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Raghu Rajan is the dynamic, newly-appointed chief economist of the IMF. Among the distinguished economists who have held that position, he is the first from a developing country as well as the youngest. He will be presenting an innovative and controversial proposal for how the international community might assist failed, post-conflict states. He will speak on his own behalf and will not be representing the views of the IMF or its members.
Mr. Rajan, 40, an Indian national, has published extensively on economic and financial matters. Prior to his present appointment at Chicago, Mr. Rajan has held professorships at MIT, Northwestern University, and the Stockholm School of Economics. He was awarded the prestigious inaugural Fisher Black Prize by the American Finance Association in January 2003 given to the person under 40 who has contributed the most to the theory and practice of finance. He is a director of the American Finance Association, an associate editor of the American Economic Review, and a program director for corporate finance at the National Bureau of Economic Research. He has also been a consultant to the Federal Reserve Board, the World Bank, the IMF and various financial institutions.
John Williamson, Senior Fellow at the Institute for International Economics, will serve as discussant.
In this new World Bank Policy Research Report, Moving for Prosperity: Global Migration and Labor Markets, Çağlar Özden attempts to address the tension between the academic research and the public discourse on migration by focusing on the economic evidence. The report suggests a labor market–oriented, economically motivated rationale as an alternative to the political opposition to migration. Global migration patterns lead to high concentrations of immigrants in certain places, industries, and occupations. These geographic and labor market concentrations of immigrants lead to increased anxiety, insecurity, and potentially significant short-term disruptions among native-born workers.
Understanding (and empathizing with) these legitimate economic concerns is critical to informed and effective policymaking. The goal should be to ease the costs of short-term dislocations of native-born workers and distribute more widely the economic benefits generated by labor mobility. Proactive interventions to ease the pain and share the gain from immigration are essential to avoid draconian restrictions on immigration that will hurt everybody. Ignoring the massive economic gains of immigration would be akin to leaving billions of hundred-dollar bills on the sidewalk.
Industrialization was never an accident but an outcome of a well- crafted industrial policy. Analyzing the capacity and limits of the (developmental) state in the industrialization process and in economic development in general, Murat Yülek’s new book, How Nations Succeed: Manufacturing, Trade, Industrial Policy, and Economic Development, sheds light on how today’s governments can design industrial policy and how they can identify strategic sectors to break out of Low and Middle Income Traps. Explaining technical concepts in understandable terms, the book introduces a stylized industrialization process in four stages and locates different countries on the process map. He illustrates how picking-the-winner type industrial policies –a controversial issue among the economists –have worked in different countries. It also discusses how industrial policy and science, technology and innovation policies should be sequenced for best results. As trade wars and (pre-mature) de-industrialization become the zeitgeist of today, the book shows the links between global (im)balances and economic development explaining export-led growth as well as import-led slowdowns.
On the sidelines of the World Bank and IMF Spring Meetings 2019, the Center for Global Development (CGD) and the Bretton Woods Committee (BWC) will co-host this expert panel to discuss the future of the World Bank under its new president, David Malpass. What should top his agenda? What are the most important and urgent issues in the development landscape and what is the role of the World Bank in addressing these challenges? Join us to hear from this panel of global thought leaders offering recommendations for the future of the multilateral system.