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Foreign direct investment, financial flows, private-sector development, humanitarian assistance, Africa
Vijaya Ramachandran is a senior fellow at the Center for Global Development. She works on the impact of the business environment on the productivity of firms in developing countries, and is the coauthor of an essay titled "Development as Diffusion: Manufacturing Productivity and Africa's Missing Middle,” published in the Oxford Handbook on Economics and Africa. Vijaya is also studying the unintended consequences of rich countries’ anti-money laundering policies on financial inclusion in poor countries. She has published her research in journals such as World Development, Development Policy Review, Governance, Prism, and AIDS and is the author of a CGD book, Africa’s Private Sector: What’s Wrong with the Business Environment and What to Do About It. Prior to joining CGD, Vijaya worked at the World Bank and in the Executive Office of the Secretary-General of the United Nations. She also served on the faculties of Georgetown University and Duke University. Her work has appeared in several media outlets including the Economist, Financial Times, Guardian, Washington Post, New York Times, National Public Radio, and Vox.
The Dominique Strauss-Kahn debacle has unexpectedly forced the first leadership turnover at a Bretton Woods institution since the global financial crisis—the first leadership transition in what we might call the G-20 world. The tacit deal that has long put an American atop the World Bank and a European in charge of the IMF, rooted in the geopolitics of the 1940s, looks more archaic than ever. That’s why this time around, the calls have grown even louder to make the leadership selection process of the World Bank and IMF open, transparent, and meritocratic. Owen Barder suggests on his widely read blog that transparency and merit are key to maintain the reputation and relevancy of these international institutions, and Nancy Birdsall agrees that the decision needs to be based on merit, not nationality. The Financial Times and others news media say that it is time for everyone to acknowledge that we are in the 21st century with several emerging powers that must have a larger role in the Bank, the Fund and other multilateral organizations. One of us (Vij) has made this argument too, constructing a model of global governance that factors in GDP and population as of 2011, not 1941.
A hearty congratulations to Esther Duflo, winner of this year’s John Bates Clark Medal! Since 1947 the American Economic Association has awarded the medal to “that American economist under the age of forty who is judged to have made the most significant contribution to economic thought and knowledge.” In our profession, the Clark Medal ranks second only to the Nobel Prize, and about 40 percent of medal winners have gone on to win a Nobel. Esther, a 37-year-old native of France, richly deserves this platinum honor.
UN Secretary-General Ban Ki-moon has been getting negative press about the relief efforts after the earthquakes in Haiti and Chile. Perhaps worst is a scathing report from Refugees International accusing the UN of ineffectual leadership, missing coordination, and weak communication while an estimated 1.2 million Haitians remain displaced. Though much of the report consists of standard blandishments (the authors spent just 10 days in-country), there is indeed evidence of serious negligence. To give just one example: the organization initially planned on allowing itself two and a half months—well into the rainy season—to distribute plastic sheeting to protect the displaced. It took a personal intervention from a senior official to get this activity moved up.