Sustainable growth requires a long-term focus

Pascal Lamy, Ian Goldin, 28 March 2014

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Just when we thought high-frequency trading couldn’t get any faster, a US communications company is developing a high-speed laser network between the New Jersey data centres of the New York Stock Exchange and the NASDAQ stock exchange, to shave an additional few nanoseconds off high-frequency trading times.

Topics: Environment, Financial markets, Global crisis, International trade
Tags: climate change, corporate governance, environment, global crisis, growth, high-frequency trading, mark-to-market accounting, short-termism, trade

Redistribution, inequality, and sustainable growth: Reconsidering the evidence

Jonathan D Ostry, Andrew Berg, Charalambos Tsangarides, 6 March 2014

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Rising income inequality looms high on the global policy agenda, reflecting not only fears of its pernicious social and political effects (including questions about the consistency of extreme inequality with democratic governance), but also its economic implications.

Topics: Development, Poverty and income inequality
Tags: growth, Inequality, redistribution

Making city lights shine brighter

Shahid Yusuf, Danny Leipziger, 3 March 2014

Vox readers can download CEPR Policy Insight 71 for free here.

URL: http://www.cepr.org/active/publications/policy_insights/viewpi.php?pino=71
Topics: Development
Tags: agglomeration, cities, externalities, growth, Inequality, slums, urbanisation

Making city lights burn brighter

Danny Leipziger, Shahid Yusuf, 3 March 2014

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Urbanisation and per capita GDP are well correlated.1 According to a recent estimate by Gilles Duranton using cross-country data for 2012 (see Figure 1), each percentage point of urbanisation is associated with a five-percentage-point increase in GDP per capita, with urbanisation apparently explaining 60% of the variation in incomes.

Topics: Development
Tags: agglomeration, cities, externalities, growth, Inequality, slums, urbanisation

Gaps, cracks and lacunae: The finance and growth nexus in low-income countries

Nauro F Campos, Stefan Dercon, 1 March 2014

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Are quantitative and qualitative improvements in financial markets, institutions, instruments, and intermediaries positively and closely associated to the processes of economic growth and development? Does finance cause growth? Once upon a time, economists were deeply divided on these issues.

Topics: Development
Tags: Finance, growth, Low-income countries

The US manufacturing recovery: Uptick or renaissance?

Oya Celasun, Gabriel Di Bella, Tim Mahedy, Chris Papageorgiou, 24 February 2014

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Amid increasing anecdotes of a ‘renaissance’ in US manufacturing, many commentators have argued that the sector may contribute more significantly to domestic GDP and global industrial output in future (e.g. Financial Times 2012, New York Times 2012, McKinsey Global Institute 2012, Citi Research 2013).

Topics: Global economy
Tags: Great Recession, growth, manufacturing, US

Firm age, investment opportunities, and job creation

Manuel Adelino, Song Ma, David Robinson, 12 February 2014

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Economists have long been concerned with understanding how firms respond to changing investment opportunities. Indeed, this question is central to ongoing policy discussions about economic growth and job creation, since the way firms create jobs is by increasing investment and employment in response to new economic opportunities.

Topics: Financial markets, Labour markets, Productivity and Innovation
Tags: employment, entrepreneurship, firm age, growth, job creation, US

US electrification in the 1930s

Carl Kitchens, 29 January 2014

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In 1930, fewer than 10% of farms in the US had access to electricity. By the mid-1950s, almost every farm in the country had electricity. While the US was able to extend electricity to its rural locations rapidly over a 25-year period, much of the developing world still remains without electricity today. In 2012, 1.3 billion people lived without electricity worldwide.

Topics: Development, Economic history
Tags: Agriculture, electricity, electrification, growth, infrastructure, investment, subsidies, technology

GDP and life satisfaction: New evidence

Eugenio Proto, Aldo Rustichini, 11 January 2014

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A commission on the measurement of economic performance and social progress was created on the French government’s initiative. Since 2008, this distinguished group of social scientists has put subjective well-being into the limelight as a possible supplement to traditional measures of development such as GDP (Stiglitz et al. 2009).

Topics: Development, Frontiers of economic research
Tags: development, Easterlin paradox, growth, happiness, national income, subjective well-being

A new look at global growth convergence and divergence

Michele Battisti, Gianfranco di Vaio, Joseph Zeira, 9 January 2014

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The phenomenon of modern economic growth is fairly new. It started less than two centuries ago, but it changed our lives significantly. One of the main changes is that income gaps between countries have greatly increased.

Topics: Development, Frontiers of economic research
Tags: convergence, divergence, growth, technology transfer

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