Bringing banking to the masses, one phone at a time
More than half of the world?s adult population lacks access to formal financial services. The proportion is greater in developing countries, where 64 percent on average do not have bank accounts, compared with 17 percent in developed nations. Mobile communications technology is fast becoming a conduit of change. Cell phone subscriptions have mushroomed to cover 75 percent of the global population, enabling mobile banking networks to sprout and reach the unbanked, disproportionately in developing nations.
Asia recalls 1997 crisis as investors await Fed tapering
Asian economies now appear better positioned to deal with adverse external financial shocks.
T-Shirt's Journey to Market
The life of a T-shirt ? from its origins in a Lubbock, Texas, cotton field to its final days in a usedclothing store in Tanzania?aptly tells the story of globalization, comparative advantage, trade regimes, proximity to market and modern retailing.
The euro and the dollar in the crisis and beyond
The euro has survived its first decade, overcoming questions about its viability and political and economic raison d'tre. ?The Euro and the Dollar in the Crisis and Beyond,? a conference sponsored by Bruegel, the Peterson Institute for International Economics and the Federal Reserve Bank of Dallas, marked the milestone on March 17, 2010, with discussions of Europe?s monetary integration, the euro?s global role relative to the dollar and the currency?s prospects in the aftermath of the 2008?09 global recession.
Value-added data recast the U.S.-China trade deficit
Value-added trade data provide a needed complementary measure to conventional compilations to aid in the understanding of bilateral interdependence.
A historical look at the labor market during recessions
Turmoil in housing, credit and financial markets plunged the U.S. economy into a recession that has taken a heavy toll on the labor market. The weakness that began during the second half of 2007 gravely worsened during a period of extreme financial stress in 2008, and the labor market has yet to recover. To put the recession's labor-market impact into perspective, we compare the past two years to previous downturns, including the Great Depression. We also examine the data commonly used to assess labor market conditions. While unemployment rates and nonfarm payroll losses are widely reported, ...
Global and National Shocks Explain A Large Share of State Job Growth
Global and U.S. national shocks on average appear to equally explain more than half of the fluctuations in state employment growth, an important measure of assessing real economic activity. The overall assessment, however, conceals a wide variation among states.
Hyperinflation in Zimbabwe
One hundred trillion dollars?that?s100,000,000,000,000?is the largest denomination of currency ever issued.1 The Zimbabwean government issued the Z$100 trillion bill in early 2009, among the last in a series of ever higher denominations distributed as inflation eroded purchasing power. When Zimbabwe attained independence in 1980, Z$2, Z$5, Z$10 and Z$20 denominations circulated, replaced three decades later by bills in the thousands and ultimately in the millions and trillions as the government sought to prop up a weakening economy amid spiraling inflation.
Diversification and specialization of U.S. states
This paper documents the evolution of the international relationships of individual U.S. states along three dimensions: trade, migration, and finance. We examine how specialized or diversified state economies differ in terms of the products they export and with whom they trade, the origins of the immigrants who live in the state, and the origins of the foreign banks operating in the state. We show that states that are diversified along one of these dimensions are often quite specialized along others. New York is?perhaps, not surprisingly?the most diversified state in terms of global linkages.
Foreign direct investment: financial benefits could surpass gains in technology
Many emerging markets offer financial incentives to attract foreign direct investment, believing that such investment provides advanced technology or management skills. However, it appears developing economies such as China could benefit more from multinational corporations? financial resources.