Growth in advanced economies is gaining some speed. The IMF projects these economies will grow 2% next year, up from an expected 1.2% this year. The average unemployment rate in advanced economies is expected to inch down from its peak of 8.3% in 2010 to 8% next year. This is progress, but it is clearly not enough. The state of labour markets remains dismal for a number of reasons.
Unemployment, labour-market flexibility and IMF advice: Moving beyond mantras
Olivier Blanchard, Florence Jaumotte, Prakash Loungani, 18 October 2013
National institutions and subnational development in Africa
Stelios Michalopoulos, Elias Papaioannou, 11 October 2013
Few issues have received more inquiry in the social sciences than "what are the fundamental determinants of comparative development?" The institutional view asserts that the ultimate causes of underdevelopment are poorly performing institutional structures, such as lack of constraints on the executive, poor property-rights protection, as well as inefficient legal and court systems (s
Finding his own way: Ronald Coase (1910-2013)
Steven Medema, 18 September 2013
Ronald Coase, who passed away last week at the age of 102, left an indelible mark on both economics and law. In 1991 he was awarded the Nobel Memorial Prize in Economic Sciences in recognition of his work on transaction costs and property rights.
Unleashing growth: The decline of innovation-blocking institutions
Klaus Desmet, Stephen L. Parente, 18 May 2013
Two hundred years ago, during the Napoleonic Wars, the Luddite movement rocked the English industrial landscape. Dissatisfied with falling wages and increased competition from mills employing cheap rural labour, the Luddites broke into factories at night, smashing spinning frames and power looms.
What explains political institutions? Evidence from colonial British America
Elena Nikolova, 17 August 2012
Under what circumstances do democratic as opposed to authoritarian institutions emerge? Although a large literature has tackled this question (see Acemoglu et al. 2001, Acemoglu and Robinson 2012, Engerman and Sokoloff 2000), we still have an imperfect knowledge of how representative institutions originate and change.
De Jure and de Facto Determinants of Power: Evidence from Mississippi
Graziella Bertocchi, Arcangelo Dimico, 22 July 2012
Vox readers can download CEPR Discussion Paper 9064 for free here.
Power sharing and institutional stability
Bernardo Guimaraes, Kevin D Sheedy, 5 July 2012
Economic activity is influenced by institutions that determine the rules prevailing in a society. Examples include how much income is taxed; what firms can and cannot do; whether contracts are enforced and disputes quickly and correctly resolved; and limits on the arbitrary exercise of government power.
Interest groups and government capabilities matter for financial development
Eduardo Cavallo, Carlos Scartascini, 12 May 2012
The debate on the benefits and limits of financial development has come to the fore with the global financial crisis. The fact that the epicentre of the global financial crisis was in countries with developed credit markets has led some commentators to argue that financial development may have gone too far.
Public-debt crises and bad equilibria: Lessons from the GIIPS Countries
Maurizio Bovi, 2 December 2011
All the GIIPS countries (Greece, Italy, Ireland, Portugal and Spain) have been hit by the current government debt crisis (see eg Manasse and Trigilia 2011).
Completing the Doha Round and developing countries
Sübidey Togan, 28 April 2011
The aim of economic activity is to generate wealth through high but sustainable growth in real income per-capita. Views on market-oriented policies to achieve this aim have converged recently into a set of policy principles known as the “Washington Consensus” and later revised as the “Post-Washington Consensus.”
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CEPR Policy Research
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- WTO 2.0: