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Trading with dictators? A historical review of the EU’s business partners | Mostly Economics
Claudia Marchini and Alexander Popov on ECB blog ask the interesting question: Do democratic values play a role in trade? Do democratic values play a role in trade? While the weakening of democratic norms around the globe has sparked renewed interest in this question, economic theory and historical examples do not provide a definitive answer.…
Banks’ interconnections with non-bank financial intermediaries | Mostly Economics
Basel Committee on Banking Supervision has released a report on Bank-NBFI interconnections: The NBFI sector continues to grow and evolve in ways that could present risks and vulnerabilities to the global banking system. Banks are connected to NBFIs through a wide range of direct and indirect activities and services. The report describes these linkages and…
Corporate Investments in India: Lack of Investment Opportunity or Lack of Funds? | Mostly Economics
Amiyatosh Purnanandam and Arushi Sharma discuss what hinders corporate investments in India: This study investigates the key drivers of corporate investment in India. Specifically, we analyze the relative importance of investment opportunities available to firms, measured by Tobin’s Q, and financial constraints they face in capitalizing on these opportunities. We show that capital expenditure responds…
The implicit subsidy to the Indian banking system | Mostly Economics
Somnath Chatterjee of Bank of England on how Indian govt implicitly insures six major Indian banks: The paper studies the effects of the implicit government guarantee on a sample of six major Indian banks and derives estimates of default risk implicitly ‘insured’ by the government. This is obtained by comparing two measures of default risk…
Demystifying the Federal Reserve’s Balance Sheet | Mostly Economics
In this speech, Federal Reserve Governor Christopher Waller demystifiefs Fed balance sheet: Turning to my remarks for today, thank you also for the opportunity to speak to you about the Fed's balance sheet, one of the more complex, and, I believe, misunderstood aspects of the Federal Reserve's role as a central bank.1 To level set the…
Economic Growth and Development of Karnataka | Mostly Economics
M Govinda Rao traces history of economic growth and development in Karnataka in NCAER's India Policy Forum: The transformation of Karnataka from a less than average per capita income State in 1990-91, to the second highest among the large States in 2022-23 has been remarkable. However, the impressive growth performance of the state has not…
Central Banks as Educators | Mostly Economics
In this new NBER paper , Carola Binder says of late central banks have become educators: In recent years, central bankers’ speeches and other forms of communication have become pedagogical in nature, aiming to shape public knowledge, beliefs, expectations, and attitudes. With the shift toward expectations management as a monetary policy tool, central banks’ educational…
Book Review: The Rise of Green Extractivism and The Face You Were Afraid to See | Mostly Economics
Book Review: The Rise of Green Extractivism & The Face You Were Afraid to See Natacha Bruna. 2023. The Rise of Green Extractivism: Extractivism, Rural Livelihoods and Accumulation in a Climate-Smart World. Routledge. & Amit Bhaduri. 2009. The Face You Were Afraid to See: Essays on the Indian Economy. Penguin Books. Annavajhula J C Bose, PhD|…
What Has Australian Macroeconomic Thought Achieved in the Past Century – And Where Can it Contribute in the Next? | Mostly Economics
Economics Society of Australia is celebrating its centenary. Andrew Hauser, Deputy Governor of RBA gives a speech on Australian macro thought: I should try to clarify what I mean by Australian macroeconomic thought. Is it macroeconomic research about Australia? By Australians? Conducted in Australia? It could be any of the above. But if you wanted a ‘vibe’, in the great Australian tradition of The…
Preventing monkeys from running monetary policy operational frameworks | Mostly Economics
Tuomas Välimäki, Board Member of the Bank of Finland narrates a story on monkeys: .....let me share you a story that has absolutely nothing to do with interest rates, liquidity tiers, or central bank balance sheets. It's a tale about monkeys. Five of them, to be precise. In a behavioral experiment, five monkeys were placed…
An Introduction to Schools of Economic Thought: a new primer | Mostly Economics
Eamon Buttler Director of the Adam Smith Institute has written a new book on history of economic thought: A new book from the Institute of Economic Affairs argues that economics education has become a "sterile and lifeless endeavour" that has forgotten its intellectual heritage, leaving students with mathematical formulas but no real understanding of the…
History and meaning of reserve currency | Mostly Economics
Having an economic historian as a Governor of a central bank is a treat. One gets to read about econ history in speeches. Bank of England Governor Andrew Bailey is one such Governor. In his recent speech, he traces history and meaning of reserve currency: I want to spend my time developing a theme that…
The Path towards a Fully Pensioned Society | Mostly Economics
Speech by Deepak Mohanty former Chairperson of PFRDA: India today has a population of over 1.4 billion, with a median age of just 29 years— making it one of the youngest nations in the world. However, this demographic dividend is not permanent. By the year 2047, nearly 20 percent of our population will be above…
2025 Orwell Prize for Political Fiction | Mostly Economics
George Orwell is all over us. In 2019, Orwell Foundation started an annual award: Orwell Prize for Political Fiction. Fivebooks.com features the books awarded for 2025: From a book based on the actual love letters a British prime minister sent to his mistress in the run-up to World War I, to a fantastical tale that…
Development of the American Economy: A report | Mostly Economics
Leah Boustan and William Collins in NBER Reporter summarise recent research on Development of American economy: The Development of the American Economy (DAE) program was one of the first research programs launched by Martin Feldstein in 1978 when he formalized the modern structure of the NBER. The mission of the program is to research historical…
What is Needed for Convergence? The Role of Capital and Finance | Mostly Economics
Bryan Hardy and Can Sever in this IMF paper: What is needed for poor countries to catch up with rich ones? This paper first documents the role of human capital, physical capital, and financial development in convergence in manufacturing labor productivity across countries, and then examines the influence of economic structure and financial development at…
How Nigeria Can Unleash its Economic Potential | Mostly Economics
Axel Schimmelpfennig and Christian Ebeke in this IMF article discuss how Nigeria can unleash its economic potential: Upon taking office in 2023, the new government faced low growth and rising poverty. Between 2014 and 2023, real per capita GDP declined on average by 0.7 percent annually. In 2023, the poverty rate stood at 42 percent. This…
Rakesh Mohan reflects on dismantling the License Permit Raj | Mostly Economics
No matter how much you read, watch and hear on 1991 reforms, there is still so much more to learn. Rakesh Mohan speaks to Shruti Rajagopalan on the reforms on her fantastic podcast IdeasofIndia Today my guest is Rakesh Mohan. He is the President Emeritus and Distinguished Fellow at Center for Social and Economic Progress in New Delhi. He…
Why the US and the WTO should part ways | Mostly Economics
Henrik Horn and Petros C. Mavroidis in this voxeu article suggest US to part ways with WTO: The US embrace of power politics in the trade arena violates both the letter and spirit of the WTO’s General Agreement on Tariffs and Trade, undermining the integrity of the multilateral trading system. This column suggests that such…
Contributions of Thorstein Veblen.. | Mostly Economics
Mary Wrenn on Veblen: Thorstein Veblen, a name barely recognised outside academic circles, was a revolutionary economist who challenged the core tenets of his discipline and called out displays of wealth. Mary V. Wrenn, talks to The Mint about his pioneering contribution. Thorstein Veblen was not your typical economist, says scholar Mary Wrenn. He was, Wrenn says, a…
A Teacher Writes to Students Series (48): Listen to Kolodko-1 | Mostly Economics
A Teacher Writes to Students Series (48): Listen to Kolodko-1 Annavajhula J C Bose, PhD Department of Economics (Retd.), SRCC, DU I am choosing and reproducing six pragmatic discussions from the experiential perceptions of the great Polish economics Professor Grzegorz W. Kolodko for your perusal and consideration. He had his own political-economic practice as a…
How the 1942 Japanese Exclusion Impacted U.S. Agriculture | Mostly Economics
Interesting research by Peter Zhixian Lin & Giovanni Peri In the early 1940s, Japanese American farmers represented a highly skilled segment of the agricultural workforce in the Western United States, characterized by higher education levels and more specialized farming expertise than U.S.-born farmers. During World War II, around 110,000 Japanese Americans (and 22,000 agricultural workers among them)…
How the Bank of England, ECB and Federal Reserve are managing their balance sheets? | Mostly Economics
Nice speech by Megan Greene, MPC member of Bank of England In this speech, Megan Greene explores how the Bank of England, ECB and Federal Reserve are managing their balance sheets; whether this creates trading opportunities in financial markets; and if this has an impact on monetary policy implementation. She finishes by setting out her…
Is China Really Growing at 5 Percent? | Mostly Economics
William L. Barcelona, Danilo Cascaldi-Garcia, Jasper J. Hoek, and Eva Van Leemput1 in this Fednotes: Chinese authorities recently announced a growth target of "around 5 percent" for 2025, the same as their 2024 target. Five percent is about half the pace of growth that China sustained from the 1980s to the early 2010s, but it…
State of the Art: Economic Development Through the Lens of Paintings | Mostly Economics
Clément Gorin, Stephan Heblich & Yanos Zylberberg in this NBER article trace economic development through historical paintings: This paper analyzes 630,000 paintings from 1400 onward to uncover how visual art reflects its socioeconomic context. We develop a learning algorithm to predict nine basic emotions conveyed in each painting and isolate a context effect—the emotional signal shared across artworks…
Hiroshima: Resilience of city structure after the atomic bombing | Mostly Economics
Kohei Takeda and Atsushi Yamagishi in this voxeu research: Cities have faced a host of shocks throughout history, including earthquakes, hurricanes, coastal flooding, and storm surges, as well as wartime destruction, such as in the current Russia-Ukraine conflict. This column looks at one of the most dramatic events in history, the atomic bombing of the…
A Teacher Writes to Students Series (47): Corporates and Food Sovereignty | Mostly Economics
A Teacher Writes to Students Series (47): Corporates and Food Sovereignty Annavajhula J C Bose, PhD Department of Economics (Retd.), SRCC. DU The food sovereignty movement is pitted against the corporates all over the world. What is this movement and why is it anti-big-business? On the one hand, the Harvard Business School eggs you on…
The Penny Dilemma | Mostly Economics
The US government has decided to withdraw the penny (1 cent coin) from circulation. Oz Shy of Atlanta Fed analyses what this would mean for transactions: In summary, economic theory suggests that removing the penny is likely to reduce the burden of cash payments in the economy, although the effect appears relatively small in our…
100 years of Britian return to Gold Standard: Revisiting the Norman Conquest of $4.86 | Mostly Economics
During World War I, Britain and other countries stopped following gold standard. In 1925, Britain returned to gold standard amidst lot of debates and discussions. Andrew Bailey, Governor of Bank of England reflects on 100 years of one of the major decision in British economic history: Two other things before I get properly started. First,…
Balance Sheet Channel of Monetary Policy Transmission: Insights from Indian Manufacturing Firms | Mostly Economics
Bhavesh Salunkhe, Sapna Goel, Amit Kumar, Preetika, Kunal Priyadarshi and Satyananda Sahoo in this RBI Bulletin article analyse impact of monetary policy on manufacturing firms: Monetary policy plays a key role in influencing investment in fixed assets of manufacturing firms through the balance sheet channel – a mechanism where interest rate changes affect a firm’s…
All Indian cities fit to host olympics but not fit to keep its people | Mostly Economics
India's political class has a new fascination: Hosting Olympics. Some of them are telling us how some of the cities where there jurisdiction lies are fit to host olympics! Really? I mean when none of the cities are fit to keep its people, they are fit to host olymipcs? Where do these leaders get this…
Analysis of Government Borrowing Calendars | Mostly Economics
Payal Ghose of Clearing Corporation of India Ltd analyses the borrowing calendar of Indian goverment over two decades: The release of the calendar for issuance of marketable dated securities is a closely tracked event in the Indian government securities (G-Sec) market following the announcement of the quantum of gross borrowing for the upcoming fiscal year…
The future of money | Mostly Economics
Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, gives an ineresting speech on future of money. Before discussing future, he discusses basics of money. The main purpose of money and the monetary system is to facilitate exchange. At its most essential, this system consists of 3 elements: (1) a unit of account (UOA), (2) a…
Kalecki and the Stucturalist View of Economic Development | Mostly Economics
Jan Toporowski of SOAS discusses Kalecki's view of development in this INET article: This paper commemorates the 70th anniversary of Kalecki’s seminal lecture in Mexico on financing economic development. The first part of this paper outlines the theoretical model underlying Kalecki’s view of development financing. A second part of the paper summarizes the foundations of…
Next-generation monetary and financial system | Mostly Economics
Hyun Song Shin of BIS has laid a path for Next-generation monetary and financial system: Tokenisation represents a transformative innovation to both improve the old and enable the new. It paves the way for new arrangements in cross-border payments, securities markets and beyond. Tokenised platforms with central bank reserves, commercial bank money and government bonds…
Interview of David Engerman: Development economics was a Global South project | Mostly Economics
David Engerman of Yale Univ has written this book (yet to read): Apostles of Development: Six Economists and the World They Made. Chanpreet Khurana of Moneycontrol interviews Prof Engerman: The six economists of Engerman's book - Jagdish Bhagwati, Amartya Sen and Dr Manmohan Singh from India, Rehman Sobhan from Bangladesh (then East Pakistan), Mahbub ul…
100 years of Central Bank of Albania: From the gold standard to inflation targeting | Mostly Economics
Banka E Shqiperese or Bank of Albania was established in 1925 and is celebrating its 100 years. Governor Gent Sejko gives a speech on the occasion: It is a special pleasure for me to welcome you to this significant event, which celebrates the 100th anniversary of the Bank of Albania’s foundation. Today’s conference represents a…
Economic Models of Cultural Transmission | Mostly Economics
Alberto Bisin & Thierry Verdier in this NBER article survey economic models of cultural transmission: In this chapter we survey recent advances in modeling cultural transmission in the economics literature. We first present the basic canonical model of the evolution of cultural traits in the social sciences. Both Economics and Evolutionary anthropology build on this…
75th Anniversary of Bank of Korea | Mostly Economics
Bank of Korea (Korea's central bank) commemorated its 75th anniversary. Chang Yong Rhee, Governor of the Bank of Korea gave a speech on the occasion: Seventy-five years ago, the Bank of Korea took its first step with the mission of contributing to the sound development of the national economy through pursuing price stability. Since that…