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41. Measuring the Cost of Aid Volatility

Author:
Homi Kharas
Publication Date:
07-2008
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
Flows of official development assistance (ODA) to recipient countries have been highly volatile and this reduces their value. At the macro level, empirical evidence suggests that volatile ODA can negatively impact growth through several channels. At the micro level, volatility can affect fiscal planning and the level and composition of investment. This working paper develops a simple financial metric that policy makers can use to estimate (and reduce) the cost of aid volatility. Unlike other estimates, our measure does not depend on parameter estimates from cross-country regressions, nor on country-specific model simulations.
Topic:
Economics and Humanitarian Aid

42. The International Monetary Fund and the World Bank: It's Time to Separate the Conjoined Twins

Author:
Lex Rieffel
Publication Date:
09-2008
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
The IMF and the World Bank were created in 1944 to be at the center of the international financial system, but they have not adapted well to the far- reaching changes in the global economy over the past twenty years. Their legitimacy has been called into question due to their antiquated governance structures, and as a consequence they are losing relevance and effectiveness.
Topic:
Economics, International Organization, International Political Economy, International Trade and Finance, and International Monetary Fund

43. Can America Still Lead in the Global Economy?

Author:
Lael Brainard and David Lipton
Publication Date:
08-2008
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
From the vantage point of 2008, some of the most memorable initiatives of U.S. international economic leadership—the Paris and Louvre Accords, the support for Poland and Russia after the fall of communism, the Uruguay Round, and the Mexican Financing Loan—seem like quaint reminders of a simpler time. In the coming years, the exercise of international economic leadership will surely prove more complex than in the past. The very success of the American vision of a global spread of vibrant and competitive markets has created a huge, rapidly integrating private economy of trade and finance much less amenable to guidance, let alone control, by governments. Unlike in diplomacy and defense, where non state actors are growing in importance but still a side show, in inter- national economics, households, corporations, labor unions, and non-profits are now the dominant players in most parts of the world. While they respond to national laws and policies, their interests are varied and their operations often span borders.
Topic:
Economics, International Political Economy, International Trade and Finance, and Markets
Political Geography:
Russia, United States, Paris, Poland, Uruguay, and Mexico

44. Credit Crisis: The Sky is not Falling

Author:
Anthony Downs
Publication Date:
10-2007
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
U.S. stock markets are gyrating on news of an apparent credit crunch generated by defaults among subprime home mortgage loans. Such frenzy has spurred Wall Street to cry capital crisis. However, there is no shortage of capital – only a shortage of confidence in some of the instruments Wall Street has invented. Much financial capital is still out there looking for a home.
Topic:
Economics and Markets
Political Geography:
United States

45. Better Workers for Better Jobs: Improving Worker Advancement in the Low-Wage Labor Market

Author:
Harry J. Holzer
Publication Date:
12-2007
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
This paper proposes a new federal funding stream to identify, expand, and replicate the most successful state and local initiatives designed to spur the advancement of low-wage workers in the United States. In the Worker Advancement Grants for Employment in States (WAGES) program, the federal government would offer up to $5 billion annually in matching funds for increases in state, local, and private expenditures on worker advancement initiatives. To gain funding, states would have to develop local advancement “systems,” which would provide career-oriented education and training to youth, working poor adults and “hard-to-employ” workers. Partnerships would be developed between local training providers (like community colleges), employer associations, and intermediaries. Additional financial supports for the working poor—including child care, transportation, and stipends for working students—would have to be funded as well. Initially, the WAGES program would require states to compete for federal grants, which would ultimately be renewable. The program would generate a “learning system” in which states would have an incentive to innovate and use information from other initiatives. The federal government would provide substantial technical assistance and oversight. Performance measurement and rigorous evaluation would be required for program renewal; states achieving substantial worker advancement would be awarded major bonuses and more rapid renewal of funding.
Topic:
Economics, Markets, and Political Economy
Political Geography:
United States

46. Immigration: Wages, Education and Mobility

Author:
Ron Haskins
Publication Date:
08-2007
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
The idea of economic mobility in America often evokes a personal story. For many Americans, it is one of immigrant parents or grandparents, or even one's own journey and arrival. In recent decades, immigration has been rising steadily, with nearly one million legal immigrants entering the country per year throughout the 1990s and in the early years of this century, compared to only about 300,000 per year in the 1960s. In addition to legal immigrants, it is estimated that about 500,000 illegal immigrants now arrive each year.
Topic:
Economics, Human Welfare, and Migration
Political Geography:
United States

47. Utility Payments as Alternative Credit Data: A Reality Check

Author:
Sara Burr and Virginia Carlson
Publication Date:
03-2007
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
Access to credit is one of the cornerstones of wealth-building in the United States. Yet, between 35 million and 54 million persons are not participating in the credit market. Many individuals outside the credit mainstream are unable to access credit, or credit at competitive rates, because of the lack of traditional information, such as mortgage and credit card payments, available on their credit files. However, there is evidence that the inclusion of alternative data on credit-like payments, such as utility payments, in credit reporting can help bridge this information gap. The first step toward filling this gap requires utility companies to systematically report these data to the major credit bureaus.
Topic:
Civil Society, Demographics, Development, and Economics
Political Geography:
United States

48. The Third California: The Golden State's New Frontier

Author:
Joel Kotkin and William H. Frey
Publication Date:
03-2007
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
For most Americans, California evokes coastal images, the sunny beaches of south or the spectacular urban vistas of San Francisco Bay. Yet within California itself, the state's focus is shifting increasingly beyond the narrow strip of land between the coast- line and its first line of mountain ranges.
Topic:
Development, Economics, and Environment
Political Geography:
United States, America, and California

49. Committing to Prosperity: Moving Forward on the Agenda to Renew Pennsylvania

Publication Date:
03-2007
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
Pennsylvania is at once the same and different, three years after the release of the 2003 Brookings Institution report “Back to Prosperity,” which proposed a new vision for how Pennsylvania might revitalize its cities, towns, and regions in order to compete more energetically in today's global economy.
Topic:
Development, Economics, and Government
Political Geography:
United States and Pennsylvania

50. A Pathway to the Middle Class: Migration and Demographic Change in Prince George's County

Author:
Alice M. Rivlin and Brooke DeRenzis
Publication Date:
04-2007
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
The Washington area is growing and decentralizing. From 1990 to 2000, the District of Columbia's population declined while the number of people living in surrounding suburbs increased. Prince George's County was among the suburban jurisdictions that experienced population growth, increasing by 10 percent from about 729,000 residents in 1990 to over 800,000 in 2000. Prince George's continues to grow, with an estimated 840,000 residents in 2005.
Topic:
Demographics, Development, Economics, and Migration
Political Geography:
Washington