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Look for the next GCER Newsletter in June. Past Newsletters can be found here.
News Archive - Page 3
Apr 4, 2016GCER Fellow Pedro Gete's paper featured in the Brookings Hutchins Roundup
The Brookings blog of David Wessel selected a new paper by GCER Fellow Pedro Gete . The paper concerns the distributional implications of federal mortgage guarantees. It shows that by removing guarantees from the mortgage market,low- and middle-income households are hurt, while high-income households benefit.
Mar 15, 2016Featured Research Profile: Fall/Winter 2015-16
Featured Research Profile: Fall/Winter 2015-16
How (not) to run a bank: Georgetown economist Martin Ravallion examines World Bank successes and failures.
The decade or two after WW2 saw many of the world's poorest countries gain their independence from Colonial rule, and they were hoping to rapidly become less poor. Economics taught policy makers in those countries that a higher investment rate is crucial to assuring faster economic growth. Being a poor country makes it harder to finance the required investments from domestic savings. Yet rich countries should have ample savings available that might be profitably diverted to this task. In an ideal world, global capital markets could be expected to bridge the gap. But 70 years ago those markets were thin and/or not trusted as a source of finance.
In response, the United Nations Monetary and Financial Conference, held at Bretton Woods in 1944, created the International Bank for Reconstruction and Development (IBRD)—a core component of what came to be known as the World Bank. (The International Monetary Fund was created at the same time.) The essential idea was that the IBRD would borrow money on global markets to lend to developing countries. The Bank's AAA credit rating (stemming from conservative lending policies relative to its capital) allowed it to lend on favorable terms. An aid-facility (with a large grant component), the International Development Association (IDA), was added in 1960.
Much has changed in the 70 years since the famous Bretton Woods conference. World Bank lending (IBRD+IDA) now represents only about 5% of the aggregate private capital flows to developing countries. In the last 10 years or so there have been prominent calls for radically reforming, or even closing, the institution on the grounds that international capital markets have developed greatly over those 70 years. It is also claimed by some that the Bank's efforts are wasted due to poor governance in developing countries.
Does the Bank still have an important role? If so, does it fulfill that role, and if not, how might it do better? In a new paper Professor Ravallion argue that the Bank's development role today overlaps only partially with its original role, as conceived at the Bretton Woods Conference 70 years ago (Ravallion, 2015). Its role today is complementary to (rather than competing with) the private financial sector, other development banks, and academia. Knowledge-generation is central to that role. Development knowledge has properties of a public good, which the Bank can generate in the process of actually doing development on the ground.
Threats to the Bank's effectiveness: There is still much appeal to the bundling of knowledge with lending that has been the distinctive feature of the Bank's operations. But there are a number of threats to the efficacy of this model.
There have been some longstanding concerns that the Bank's "lending culture" rewards operational staff for the volume of their lending, with only weak incentives for assuring that knowledge is both applied and generated in the lending operations. The pressure to lend influences the Bank's ability to deliver objective policy advice to client countries, even when it is not welcome politically. Too often the Bank's "country strategy" essentially mirrors that of the government, which may or may not serve broader long-term development goals.
Another threat is the perception that the Bank's most powerful shareholders have excessive influence on its operations and policy advice. The U.S. has long been identified in this role, though some other countries have also been keen to have their say. Some critics are concerned (rightly or wrongly) about conflicts of interest when the Bank gives advice to developing countries.
These are threats to the Bank's effectiveness as a knowledge leader in both the public and private sectors. All parties—both clients in developing countries and private investors—must have confidence that the institution is not pushing lending for its own sake or beholden to a few powerful owners. Only then can the Bank be accepted as the source of the objective policy advice and information that is needed.
Recent organizational changes have made some effort to put knowledge in the driver's seat by organizing the Bank around a set of sectorally-defined "practices." In the end the organogram has changed rather little. However, the threats to the Bank's effectiveness are unlikely to be solved by changing the Bank's organogram. The incentives of managers and staff also need to change, to assure a better alignment with development goals. (See Ravallion, 2015, for some examples of specific proposals for reform from past Bank staff.)
Knowledge Bank? There has been much rhetoric about the "Knowledge Bank" over the last 15 years, but Professor Ravallion not alone in believing that the reality has fallen short of the rhetoric. There is a chronic and growing underinvestment in the kind of rigorous research that is needed to identify and address pressing development issues—both the constraints on rapid poverty reduction at country level and the global public bads that threaten us collectively (ranging from climate change to pandemics). Research has been under-valued and under-funded.
Granted we still see some high-quality research at the Bank, though not always on high-priority topics. We see more ex-post evaluations today than 20 years ago. However, much does not get evaluated, and what gets evaluated is a non-random subset of all projects, casting doubt on what we learn about the whole. Too often, methodological preferences drive what gets evaluated rather than the knowledge gaps facing policy makers. Alongside this, we see fewer and less rigorous ex ante evaluations, which make explicit a project's economic rationale—why the project is expected to have a social value justifying its cost.
Three changes are needed: Echoing the observations of others within and outside the Bank, three things need to change:
• First, the Bank needs to be more ambitious in identifying and addressing the most pressing knowledge gaps we face today. Policy advocacy must give way to well-informed and objective country-specific analysis. This can be accommodated within the Bank's traditional country-lending model.
• Second, the Bank's lending operations must be driven by knowledge of the binding constraints on poverty reduction in specific country contexts and its analytic capabilities must be brought more systematically into its operations from the outset. The Bank's knowledge generation efforts must inform the nature of its lending and be informed by that lending—rather than simply serving lending when called upon. This requires quite fundamental changes in staff and managerial incentives and resource allocation within the current structure.
• Third, the Bank's present country-based model needs to be supplemented by a model with greater capacity for supporting the provision of global public goods. If one was to sit down today to design a mechanism to support the cross-country coordination needed to address shared threats it is unlikely that one would come up with the Bank's current country-lending model. A new model, or possibly a new institution, is called for.
Mar 14, 2016Ninth International Research Forum on Monetary Policy Upcoming
The Ninth Biennial International Research Forum on Monetary Policy (IRFMP) will take place at the European Central Bank on March 18-19, 2016. It purpose is to promote the discussion of innovative research on theoretical and empirical macroeconomic issues relevant for monetary policy. The conference is sponsored by the Georgetown Center for Economic Research (GCER), the Euro Area Business Cycle Network, the European Central Bank, and the Federal Reserve Board. More information about the conference can be found here.
Feb 23, 2016Martin Ravallion receives BBVA Foundation Frontiers of Knowledge Award
It is with great pride that the Economics Department announces that Martin Ravallion, the Edmond D.Villani Professor of Economics, has been awarded a BBVA Foundation Frontiers of Knowledge Award for his research on global poverty. Department Chair Frank Vella said "Martin is a remarkable scholar and his dedication to scholarship and research is an inspiration for all those who encounter him or his work. While his work reflects the academic goals of measuring the extent and understanding the causes of poverty, it is motivated by his greater personal commitment to help those who suffer the consequences of such living conditions. This award is further recognition of the importance and impact of Martin's work." More information on the award and Professor Ravallion's contributions can be found here.
Feb 15, 2016GCER Fellows Jack and Habyarimana Implement Mobile Money Project in East Africa
GCER Fellows Billy Jack and James Habyarimana will initiate a project to explore innovations to the M-PESA, a mobile money platform launched in 2007 in Kenya that provides access to basic financial services via individual cell phones. The project, funded by a two year $3.5 million grant from the Bill & Melinda Gates Foundation, will bring together mobile providers, banks, IT developers, and academics to assess and improve the mobile money system in East Africa.


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Western New Mexico University course registration
Think about what career is best suited for you, and where you want to study. Request more information now.
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Information about Western New Mexico University course registration, and registering for discussion sections and department seminars. As a student, your first stop should be the registrar's office, where you can pick up a free copy of both the academic calendar and course catalog, in order to find available credit classes that you may be interested in taking. Consult with an academic advisor, to ensure that your chosen classes constitute a full-time course load, and fulfills major requirements. Finally, check with the admissions office for assistance with prerequisites, tuition payment deadlines, and Western New Mexico University class registration information. Please use the form above to request admissions info for Western New Mexico University.
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