Trans-Pacific Partnership negotiations and rulemaking to regulate state-owned enterprises

Tsuyoshi Kawase, 29 July 2014

The regulation of state-owned enterprises in international trade dealings has been cited as a major stumbling block to progress on the Trans-Pacific Partnership negotiations. This column explains the issues of contention, and argues that state-owned enterprises require an explicit and deliberate regulatory treatment. Given their unique properties, a coherent approach to state-owned enterprise regulation would promote progress in negotiations better than the piecemeal of overlapping rules currently considered.

Research quality assessment tools: Lessons from Italy

Graziella Bertocchi, Alfonso Gambardella, Tullio Jappelli, Carmela A. Nappi, Franco Peracchi, 28 July 2014

Assessing the quality of academic research is important – particularly in countries where universities receive most of their funding from the government. This column presents evidence from an Italian research assessment exercise. Bibliometric analysis – based on the journal in which a paper was published and its number of citations – produced very similar evaluations of research quality to informed peer review. Since bibliometric analysis is less costly, it can be used to monitor research on a more continuous basis and to predict the outcome of future peer-reviewed assessments.

Financial stability and monetary policy

Gabriel Chodorow-Reich, 27 July 2014

The monetary policies implemented by the Federal Reserve since late 2008 have raised concerns about the risk taking of financial institutions. This column discusses the effect of some of these policies on life insurance companies and market mutual funds. While the effect on life insurance companies has been stabilising, money market funds did not actively reach for yield.

New thinking on reserve-currency status

Linda Goldberg, Signe Krogstrup, John Lipsky, Hélène Rey, 26 July 2014

The dollar’s dominant role in international trade and finance has proved remarkably resilient. This column argues that financial stability – and the policy and institutional frameworks that underpin it – are important new determinants of currencies’ international roles. While old drivers still matter, progress achieved on financial-stability reforms in major currency areas will greatly influence the future roles of their currencies.

Complexity and the art of public policy

Roland Kupers, 25 July 2014

Complexity science is changing the way we think about social systems and social theory. Unfortunately, economists’ policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. This Vox Talk argues for a new, more flexible policy narrative, which envisions society as a complex evolving system that is uncontrollable but can be influenced.

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