Search Results
Journal Article
World Population: What Helps Explain the Explosion?
A steep decline in India’s death rate from 1950 to 2019 substantially affected the size of the global population and reduced that nation’s median age relative to the U.S.
Working Paper
A tale of two states: Maharashtra and West Bengal
In this paper the authors study the economic evolution between 1960 and 1995 of two states in India ? Maharashtra and West Bengal. In 1960, West Bengal?s per capita income exceeded that of Maharashtra. By 1995, it had fallen to just 69 percent of Maharashtra?s per capita income. The authors employ a "wedge" methodology based on the first order conditions of a multi-sector neoclassical growth model to ascertain the sources of the divergent economic performances. Their diagnostic analysis reveals that a large part of West Bengal?s development woes can be attributed to: (a) low sectoral ...
Working Paper
Why doesn’t technology flow from rich to poor countries?
What is the role of a country?s financial system in determining technology adoption? To examine this, a dynamic contract model is embedded into a general equilibrium setting with competitive intermediation. The terms of finance are dictated by an intermediary?s ability to monitor and control a firm?s cash flow, in conjunction with the structure of the technology that the firm adopts. It is not always profitable to finance promising technologies. A quantitative illustration is presented where financial frictions induce entrepreneurs in India and Mexico to adopt less-promising ventures than in ...
Report
A tale of two giants: comparing China and India
Accounting for 40 percent of the world?s population and almost 20 percent of the world?s output, China and India are two of Asia?s?indeed, the world?s?economic giants. In addition to their size, these countries have other traits in common. Both are among the fastest-growing economies in the world, and both are transitioning from heavily state-controlled and regulated economies to more market-based economic systems.
Journal Article
Interview: Raghuram Rajan
In August 2005, at the annual conference of central bankers in Jackson Hole, Raghuram Rajan created a stir. Rajan, then chief economist of the International Monetary Fund, argued in a presentation that a hidden danger of massive failures was lurking in the global financial system. Risks had been building up, he said, a result of the incentives facing private institutions in the environment of that era.
Briefing
The Role of Nonbanks and Fintechs in Boosting India’s UPI Person-to-Merchant Transactions
Unified Payments Interface (UPI), a mobile-based instant payment system in India, has grown substantially in the last few years. Indians initially used UPI for person-to-person (P2P) payments, but today use UPI more for person-to-merchant (P2M) payments. Nonbanks and fintechs have contributed to the rapid growth of UPI P2M payments by providing third-party apps, merchant services, and consumer credit, as well as enabling UPI P2M payments to expand beyond India’s borders.
Conference Paper
The new global economic geography
Who Holds a Green Card?
Understanding the characteristics of U.S. permanent residents can provide insight into the future workforce.
Working Paper
A Passage to India : Quantifying Internal and External Barriers to Trade
This paper quantifies the size of internal versus external trade barriers and assesses the impact on trade and welfare. I develop a quantitative multi-sector international trade model featuring nonhomothetic preferences in which states trade both domestically and internationally. I discipline the model using rich micro data on price dispersion as well as foreign and domestic trade flows at the Indian state level. I find that (1) state-based price data predict internal trade flows well; (2) internal trade barriers make up 40% of the total trade cost on average, but vary substantially by state ...