At Brookings

The second meeting of the Brookings Panel on Economic Activity under new leadership started Thursday, with some interesting papers on the housing and financial crises. Rarely do you get an academic meeting that is so timely: in attendance were anxious Treasury and Fed officials checking Lehman's stock price on their Blackberries.  But there were also other interesting papers. The LaPorta and Shleifer paper on the informal sector goes straight into my development syllabus for the Spring. And oh, there was also a paper on real exchange rates and growth, which one of the distinguished panelists said would put the entire economics profession on the wrong side of 200 years of history if correct. Ho-hum.

Comments

[frank]

I find this a must read when it comes to exchange rates:

Corden, Max W., “Exchange Rate Protection,” in R.N. Cooper, et al. (eds.), The International Monetary System under Flexible Exchange Rates: Global, Regional and National. Essays in Honor of Robert Triffin. Cambridge, MA: Ballinger Publishing Company, 1981.

It makes a somewhat similar point in a different way. You may find it interesting.

[Joao]

Dear Professor Rodrik,

Were the panelists' comments recorded anywhere? Can one get access to them? Thank you very for the information, and congratulations on a very interesting paper indeed.

Joao

[Sandro Perricelli]

Dani,

Please explain to your South American friends very clearly that you could not find any effect of undervaluation on economic growth for middle income countries.

[Nicholas Shaxson]

Your piece on exchange rates and growth was interesting. Why not use it to weigh into the aid debates, in the (not so new) context of aid and the Dutch Disease, narrowed down to the (much newer) debates on aid vs. tax as noted by Adrian Wood in the FT recently: http://www.ft.com/cms/s/0/b9442de0-79b9-11dd-bb93-000077b07658.html
Also why not discuss this IMF document which remarked recently: "greater reliance on domestic revenues reduces the risk of Dutch disease" (see here http://www.imf.org/external/pubs/ft/fandd/2008/09/gupta.htm ) Tax is a long-ignored but now fast-emerging field, well worth keeping an eye on, and with an important exchange rate component. Read this to see what is now suddenly starting to happen in tax in Africa, for example: http://taxjustice.blogspot.com/2008/09/africas-tax-exciting-developments.html

This is not just a developing-world issue either: it also has major relevance to the emerging financial crisis.

Pay more attention to tax, and enter a new and woefully under-researched world.

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