lundi 6 janvier 2014

World Bank chief urges rethink of development economics


World Bank President Robert Zoellick on Wednesday called on economists to rethink the way they look at issues affecting developing nations and said he was overhauling the way his institution approached research.
Zoellick said development economics was often too narrowly focused and not transparent to those affected by policies that emerged from the analysis.
He said the global financial crisis and the rise of developing countries had forced a rebalancing of the world economy and raised questions about policy approaches.
"Even before the crisis there was a questioning of prevailing paradigms and a sense that development economics needed rethinking," he said in a speech at Georgetown University. "The crisis has only made that more compelling."
Zoellick, who is not an economist, said as a policymaker he looked to development economics even more for answers. He said success in tackling global poverty was uneven and countries were frustrated with the lack of progress.
He said the World Bank would apply its economic know-how to studying issues from food security to what drives growth to be more relevant to the developing countries it assists.
The Bank would make its research available online free of charge so that it can be accessed not only by other economists but also by "a health care worker or parent in a village".
"We need to democratize and demystify development economics, recognizing that we do not have a monopoly on the answers," he said. "We need to throw open the doors, recognizing that others can find and create their own solutions."
The World Bank chief said there were lessons from the experience of emerging economics like China, where rapid economic growth has reduced poverty and created new markets.
His speech followed a week after world leaders including US President Barack Obama called for a new approach to development to meet goals agreed by the United Nations in 2000 to tackle global poverty, disease and hunger.
Obama said the United States would focus its development assistance more toward helping countries develop their economies. He called for results-based development - applying strategies that in practice benefit the poor.
FILLING IN THE GAPS
Zoellick said experience had shown that what may work for one country does not necessarily work for others. He said development knowledge should become "multi-polar" and recognize developing countries are new poles of growth.
"I believe we need a more practical approach - one that is firmly grounded in the key knowledge gaps for development policy," he said. "One that is geared to the needs of policymakers and practitioners - as a primary focus, not as an academic afterthought. One that throws open the doors to all those with hands-on experience."
He identified four areas that needed more research. These included a better understanding of how economic transformations occur and why some countries are able to grow and others remain trapped in dire poverty.
Research should also help countries understand how access to economic opportunities can be broadened, including by connecting education to jobs and giving the poor access to markets and finance.
Zoellick said research should look closer at risk to do with natural disasters to health pandemics, and climate changes that are affecting food production. Lastly, more study was needed to gather evidence and data to evaluate and assess the effectiveness of development efforts, including aid, he added.
Zoellick said development economics was often too narrowly focused and not transparent to those affected by policies that emerged from the analysis.

He said the global financial crisis and the rise of developing countries had forced a rebalancing of the world economy and raised questions about policy approaches.

"Even before the crisis there was a questioning of prevailing paradigms and a sense that development economics needed rethinking," he said in a speech at Georgetown University. "The crisis has only made that more compelling."

Zoellick, who is not an economist, said as a policymaker he looked to development economics even more for answers. He said success in tackling global poverty was uneven and countries were frustrated with the lack of progress.

He said the World Bank would apply its economic know-how to studying issues from food security to what drives growth to be more relevant to the developing countries it assists.

The Bank would make its research available online free of charge so that it can be accessed not only by other economists but also by "a health care worker or parent in a village".

"We need to democratize and demystify development economics, recognizing that we do not have a monopoly on the answers," he said. "We need to throw open the doors, recognizing that others can find and create their own solutions."

The World Bank chief said there were lessons from the experience of emerging economics like China, where rapid economic growth has reduced poverty and created new markets.

His speech followed a week after world leaders including U.S. President Barack Obama called for a new approach to development to meet goals agreed by the United Nations in 2000 to tackle global poverty, disease and hunger.

Obama said the United States would focus its development assistance more toward helping countries develop their economies. He called for results-based development -- applying strategies that in practice benefit the poor.

FILLING IN THE GAPS

Zoellick said experience had shown that what may work for one country does not necessarily work for others. He said development knowledge should become "multi-polar" and recognize developing countries are new poles of growth.

"I believe we need a more practical approach -- one that is firmly grounded in the key knowledge gaps for development policy," he said. "One that is geared to the needs of policymakers and practitioners -- as a primary focus, not as an academic afterthought. One that throws open the doors to all those with hands-on experience."

He identified four areas that needed more research. These included a better understanding of how economic transformations occur and why some countries are able to grow and others remain trapped in dire poverty.

Research should also help countries understand how access to economic opportunities can be broadened, including by connecting education to jobs and giving the poor access to markets and finance.

Zoellick said research should look closer at risk to do with natural disasters to health pandemics, and climate changes that are affecting food production. Lastly, more study was needed to gather evidence and data to evaluate and assess the effectiveness of development efforts, including aid, he added. - See more at: http://www.forex-tribe.com/forum/viewtopic.php?pid=10647#p10647
(Reuters) - The yen held at two-month highs against the dollar on Tuesday, having rallied across the board overnight as investors snapped up the safe-haven currency after disappointing economic news from Canada to Spain tempered risk sentiment.

Data showing Spain slipping into recession, Canada's economy unexpectedly shrinking in February and business activity in the U.S. Midwest falling sharply gave markets the green light to cash in on recent gains in risk assets.

The dollar fell as deep as 79.73 yen, bringing the 100-day moving average at 79.58 in focus. It last stood at 79.85. The euro skidded to a two-week low at 105.47 yen, before steadying at 105.74.

Traders said final month-end positioning on Monday also contributed to the choppy price action.

The market is now bracing for the official reading of China's manufacturing activity due at 0100 GMT. Forecasts is for the PMI to come in at 53.6, versus 53.1 in March, so a weaker reading could spark further risk aversion.

Still, trading is likely to be subdued with much of Asia and Europe shut on Tuesday for the May Day holiday.

The Canadian dollar was among the biggest losers after the economy shrank by 0.2 percent in February, cooling talk that the Bank of Canada could start raising interest rates in the near future.

It slid below 81.00 yen for the first time since April 17, while the greenback rose to C$0.9874, pulling up from a 7-1/2 month low around C$0.9800 plumbed Friday.

"We buy CAD/JPY at the 80 handle or possibly a bit below, given likely heavy stop losses/take profits around that area," said Sebastien Galy, strategist at Societe Generale.

Also losing a bit of ground, the Australian dollar slipped to $1.0420, from a one-month peak of $1.0475 set on Friday.

The Aussie's immediate fortunes depend on what action the Reserve Bank of Australia (RBA) takes at the end of its policy meeting at 0430 GMT. An easing is considered a done deal with only the size in doubt.

Markets are giving a one-in-four chance of a deep 50 basis point cut to the 4.25 percent cash rate. This means anything less than that could see the Aussie stage a bit of a bounce.

"If only 25bp is delivered, it will be up to the tone of the accompanying RBA statement to prevent the AUD from rallying on the decision," analysts at BNP Paribas wrote in a client note.

Indeed, any hint of a follow-up cut in June should limit a strong positive response in the currency.

(Editing by Wayne Cole) - See more at: http://www.forex-tribe.com/forum/viewtopic.php?pid=37929#p37929
Zoellick said development economics was often too narrowly focused and not transparent to those affected by policies that emerged from the analysis.

He said the global financial crisis and the rise of developing countries had forced a rebalancing of the world economy and raised questions about policy approaches.

"Even before the crisis there was a questioning of prevailing paradigms and a sense that development economics needed rethinking," he said in a speech at Georgetown University. "The crisis has only made that more compelling."

Zoellick, who is not an economist, said as a policymaker he looked to development economics even more for answers. He said success in tackling global poverty was uneven and countries were frustrated with the lack of progress.

He said the World Bank would apply its economic know-how to studying issues from food security to what drives growth to be more relevant to the developing countries it assists.

The Bank would make its research available online free of charge so that it can be accessed not only by other economists but also by "a health care worker or parent in a village".

"We need to democratize and demystify development economics, recognizing that we do not have a monopoly on the answers," he said. "We need to throw open the doors, recognizing that others can find and create their own solutions."

The World Bank chief said there were lessons from the experience of emerging economics like China, where rapid economic growth has reduced poverty and created new markets.

His speech followed a week after world leaders including U.S. President Barack Obama called for a new approach to development to meet goals agreed by the United Nations in 2000 to tackle global poverty, disease and hunger.

Obama said the United States would focus its development assistance more toward helping countries develop their economies. He called for results-based development -- applying strategies that in practice benefit the poor.

FILLING IN THE GAPS

Zoellick said experience had shown that what may work for one country does not necessarily work for others. He said development knowledge should become "multi-polar" and recognize developing countries are new poles of growth.

"I believe we need a more practical approach -- one that is firmly grounded in the key knowledge gaps for development policy," he said. "One that is geared to the needs of policymakers and practitioners -- as a primary focus, not as an academic afterthought. One that throws open the doors to all those with hands-on experience."

He identified four areas that needed more research. These included a better understanding of how economic transformations occur and why some countries are able to grow and others remain trapped in dire poverty.

Research should also help countries understand how access to economic opportunities can be broadened, including by connecting education to jobs and giving the poor access to markets and finance.

Zoellick said research should look closer at risk to do with natural disasters to health pandemics, and climate changes that are affecting food production. Lastly, more study was needed to gather evidence and data to evaluate and assess the effectiveness of development efforts, including aid, he added. - See more at: http://www.forex-tribe.com/forum/viewtopic.php?pid=10647#p10647
Zoellick said development economics was often too narrowly focused and not transparent to those affected by policies that emerged from the analysis.

He said the global financial crisis and the rise of developing countries had forced a rebalancing of the world economy and raised questions about policy approaches.

"Even before the crisis there was a questioning of prevailing paradigms and a sense that development economics needed rethinking," he said in a speech at Georgetown University. "The crisis has only made that more compelling."

Zoellick, who is not an economist, said as a policymaker he looked to development economics even more for answers. He said success in tackling global poverty was uneven and countries were frustrated with the lack of progress.

He said the World Bank would apply its economic know-how to studying issues from food security to what drives growth to be more relevant to the developing countries it assists.

The Bank would make its research available online free of charge so that it can be accessed not only by other economists but also by "a health care worker or parent in a village".

"We need to democratize and demystify development economics, recognizing that we do not have a monopoly on the answers," he said. "We need to throw open the doors, recognizing that others can find and create their own solutions."

The World Bank chief said there were lessons from the experience of emerging economics like China, where rapid economic growth has reduced poverty and created new markets.

His speech followed a week after world leaders including U.S. President Barack Obama called for a new approach to development to meet goals agreed by the United Nations in 2000 to tackle global poverty, disease and hunger.

Obama said the United States would focus its development assistance more toward helping countries develop their economies. He called for results-based development -- applying strategies that in practice benefit the poor.

FILLING IN THE GAPS

Zoellick said experience had shown that what may work for one country does not necessarily work for others. He said development knowledge should become "multi-polar" and recognize developing countries are new poles of growth.

"I believe we need a more practical approach -- one that is firmly grounded in the key knowledge gaps for development policy," he said. "One that is geared to the needs of policymakers and practitioners -- as a primary focus, not as an academic afterthought. One that throws open the doors to all those with hands-on experience."

He identified four areas that needed more research. These included a better understanding of how economic transformations occur and why some countries are able to grow and others remain trapped in dire poverty.

Research should also help countries understand how access to economic opportunities can be broadened, including by connecting education to jobs and giving the poor access to markets and finance.

Zoellick said research should look closer at risk to do with natural disasters to health pandemics, and climate changes that are affecting food production. Lastly, more study was needed to gather evidence and data to evaluate and assess the effectiveness of development efforts, including aid, he added. - See more at: http://www.forex-tribe.com/forum/viewtopic.php?pid=10647#p10647
Zoellick said development economics was often too narrowly focused and not transparent to those affected by policies that emerged from the analysis.

He said the global financial crisis and the rise of developing countries had forced a rebalancing of the world economy and raised questions about policy approaches.

"Even before the crisis there was a questioning of prevailing paradigms and a sense that development economics needed rethinking," he said in a speech at Georgetown University. "The crisis has only made that more compelling."

Zoellick, who is not an economist, said as a policymaker he looked to development economics even more for answers. He said success in tackling global poverty was uneven and countries were frustrated with the lack of progress.

He said the World Bank would apply its economic know-how to studying issues from food security to what drives growth to be more relevant to the developing countries it assists.

The Bank would make its research available online free of charge so that it can be accessed not only by other economists but also by "a health care worker or parent in a village".

"We need to democratize and demystify development economics, recognizing that we do not have a monopoly on the answers," he said. "We need to throw open the doors, recognizing that others can find and create their own solutions."

The World Bank chief said there were lessons from the experience of emerging economics like China, where rapid economic growth has reduced poverty and created new markets.

His speech followed a week after world leaders including U.S. President Barack Obama called for a new approach to development to meet goals agreed by the United Nations in 2000 to tackle global poverty, disease and hunger.

Obama said the United States would focus its development assistance more toward helping countries develop their economies. He called for results-based development -- applying strategies that in practice benefit the poor.

FILLING IN THE GAPS

Zoellick said experience had shown that what may work for one country does not necessarily work for others. He said development knowledge should become "multi-polar" and recognize developing countries are new poles of growth.

"I believe we need a more practical approach -- one that is firmly grounded in the key knowledge gaps for development policy," he said. "One that is geared to the needs of policymakers and practitioners -- as a primary focus, not as an academic afterthought. One that throws open the doors to all those with hands-on experience."

He identified four areas that needed more research. These included a better understanding of how economic transformations occur and why some countries are able to grow and others remain trapped in dire poverty.

Research should also help countries understand how access to economic opportunities can be broadened, including by connecting education to jobs and giving the poor access to markets and finance.

Zoellick said research should look closer at risk to do with natural disasters to health pandemics, and climate changes that are affecting food production. Lastly, more study was needed to gather evidence and data to evaluate and assess the effectiveness of development efforts, including aid, he added. - See more at: http://www.forex-tribe.com/forum/viewtopic.php?pid=10647#p10647

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