Diego Känzig (Assistant Professor at Northwestern University and Alumnus of the Master program in International and Monetary Economics) participated at a panel on climate risks at the #ASSA2024 meeting in San Antonio:
Diego’s research can be found here:
https://www.diegokaenzig.com/research
Great news! The External Wealth of Nations database was updated with complete year-end 2022 data. A fantastic resource for researchers (via Brookings and Gian Maria Milesi Ferretti):
Great news again! The dataset on international capital flows and stocks by sector was also updated. The literature has long ignored the sectoral composition of gross capital flows. Needless to say that this is also a fantastic resource for researchers (via Bank for International Settlements, Stefan Avdjiev, Bryan Hardy, Sebnem Kalemli-Ozcan, Luis Servén):
https://www.bis.org/publ/work760.htm
Thought-provoking piece by John Burn-Murdoch from the Financial Times: “Is the West talking itself into decline? The data suggests that we have shifted away from a culture of progress towards one of worry”:
https://www.ft.com/content/e577411e-3bf2-4fb4-872a-8b7d5e9139d3
Matteo Maggiori and Jesse Schreger on Geoeconomics and its Policy Implications: Macro Musings with David Beckworth. Always worth listening!
https://directory.libsyn.com/episode/index/show/macromusings/id/28907878?
“Don’t take closing the gap between rich and poor countries for granted” by Soumaya Keynes.
The famous Solow growth model (as you probably know, Nobel Prize winner Robert Solow recently passed away) in its basic version predicts that there should be so-called unconditional convergence in income between rich and poor countries.
However, “number crunching led economists to give up on unconditional convergence. Depressingly, for centuries poorer countries had been no more likely to grow quickly than richer ones. Only when one accounted for differences between countries, in factors like population growth or investment rates, did (conditional) convergence hold. Then something extraordinary happened. Around the mid-1990s, poorer countries started to experience growth that was higher relative to richer ones, less volatile and more persistent.”
Keynes goes on: “But starting in 2015, income per person was essentially uncorrelated with growth up to 2022. Between 2019 and 2022 poorer countries grew more slowly than richer peers.”
https://www.ft.com/content/e7e95688-e5f7-45e8-8333-9f11c8958fb7
“Milei’s „shock therapy“ faces an uphill battle”. Alejandro Werner from the Peterson Institute for International Economics argues that Milei’s “strategy is full of economic and political risks, but it seems to offer the maximum chances of success given the constraints he faces.”
https://www.piie.com/blogs/realtime-economics/mileis-shock-therapy-faces-uphill-battle
In this thought-provoking essay, Saule Omarova „identifies and examines a set of three fundamentally false background assumptions — or fallacies — that invisibly shape and quietly distort the ongoing debate on pros and cons of financial innovation.“
Really interesting:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4665048
The Korean economy: I always like to read the Republic of Korea Economic Bulletin: “In October, industrial and services production, retail sales, facility investment declined while construction investment increased. In November, job growth and inflation slowed down.”
https://eiec.kdi.re.kr/publish/ebView.do?cidx=1281&ccode=000100000100001&sel_year=2024&sel_month=01
FinTech Notes: “How Should Central Banks Explore Central Bank Digital Currency?
Matteo Maggiori and Jesse Schreger on Geoeconomics and its Policy Implications: Macro Musings with David Beckworth
https://directory.libsyn.com/episode/index/show/macromusings/id/28907878?
Equilibrium Real Interest Rates – concepts, current and future drivers: New insights and policy implications:
“China targets French brandy imports in escalating trade dispute: Investigation comes four months after Brussels complains of flood of Chinese electric cars”
https://www.ft.com/content/8d61f9c6-dc3f-4228-9308-eede9d328b7b
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