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The historic 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, overlooked a crucial question: regionalism. "Financing Development: The Power of Regionalism" is designed to correct this omission. The Editors argue that far from undermining multilateral arrangements, as some critics fear, regional agreements can promote greater integration into the global system. Benefits include lower trade barriers, shared infrastructure investments and enhanced cooperation in the development of financial markets. The papers in the book are drawn from a roundtable discussion organized by the Center for Global Development and the Institute for International Economics.
The book contains contributions by: Eduardo Aninat, C. Fred Bergsten, Willem Buiter, Guillermo Calvo, Robert Devlin, Omar Kabbaj, Enrique Iglesias, Allan Meltzer, and Roberto Zahler.
José Antonio Ocampo Under-Secretary-General for Economic and Social Affairs United Nations
“One of the very interesting contributions of this book is that it tries to make the point that the agenda for regional institutions is much broader than we have usually thought of.” "I think there's a role for many in the game and I really congratulate the authors for making this point very strongly. Thank you very much.”
The Honorable Knut Vollebaek Norwegian Ambassador to the United States
“The book launched today underlines that the global and individual country perspective somehow neglects the regional level. This constitutes a very unfortunate gap in our perspectives and approaches. I am, therefore, very happy to see that this book has been written, making the convincing case that regionalism done right does not undermine multilateral agreements. To the contrary, regional initiatives and processes have the potential to stimulate global action and poverty reduction.”
Paulo Fernando Gomes Executive Director, Africa Group Two World Bank
“[Y]ou did an excellent job in building a strong framework for understanding the challenge of regional integration, the use of regional arrangements, the trade issues, the public goods, and I think it's a very good platform for someone to understand the issues and the challenges on the regionalism.”
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.