Development

Ernesto Zedillo, 26 August 2015

In this column, Director of the Yale Center for the Study of Globalization and ex-President of Mexico, Ernesto Zedillo, introduces an eBook he co-edited that illustrates some of the ambitious but necessary steps needed to unleash the tremendous potential of the African people towards the development of their nations.

Pablo Druck, Nicolas Magud, Rodrigo Mariscal, 16 August 2015

The strength of the US dollar can impact the economic activity in emerging economies in various ways. This column argues that appreciation of the dollar mitigates the impact of real GDP growth in emerging markets. The main transmission channel is through an income effect. As the dollar appreciates, commodity prices fall, depressing domestic demand via lower real income, and as a result real GDP in emerging markets decelerates. Emerging markets’ growth is expected to remain subdued, reflecting the expected persistence of the strong dollar.

Sarah Baird, Joan Hamory Hicks, Michael Kremer, Edward Miguel, 11 August 2015

Two billion people across the world are infected with parasitic worms. The World Health Organization recommends mass deworming where there are large and growing populations of infected people. This column assesses whether mass deworming has been ‘debunked’ in favour of deworming on a case-by-case basis, as has recently been reported, but with a particular focus on education. Mass deworming usually takes place in schools and therefore plays a huge and under-researched role in getting children to turn up to school. In fact, it is a more cost-effective way of increasing school attendance than a number of other popular policy options.

Erik Feyen, Swati Ghosh, Katie Kibuuka, Subika Farazi, 11 August 2015

Monetary policies pursued by developed countries in the wake of the Global Crisis have had profound spillover effects on emerging economies. This column documents the unprecedented post-Crisis bond issuance surge in emerging markets. The findings indicate that benign international funding conditions favoured bond issuance in these economies. But the large issuance volumes, currency risks, and high exposure to global factors could pose a challenge for policymakers, particularly when global cycles reverse.

Sebastian Galiani, Camila Navajas Ahumada, Marcela Meléndez, 10 August 2015

Informality is widespread in most developing countries. A challenge for governments is to lure informal firms into the formal economy. This column presents evidence from an experiment designed to induce formalisation in Colombia. Assistance through the bureaucratic process and the removal of the fixed costs of formalising increased the likelihood of formalisation. However, this effect did not persist over time, with many firms returning to the informal sector when minimal fixed costs came back into effect.

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