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How Countries Can Diversify Their Exports

by Gonzalo Salinas Four economy-wide factors—governance, education, infrastructure, and trade policy—relate closely to more varied and complex exports across countries As the world’s biggest copper producer, Chile’s shipments of the metal meet around one-third of global demand and represent about half its goods exports. But beyond mining’s dominance, Chile’s trade flows are more varied and complex than they may appear, with significant exports of vehicles, pharmaceuticals and...

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Bank of Japan Accounts (September 20)

September 22, 2021 Bank of Japan Assets (thousand yen) Gold 441,253,409 Cash1 256,479,141 Japanese government securities 538,522,799,403 Commercial paper2 3,357,417,964 Corporate bonds3 7,892,156,572 Pecuniary trusts (stocks held as trust property)4 504,124,863 Pecuniary trusts (index-linked exchange-traded funds held as trust property)5 36,205,081,390 Pecuniary trusts (Japan real estate investment trusts held...

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Financial innovation today and tomorrow

Josh Lerner and Amit Seru in this voxeu research point how much of financial innovation and patents is coming from IT firms and industries outside of finance: Financial innovation is intensely controversial, yet we know little about where or by whom these new products and services are developed. This column looks at over 24,000 financial US patents applied for between 2000 and 2018 to analyse the nature of financial patents. A surge in financial patenting was driven by IT firms and...

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Looks Can Be Deceiving: Ronald Coase and his uneasy relations with Chicago School

Steven Medema on Promarket blog writes on how Ronald Coase despite spending many decades at Chicago school of economics had an uneasy relationship   with the school: Ronald Coase is typically thought of as one of the Chicago School’s brightest lights. But Coase’s relationship with Chicago was always an uneasy one, even during his decades-long tenure at the University of Chicago Law School. The root of the disagreement between Coase and other prominent members of the Chicago School was...

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Waheeda Rehman: Hindi Cinema’s Foremost Roseate Star

Rajgopal Nidamboor profiles Waheeda Rehman’s life and her work in Hindi Cinema. Waheeda Rehman, born in Chengalpattu, Tamil Nadu, became one of Hindi cinema’s leading stars. Her acting prowess, delightful smile and elegance won her many admirers across the world. But life hasn’t always been easy for Waheeda. She had to fight many battles at a young age. Her father’s death, when she was in her teens, came as a shock to her family. As family fortunes dwindled, Waheeda, who wanted to become...

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Jumps in county population : Fresh data from the Census Bureau

The first results of the 2020 population census are trickling in, and FRED is adding them to the database as the Census Bureau makes them available. The FRED graph above shows the resident population for Jefferson County, Wisconsin; Prince George’s County, Maryland; and St. Louis City, Missouri (which is its own county). The Census Bureau measures and adjusts the population data yearly from estimates about births, deaths, and migration. Again, these are just estimates. While births and...

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Seven decades of international banking

BIS has released its Sep-21 Quarterly Review. In the review, Robert N McCauley, Patrick McGuire and Philip Wooldridge survey 7 decades of international banking: International banking grew rapidly from the 1950s to the 2000s, propelled by banks avoiding regulations that burdened their domestic funding, by financial liberalisation that expanded investment opportunities, and by financial innovation that offered new tools to manage risks. The core of the market is offshore, where lenders and...

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