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Reconsidering the Washington Consensus

Reconsidering the Washington Consensus
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Faculty Appointed Endowed Professorships, Chair Appointments

Faculty Appointed Endowed Professorships, Chair Appointments
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How Russian banks anticipated and dealt with global financial sanctions

Matthieu Crozet, Julian Hinz, Amrei Stammann, Joschka Wanner Politics affects the banking sector in many ways (e.g. Calomiris and Huber 2014). For example, governments in many countries direct commercial bank lending to specific sectors and/or stimulate lending to small and medium-sized enterprises (e.g. Brown and Dinc 2005). And during the recent COVID-19 pandemic, many governments created emergency loan guarantee schemes that were covering and spurring their banks lending. In this column, we turn to another recent and striking episode of political impact, namely, the global financial sanctions on Russian banks with close ties to their domestic government that commenced in 2014 and were sequentially imposed on various banks during a five-year period. In general, economic sanctions become increasingly popular from 2010s, being mostly driven by the US to restrain politically unfavourable regimes (Felbermayr et al. 2021). While their effects at the firm level are well studied (Croz

Japan 1980 | International economics | Cambridge University Press

Japan 1980 | International economics | Cambridge University Press
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Economic Diversification in Africa: How and Why It Matters

Carnegie Endowment for International Peace Source: Getty Summary:  Many African countries have placed economic diversification high on the policy agenda, yet they first need to define what it means in their specific structural and socioeconomic contexts. Related Media and Tools If you enjoyed reading this, subscribe for more! Thank you! Summary For decades, economic diversification has been a policy priority for low- and middle-income economies. In the words of former managing director of the International Monetary Fund (IMF), Christine Lagarde, “We know that economic diversification is good for growth. Diversification is also tremendously important for resilience.” Unfortunately, this goal continues to elude many African countries. In fact, the continent is home to eight of the world’s fifteen least economically diversified countries. This reality weakens the foundation of their economic transfomation and slows their pace of progress. It also makes these countries part

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