With rigorous economic research and practical policy solutions, we focus on the issues and institutions that are critical to global development. Explore our core themes and topics to learn more about our work.
In timely and incisive analysis, our experts parse the latest development news and devise practical solutions to new and emerging challenges. Our events convene the top thinkers and doers in global development.
Multiple crises in the Latin American past, including severe banking crises, have been accompanied by sharp and persistent devaluations. This time around, the impressively large currency depreciations (over 50 percent in some countries) resulting from the ongoing commodity price shock and volatile international capital markets have resulted in contraction in output growth (and even recession in Brazil), but no financial crisis.
Why not? And can Latin America muddle through this episode of adverse international conditions and avoid the severe financial crises that distinguished the region in the 1980s and 1990s? Or will cumulative shocks eventually expose domestic financial vulnerabilities and cause severe crises to ensue?
In a short report accompanying the event, CLAAF members will seek to answer these questions, as well as:
Will an eventual increase in the Fed’s rates be the straw that breaks the camel's back in the region or will the expected series of small Fed rate hikes calm markets and induce a renewal of inflows to Latin America?
Increased flexibility in exchange rates has certainly helped absorb external shocks in the region. But, as most Latin American countries lack strong institutional quality, has this policy unintentionally resulted in a false sense of security and fostered postponement of needed reforms in other key areas?
Is now the time for tight monetary/fiscal policies even if they are pro-cyclical?
Guillermo Calvo, Professor, Columbia University; former Chief Economist, Inter-American Development Bank Carmen Reinhart, Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School Liliana Rojas-Suarez, President, CLAAF and Senior Fellow and Director, Latin America Initiative, Center for Global Development Laura Alfaro, Professor, Harvard Business School; former Minister of National Planning and Economic Policy, Costa Rica Pedro Carvalho de Mello, Professor, Universidade de Sao Paulo; former Commissioner, Comissao de Valores Mobiliarios, Brazil Roque Fernandez, Professor, Universidad del CEMA; former Minister of Finance, Argentina Pablo Guidotti Dean and Professor, School of Government, Universidad Torcuato di Tella; Former Vice-Minister of Finance, Argentina Enrique Mendoza, Presidential Professor of Economics at the University of Pennsylvania and Director of Penn Institute for Economic Research Guillermo Perry, Non-resident fellow, Center for Global Development; Professor, Universidad de los Andes; Former Minister of Finance, Colombia Ernesto Talvi, Director of the Brookings-CERES Economic and Social Policy in Latin America Initiative
Strengthening institutions is a foremost priority in fragile states and building fiscal capacity is especially important in the effort to exit fragility. In its recent paper Building Fiscal Capacity in Fragile States, the IMF draws on analysis of 39 fragile states and eight country case studies to describe its approach to fiscal reforms in fragile states and to draw lessons going forward. Participants will bring both advisory and policymaker perspectives to the panel discussion.
In The Shadow List, State Department crisis expert Judd Ryker is chasing an American banker who’s disappeared after falling for a Nigerian scam. Meanwhile, his CIA wife Jessica is hunting a notorious Russian mob boss. Little do they know, they’re pulling on opposite ends of the same dangerous thread. Throw in Chinese oil companies under attack, corrupt American politicians, a kidnapped NBA star, and an undercover FBI sting operation and it’s the latest diplomatic thriller ripped from the headlines by CGD senior fellow Todd Moss.
Policymakers in rich and poor countries interested in boosting growth increasingly view women entrepreneurs as an underutilized asset. The launch of the Women’s Entrepreneurship Facility (We-Fi) at the G20 Summit is one example of a major initiative to mobilize more than $1 billion to help women start and grow businesses. But, beyond the scale of resources, important questions about how they are allocated need to be addressed.
Please join a panel of distinguished thought and practice leaders from the World Bank, WeConnect, and the Global Banking Alliance for Women for a discussion of how to formulate a holistic approach to this set of challenges. What does the evidence tell us about the most effective ways to support access to finance, access to skills and networks, and access to markets? And how can interventions best be combined?
The 2014-2015 Ebola epidemic broke out and affected thousands of people at a time when there were no medicines approved to treat or prevent Ebola. Poor infrastructure, capacity gaps, widespread mistrust, and disagreements over the design and ethical nature of any clinical trials complicated efforts to conduct research on investigational drugs and vaccines. In the wake of the outbreak, the National Academies of Sciences, Engineering, and Medicine tasked a committee with analyzing the clinical trials carried out during the outbreak and developing recommendations to improve the implementation of such trials in the future. In this session, committee members Gerald Keusch and David Peters will discuss findings from the committee’s recently released report and the kind of governance structures that need to be in place for effective international coordination and collaboration.
More than a billion Indian residents now have a biometric digital identity: Aadhaar. Its use across various sectors is increasing rapidly. The State of Aadhaar Report 2016-17 aims to provide a comprehensive overview of Aadhaar’s technological and operational architecture, legal and governance framework, uses in financial inclusion and social protection, and emerging applications in other sectors. Given the large scale and complicated nature of Aadhaar and its uses, the purpose of this report is to provide a holistic picture of the Aadhaar landscape over the last decade, to encourage evidence-informed discourse and decision making in the public and private sectors, and to spur future policy-relevant research projects.
As part of its national health reforms, El Salvador assigned community health teams to 98 of its poorest municipalities. While some municipalities received traditional (input-based) aid to support the program and others received national funding, some municipalities received funding through the Salud Mesoamerica Initiative (SMI), a results-based aid (RBA) program focused on maternal and child health targets. In this seminar, Sebastian Martinez will present on his new research with Pedro Bernal and Pablo Celhay, which uses a difference-in-difference design to assess whether municipalities that received RBA funding were more effective at delivering health services. Martinez will also discuss the program's spillover effects on men and the elderly, as well as its implications for population health.
To coincide with the launch of the IMF’s latest global economic forecasts, and following the G-20 Summit, please join IMF Managing Director Christine Lagarde and CGD president Masood Ahmed for a conversation about challenges and trends ahead for the global economy.
What is the role of the IMF in ensuring inclusive growth and stability in the years to come, and how should it respond to ongoing and emerging issues, including fragile states, rising inequality, technological innovation, and the future of international economic cooperation? The discussion will focus on issues related to the future of the international economy.
In their new paper, Markus Goldstein and co-authors examine the effects of land title registration in Rwanda using a national-level randomized control trial. They concluded that the program resulted in a significant shift of labor from agriculture to non-farm enterprises and wage work, with an improvement in welfare.