3 research outputs found

    A Gender Approach to Monetary and Financial Policies in the Covid-19 Recovery

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    A combination of monetary policies and public investment can address gender biases in an economy by supporting equality among entrepreneurs, workers, carers and consumers. Recent recovery interventions from central banks have not explicitly considered the impacts of their policies on gender equality, which is a missed opportunity. This paper discusses the gender implications of monetary policies, arguing that they are not gender neutral. We examine the evolution of monetary policies in Bangladesh, Kenya, Peru, Sri Lanka and Tanzania and discuss the indirect gender equality implications of these policies. The aim is to complement the country case studies of the project ‘Shaping the MacroEconomy in Response to Covid-19: A Responsible Economic Stimulus, a Stable Financial Sector and a Revival in Exports’. We distinguish four types of monetary policies: (1) interest rates and reserve policies, which relate to banks’ capital requirements; (2) quantitative easing, lending terms and loan guarantees for sectors, firms and individuals, which relate to maintaining liquidity in the financial system: (3) alternative monetary policies, restricting or earmarking specific constraints or provisions; and (4) balance of payments policies, which include policies relating to exchange rate, capital controls and central banks’ foreign reserve holding.IDRC | CRD

    Shaping the Macro-Economy in Response to COVID-19: A Responsible Economic Stimulus, a Stable Financial Sector and a Revival in Exports

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    Ensuring a healthy macro-economy is crucial for a high-quality recovery from Covid-19. Engineering appropriate stimulus packages, keeping a stable financial sector and reviving high value-added exports are core tasks of governments across the world as they also try to recover from the economic effects of the pandemic in 2020–2023. Unfortunately, the context in low-income settings looks more depressed because of lack of finance and more vulnerable economies. Informing policy options for a better macro-economy in lower-income settings is a core task of an International Development Research Centre (IDRC)-funded project undertaken by the Overseas Development Institute (ODI) and five other think-tanks. This paper presents a methodology and a range of methods to provide quality research and analysis that can underpin such policy advice.IDRC | CRD

    Trade in services and economic transformation

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    This paper examines the role of trade in services by discussing how the trade aspects of services help promote economic transformation. A sceptical view often exists that services follow rather than lead transformation. However, we argue it is important for economies to follow a balanced growth path because of the explicit and implicit linkages between the various sectors. We suggest policy-makers need to update their evidence base on the linkages between sectors and consider more carefully what specific actions deserve priority. Even when promoting manufacturing exports is the top priority, the answer can actually be found in trade in services policy. This paper provides information on how such linkages might work, updating the evidence base. The paper addresses two main questions: What is the role of trade in services in economic transformation and what can be done to improve the contribution? It tackles these using mixed methods. We review what we know about the relationships between trade in services and economic development and identify areas in need for further research (Section 2). The statistical analyses at micro and macro levels in Sections 3 and 4 provide new insights by quantifying how these relationships work, directly through trade in services or indirectly, by services production being embodied in goods trade. Section 5 selects five services sectors and undertakes brief case studies. It focuses on how the trade aspect matters for transformation and on how selected countries have promoted more exports of services, distinguishing between trade policy and other factors. In exploring whether and how trade in services and other policy can have a major impact in raising the contribution of services for economic transformation, we summarise the main findings into three categories: 1) improved knowledge