a dovish view of monetary policy, one that favors looser monetary control and lower interest rates in order to stimulate economic growth. At first glance, the dual mandate was satisfied during her eight years of progressively higher leadership roles at the FED. The economic recovery from the Great Recession (2007- 2008) continued, inflation remained tamed, and the rate of unemployment fell to its lowest level since 1970. Yet a closer look at consumer spending and private fixed investment indicate a sharp decline in the years following the Great Recession and until the end of Yellen’s term at the FED. It is difficult therefore, to argue that the loose monetary policies of her years in office had much of a stimulating effect on the household sector or the business sector. -
Reforming the International Financial Architecture, 2011 Edition1
Reforming the International Financial Architecture, 2011 Edition1 Barry Eichengreen May 2011 If U.S. President Clinton’s treasury secretary Robert Rubin is responsible for coining the phrase “international financial architecture” in a speech at the Brookings Institution in 1998, I deserve some of the blame for popularizing it.2 I used it in the title of my 1999 book, Toward a New International Financial Architecture, published by the Peterson Institute.3 I say blame because the term architecture conveys a rather misleading sense of the nature of the process. Mirriam-Webster’s on-line dictionary defines architecture as “a unifying or coherent form or structure” (as in “this novel displays an admirable architecture”).4 In other words, the term implies a unity and coherence that financial markets, institutions and policies do not possess. Alternatively, Mirriam-Webster defines “architecture” as “a formation or construction resulting from or as if from a conscious act.” But many of our international arrangements have, in fact, evolved as unintended consequences of past actions rather than as the result of anyone’s conscious act, “as if” or otherwise. The post-Bretton Woods exchange rate system, starting in the 1970s and extending through the present day, was more the product of the inability of policy makers to agree on the form that the exchange rate system should take than the result of any conscious decision. Consider current efforts to strengthen the international financial architecture. Do they reflect conscious action and are they likely to deliver the unity and coherence connoted by the label? Conscious action there certainly is, but it is decentralized and imperfectly coordinated. -
Over the Past Decade Joseph Stiglitz Has Acquired a Considerable Reputa
CORRECTING STIGLITZ: FROM INFORMATION TO POWER IN THE WORLD OF DEVELOPMENT BEN FINE AND ELISA VAN WAEYENBERGE ver the past decade Joseph Stiglitz has acquired a considerable reputa- Otion for radicalism. It began with his launching of the post Washington Consensus after his appointment as Chief Economist at the World Bank, and was then reinforced by his subsequent ‘resignation’ from that post in 2000, followed by his extensive critique of the IMF, above all in his best-selling book, Globalization and Its Discontents.1 But on closer examination Stiglitz’s trajectory reveals a number of telling truths, not so much about himself, as about the World Bank’s policies and ideology, the influence on the Bank of the US government (most sharply revealed in the recent appointment of Wolfowitz as President of the Bank), and the dismal science of the Bank’s economics – from which Stiglitz has in some respects at most marginally departed. In reality the Bank has responded to its crisis of legitimacy in the early 1990s by de-emphasising neo-liberal theory in principle whilst supporting private capital ever more strongly in practice. Ideologically, this has been marked by a number of shifts in World Bank parlance, from ‘good governance’ to ‘poverty alleviation’, and especially its most recent claim to be first and foremost a ‘knowledge bank’. Tellingly, these elements are in fact entirely consistent with Stiglitz’s scholarly work and were, indeed, strongly endorsed by him during his time at the Bank. Only after he was forced out of the Bank was he forced to accept, however partially, unconsciously and implicitly, that the world – including the Bank – has to be understood in ways that depart from the scholarly tradition he has sought to promote. -
An Interview with David Cass
32 Stephen E. Spear and Randall Wright 2 An Interview with David Cass Interviewed by Stephen E. Spear CARNEGIE MELLON UNIVERSITY and Randall Wright UNIVERSITY OF PENNSYLVANIA February 13, 1998 David Cass is undoubtedly one of the central contributors to modern dynamic economics. His fundamental contributions include work on optimal growth problems, overlapping-generations models, sunspot equilibria, and general equilibrium models with incomplete markets. His research has shaped in profound ways the manner in which we do both micro- and macroeconomics. From laying the foundations of real business-cycle theory via the Cass–Koopmans model, to providing us with general tools and techniques to analyze dynamic economic models, to furthering our under- standing of monetary economics, to making fundamental contributions to the economics of extrinsic uncertainty, Cass’s work has played a major part in the development of much of modern macroeconomic theory. In addition to being a first-class scholar, Cass is also truly his own man and a free spirit of the highest order. In this interview, we tried to gain some insights into the story of David Cass and his approach to economic theory. Also, given the title as well as the intended readership of Macroeconomic Dynamics, we made a real Reprinted from Macroeconomic Dynamics, 2, 1998, 533–558. Copyright © 1998 Cambridge University Press. ITEC02 32 8/15/06, 2:59 PM An Interview with David Cass 33 effort to get him to discuss mod- ern macroeconomics and the influence his work has had on its development. We edited out some parts of the discussion in the interests of space, but what re- mains is essentially unedited. -
Siwan Anderson 1
Siwan Anderson Contact Information: Vancouver School of Economics University of British Columbia 6000 Iona Drive Vancouver, B.C. V6T 1L4 Canada +1 604 827 0009 [email protected] Research Fields: Development Economics, Economics of Gender Current Position: Professor, Vancouver School of Economics, University of British Columbia Affiliations: Faculty Associate, Center for Effective Global Action (CEGA), Berkeley, California Research Associate, Department of Economics, University of Stellenbosch, South Africa Associate, Canadian Institute for Advanced Research (CIFAR) Fellow, Bureau for Research and Economic Analysis of Development (BREAD) Associate, Theoretical Research in Development Economics (ThReD) Faculty Associate, Center for Women’s and Gender Studies, UBC Faculty Associate, Peter Wall Institute for Advanced Research, UBC Editorial Duties: Associate Editor, Review of Economics and Statistics Associate Editor, Journal of Development Economics Editorial Board, Journal of Globalization and Development Education: 1999: Ph.D. Economics, University of British Columbia 1992: M.A. Economics, University of British Columbia 1990: B.Sc. Mathematics, University of British Columbia 1 Siwan Anderson Previous Positions: Associate Professor, University of British Columbia (2008 – 2016) Associate Editor, Indian Review of Growth and Development (2007 – 2014) Affiliate, BREAD (2004 – 2012) Assistant Professor, University of British Columbia (2002 – 2008) Assistant Professor, Tilburg University, The Netherlands (1999–2002) Research Fellow, University -
Newsletter 50
HELLENIC LINK–MIDWEST Newsletter A CULTURAL AND SCIENTIFIC LINK WITH GREECE No. 78, December 2011–January 2012 EDITORS: Constantine Tzanos, S. Sakellarides http://www.helleniclinkmidwest.org 22W415 McCarron Road - Glen Ellyn, IL 60137 Upcoming Events Review, the Quarterly Journal of Economics, and the Review of Economic Studies.. He has authored a Greece Without Reform graduate level textbook, Intertemporal Macroeconomics, On Sunday, December 11, 2011, Hellenic Link–Midwest which is widely used. He has lectured in nearly 100 presents professor of economics Costas Azariadis, universities nationwide and given many keynote Washington University in St. Louis, in a lecture titled addresses in international conferences. He is a Fellow of “Greece Without Reform”. The event will take place at 3 the Econometric Society and has served as an editor of pm at the Four Points Sheraton Hotel, 10249 West Irving the Journals Quarterly Journal of Economics, the Park Road at Schiller Park (southeast corner of Irving Journal of Economic Growth, and Macroeconomic Park Road and Mannheim Road). Admission is free for Dynamics. HLM members and $5 for non-members. After earning a Diploma in Engineering from the Since the end of 2009, Greece is teetering on the edge of National Technical University in Athens, Greece, economic collapse under the weight of an excessive Professor Azariadis did his graduate work at Carnegie- government debt and structural problems in the economy Mellon University earning a MBA with Distinction, and and public administration that have been accumulating later a Ph.D. in Economics. He has taught at Brown over the last thirty years. In April 2010, the Greek University, the University of Pennsylvania, as government requested the activation of a bailout package Distinguished Professor of Economics at the University made of relatively high-interest loans from the of California–Los Angeles, and currently he is Edward International Monetary Fund (IMF), the European Union Mallinckrodt Distinguished University Professor of (EU) and the European Central Bank (ECB).