Institutions and economics

José De Gregorio, Barry Eichengreen, Takatoshi Ito, Charles Wyplosz, 11 September 2018

Twenty years ago, ICMB and CEPR published the first Geneva Report on the World Economy. Over these last two decades, the world of international finance has changed and so too has the IMF. This column introduces the latest report, in which the same team of authors highlight seven key developments affecting the monetary and financial environment and their implications for the Fund. 

Ravi Kanbur, 09 March 2018

Gunnar Myrdal’s “Asian Drama” was published 50 years ago. On the face of it, the book, framed in terms of the realities of an economically stagnant Asia, appears to have little to offer the modern development economist. This column argues, however, that the issues Myrdal raised are fundamental ones not only for development but for our discipline of economics and for the broader terrain of political economy.

Jonathan D. Ostry, Andrew Berg, Siddharth Kothari, 19 February 2018

While there is consensus that structural reforms can increase growth, there is also a fear that certain reforms can exacerbate inequality. This column argues – based on a dataset covering financial, institutional, and real sector reforms – that certain reforms do indeed increase inequality but despite this, the net effect on growth remains positive.

Alex Klein, Sheilagh Ogilvie, 14 January 2018

A famous hypothesis posits that serfdom was caused by factor endowments, specifically high land-labour ratios. Historical evidence seems to refute this idea, but with substantial identification problems. This column uses microdata for more than 11,000 Bohemian villages in the year 1757 to control for other potential influences on serfdom. The results support the factor endowments hypothesis, with higher land-labour ratios intensifying serfdom, suggesting that institutions are partially shaped by economic fundamentals.

Julia Cagé, 23 December 2017

Conventional wisdom holds that more media competition makes citizens more informed, and that it improves the functioning of democracies. This column tests this claim using data on local newspaper circulation in France. It finds that increased media competition leads to business stealing and to a decrease in the coverage of public affairs news by local newspapers. It also has a negative impact on local election turnout. While competition is key to the quality of the media environment, the results highlight that more media competition is not necessarily socially efficient.

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