U.S. laws and regulations applicable to research reports

This memorandum describes the approach of the U.S. Securities and Exchange Commission (the "SEC") in monitoring and, where appropriate, regulating the use of research reports by investment banking firms in connection with securities transactions. The memorandum addresses the historical system of regulation, which continues in large measure to apply. It also examines the new initiatives taken, following a number of prominent corporate, accounting and banking scandals and a significant decline in U.S. and international capital markets, to supplement the current system in what some have dubbed the "post-Enron era"

Determinants of the Growth Semi-Elasticity of Poverty Reduction

In this paper we examine the mathematical relationship between growth and distributional change on absolute (i.e. percentage point) changes in FGT poverty measures assuming a log-normal distribution. We also test the empirical relationship of the derived semi-elasticities of growth and distributional change on poverty and find them to explain changes in poverty very well (in fact, better than a related study by Bourguignon (2003) that studied the 'regular' growth elasticity of poverty reduction). This relationship will allow us to predict where growth and distributional change will have the largest (absolute) impact on poverty reduction, which is very useful for predicting and analyzing progress towards meeting MDG1.

Determinants of the Growth Semi-Elasticity of Poverty Reduction

In this paper we examine the mathematical relationship between growth and distributional change on absolute (i.e. percentage point) changes in FGT poverty measures assuming a log-normal income distribution, which we argue to be a conceptually superior and more policy-relevant measure than the much used ’regular’ growth elasticity of poverty reduction. We also test the empirical relationship of these semi-elasticities of growth and distributional change on poverty and find them to explain actual changes in poverty very well (in fact, much better than a related study by Bourguignon (2003) that studied the growth elasticity of poverty reduction). This is particularly the case when poverty depth and severity is considered. Using our results helps in interpreting past performance in poverty reduction and will allow a rapid and quite reliable prediction of the impact of growth and distributional change on (absolute) poverty reduction across countries, taking heterogeneity in country circumstances into account.Poverty reduction, growth elasticity, growth semi-elasticity, income distribution

The Greek Economy: Which Way Forward?

In the past 6 years the Greek economy has gone through a massive adjustment at a steep price. The economy finally grew in 2014, by 0.6 percent, but the recovery is weak, slow and fragile.This paper argues that prolonged mass unemployment and reduced living standards, brought about by years of recession and budget cuts, are unnecessary, and that a robust recovery is feasible. It presents an alternative macroeconomic scenario with a moderate fiscal stimulus, which brings the economy much closer to full employment over the next five years, with a lower net debt than currently projected by the IMF. This alternative is just one of many possible scenarios, some of which might include debt cancellation, or more help from the European Central Bank in maintaining low interest rates, especially in light of its recently announced quantitative easing program. The current program, which forecasts a weak recovery with many downside risks, as well as continued mass unemployment in the years ahead, should be replaced with policies that offer a much stronger and faster recovery

Ecuador's New Deal: Reforming and Regulating the Financial Sector

This paper looks at Ecuador's financial and regulatory reforms during the past five years, perhaps the most comprehensive of any country in the 21st century: taking control over the central bank, regulating capital outflows, taxing the financial sector, encouraging domestic investment and co-operatives, and protecting consumers

Did NAFTA Help Mexico? An Assessment After 20 Years

This paper compares the performance of the Mexican economy with that of the rest of the region over the past 20 years, based on the available economic and social indicators, and with its own past economic performance. Among the results it finds that Mexico ranks 18th out of 20 Latin American countries in growth of real GDP per person, the most basic economic measure of living standards; Mexico's poverty rate of in 2012 was almost identical to the poverty rate of 1994; real (inflation-adjusted) wages for Mexico were almost the same in 2012 as in 1994; and unemployment has increased significantly. It also notes that if NAFTA had been successful in restoring Mexico's pre-1980 growth rate -- when developmentalist economic policies were the norm -- Mexico today would be a relatively high income country, with income per person significantly higher than that of Portugal or Greece. It is unlikely that immigration reform would be a major political issue in the United States, since relatively few Mexicans would seek to cross the border

New governance for a new rural economy : reinventing public and private institutions : a conference summary

A growing chorus of rural leaders agrees that new opportunities are on the horizon for rural America. Economic consolidation and outmigration need not be rural America’s future. The question most rural regions now face is this: How to claim the new opportunities? At root, this question is all about governance—how regions make economic decisions quickly and effectively. Simply put, regional governance is about how public and private leaders work together to build new economic engines that can compete in globalizing markets. More than 150 rural policy experts and leaders gathered in Kansas City in May to discuss new approaches to regional governance at the fifth annual rural policy conference hosted by the Federal Reserve Bank of Kansas City’s Center for the Study of Rural America. This article summarizes the proceedings. Participants agreed that new models of governance are long overdue in rural America. While rural communities value cooperation, all too often city limits and county lines paralyze new economic development strategies. Participants were encouraged, however, by a number of innovative partnerships now being forged in rural regions. These partnerships are often sparked by higher education and philanthropic institutions, but governments and businesses are also participating.Rural areas ; Rural development ; Economic conditions - Indiana

New approaches to rural policy : lessons from around the world : a conference summary

New approaches to rural policy are badly needed, as past reliance on subsidies and policies focused on a single sector are yielding diminishing results. Fortunately, a new frontier of policy experiments is emerging, and this frontier holds great promise in helping rural regions seize new economic potential. ; This was the consensus of more than 120 leading officials and rural policy experts from around the world who gathered near Washington, D.C., on March 25-26, 2004, to explore new approaches to rural policy. The conference was jointly sponsored by the Federal Reserve Bank of Kansas City, the Organization for Economic Cooperation and Development, the Rural Policy Research Institute, and The Countryside Agency (UK). ; Amid a flurry of new initiatives, participants agreed that new rural policies generally have two distinguishing features. First, they focus on exploiting each region’s distinct economic assets instead of trying to develop a sector that will “lift all boats,” as in most developed nations historically, where the sector of choice for rural regions has been agriculture. Second, public funds are aimed at constructing the public goods that will spur private sector investments. Indeed, investment is a strong theme of many new initiatives, with a deliberate attempt to scale back subsidies.Rural areas ; Rural development

New approaches to rural policy : lessons from around the world

Rural areas ; Rural development

New governance for a new rural economy : reinventing public and private institutions : a conference summary

Rural areas ; Rural development