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Tag Archives: Academic research & research papers

Social Stock Exchange: Listing of social enterprise and voluntary organizations

FM Nirmala Sitharaman had proposed setting up a social stock exchange for enabling social enterprises raise funds. SEBI had formed a committee to study the proposal. The committee has submitted the report. Social Stock Exchange is a novel concept in India. The working group had a series of consultation with various stakeholders including voluntary organizations, social enterprises and philanthropic organizations in order to assess the difficulties faced by them in raising funds/...

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Profile of Abhijeet Banerjee, Esther Duflo and Iqbal Dhaliwal

IMF’s Finance and Development Quarterly Magazine profiles the trio behind rise of JPAL. In a world that increasingly despises expertise and academic research, where the very perception of reality is often shaped by political beliefs, J-PAL can claim objectivity, providing policy advice based on evidence tested in the field using a scientific approach. It can show palpable results in helping vulnerable people solve very practical problems. Banerjee and Duflo are at its center. They...

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Climate change and pandemics pose similar risks: White Swans, Black Swans, Green Swans

Interesting and important paper/speech by Luiz Awazu Pereira da Silva of BIS. The paper builds on an earlier BIS paper on greenswan. It warns just like the pandemic risk has taken us for a ride, we could do the same with climate risks as well. He also brings the discussion on the white, black and green swans: This paper elaborates on The green swan – Central banking and financial stability in the age of climate change, an e-book published by the BIS and the Banque de France. It...

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How JP Morgan’s history is connected to epidemic/pandemic..

Museum of American Finance runs a superb publication named Financial History. It is published three times an year. The recent issue (Spring 2020) focuses on what else but pandemics. It has an article by Maura Ferguson and Sarah Poole titled Dirty Water. The article tracks a long winding history of epidemics in NY with JP Morgan Chase Bank. The story narrates the history of this firm named Manhattan Company which was established to clean water of NY City. After the Revolutionary War, New...

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The COVID-19 pandemic is causing a crisis in the UK universities (UK univs resemble leveraged and overexposed banks!)

Prof Peter Dolton of Sussex University says UK universities have relied increasingly on Chinese students. This model has broken down now. In a way the UK universities have become like some banks/FIs who have concentrated their balance sheet to one kind of asset: In this column, I suggest that the present financial problems of universities are rooted in their growing reliance of UK universities on the huge growth in overseas students coming to the UK for higher education. This growth...

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Revenge of the experts: Will COVID-19 renew or diminish trust in science?

Cevat Giray Aksoy, Barry Eichengreen and Orkun Saka in this voxeu research: It is argued that COVID-19 will reverse the ongoing trend of challenging the value of science and the integrity of scientists. This column shows that exposure to epidemics in one’s country of residence during the ‘impressionable years’ of ages 18 to 25 has no impact on confidence in science as an enterprise, but negatively affects views of the honesty and public-spiritedness of scientists. Science might still...

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Are equity markets underestimating climate risks?

IMF in Global Financial Stability Report (Apr-2020) has a chapter on equity markets underestimating climate change risks: The projected increase in the frequency and severity of disasters due to climate change is a potential threat to financial stability. Equity markets are a key segment of the global financial system, provide a data-rich environment, and are sensitive to long-term risks, making them fertile ground for investigating how projected future physical risk affects financial...

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Growth, War, and Pandemics: Europe in the Very Long-run

Leandro Prados de la Escosura and Carlos-Vladimir Rodríguez-Caballero in this new paper at EHES: This paper contributes to the debate on the origins of modern economic growth in Europe from a very long-run perspective using econometric techniques that allow for a long-range dependence approach. Different regimes, defined by endogenously estimated structural shocks, coincided with episodes of pandemics and war. The most persistent shocks occurred at the time of the Black Death and the...

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Pandemic central banking: the monetary stance, market stabilisation and liquidity

Philip Lane, chief economist and Board Member ECB in this speech reviews ECB’s policy during the crisis. In my recent blog post, I described the range of scenarios that have been developed by ECB staff to support the analysis of the near-term and medium-term macroeconomic dynamics in the context of the coronavirus (COVID-19) crisis.[1],[2] I also explained the current monetary policy of the ECB and outlined our approach to setting the future course of monetary policy. My remarks today...

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Success through failure? Four Centuries of Searching for Danish Coal

Kristin Ranestad and Paul Richard Sharp in this new paper: Natural resources, especially energy resources, are often considered vital to the process of economic development, with the availability of coal considered central for the nineteenth century. Clearly, however, although coal might have spurred economic development, development might also have spurred the discovery and use of coal. To shed light on this, we suggest that the case of resource poor Denmark, which spent centuries...

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