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My Life Story
Narcisa Lecușanu provides valuable insight into what it takes to achieve long-term success and influence in the sports world. First as a player, where she excelled on both the domestic and international level, then in leadership roles at the European Handball Federation and within Romania, and now as a member of the IHF Executive Committee. Her contributions to handball are numerous including aiding the development of women’s handball as Chairwoman of the IHF's Women’s Handball and Gender Equality Working Group and promoting handball to children in her home country. I appreciate her unmatched passion for handball. She is a role model and her story will definitely inspire you. Dr. Hass...
Planning and Designing Sustainable and Resilient Landscapes
This book deals with planning issues in landscape architecture, which start at the evaluation of the existing fabric of society, its history and memory, approached and conserved through photography, film and scenographic installations, a way in which the archetypes can be investigated, be it industrial derelict sites or already green spaces and cultural landscapes. It provides approaches to intervention, through rehabilitation and upgrade, eventually in participative manner. To such evaluation and promotion a couple of disciplines can contribute such as history of art, geography and communication science and of course (landscape) architecture. The field of landscape architecture reunites points of view from such different disciplines with a view to an active approach a contemporary intervention or conservation. The book presents case studies from several European countries (Romania, Germany, Austria, Italy, Portugal) mostly for large landscape in the outskirts of the cities and in the parks.
Global Impact and Challenges of Unconventional Monetary Policies - Background Paper
This paper provides case studies of 13 of the largest non-UMP countries. The case studies begin with an overview of recent macro-economic developments as well as capital flow patterns during the crisis up to the first U.S. tapering announcement in May 2013. Country experiences with capital inflows are judged along five dimensions: (i) the size of capital inflows, (ii) policies used to manage inflows, (iii) external stability, measured by exchange rate overvaluation and current account deficits relative to fundamentals,2 (iv) asset price and credit market reactions, and (v) financial sector stability. Case studies mostly draw on published IMF Staff Reports for each country, as well as the 2013 Pilot External Stability Report (IMF 2013d).
Global Impact and Challenges of Unconventional Monetary Policies
This paper takes stock of unconventional monetary policies (UMP) and their impact so far, and looks ahead towards exit and prospects for policy coordination. It synthesizes earlier staff work on UMP,1 the findings of a substantial and growing academic and central banking literature, as well as further staff analysis contained in the Background Paper. While some widely accepted conclusions have emerged from the large and growing number of studies on UMP, many important questions remain unsettled, as enough time has not elapsed to draw definitive conclusions. In those cases, the paper will pose the relevant questions and provide possible nswers, while recognizing the uncertainty that remains.
The Economics of the Belt and Road Initiative
China proposed the Belt and Road Initiative in 2013 to improve connectivity and cooperation on a transcontinental scale. This study, by a team of World Bank Group economists led by Michele Ruta, analyzes the economics of the initiative. It assesses the connectivity gaps between economies along the initiative’s corridors, examines the costs and economic effects of the infrastructure improvements proposed under the initiative, and identifies complementary policy reforms and institutions that will support welfare maximization and mitigation of risks for participating economies.
Trouble in the Making?
Technology and globalization are threatening manufacturing’s traditional ability to deliver both productivity and jobs at a large scale for unskilled workers. Concerns about widening inequality within and across countries are raising questions about whether interventions are needed and how effective they could be. Trouble in the Making? The Future of Manufacturing-Led Development addresses three questions: - How has the global manufacturing landscape changed and why does this matter for development opportunities? - How are emerging trends in technology and globalization likely to shape the feasibility and desirability of manufacturing-led development in the future? - If low wages are going...
At Your Service?
Manufacturing-led development has provided the traditional model for creating jobs and prosperity. But in the past three decades the conventional pattern of structural transformation has changed, with the services sector growing faster than the manufacturing sector. This raises critical questions about the ability of developing economies to close productivity gaps with advanced economies and to create good jobs for more people. At Your Service? The Promise of Services-Led Development (www.worldbank.org/services-led-development) assesses the scope of a services-driven development model and policy directions that can maximize the model’s potential.
If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows
After more than six years of ultra-low interest rates, a Fed liftoff (rate hike) is just a matter of time. This paper goes back to history to understand the spillover effect – or what is termed in the paper as the ‘liftoff’ effect – of the previous five Fed liftoffs on capital flows. Using a dynamic panel framework covering 48 countries (27 advanced economies, 21 emerging markets) over the period 1982-2006, the paper shows that the liftoff effect on capital flows (total private, portfolio) is significantly higher for emerging market economies (EM) than advanced market economies (AM). EM capital flows are hit indiscriminately one quarter before liftoff, suggesting that markets usually price in the liftoff before the actual event. Over time, there is a bit more variation among EM as policy responses/framework can to some extent dampen market reactions. The findings are similar to the unfolding of events during the taper tantrum episode indicating that, even though current circumstances are very different, history could still provide a good guidance.
Hallucinating Stewards
There are some similarities between the 2023 state of the US economy and the 2008 financial crisis related to inflation and supply chain disruptions, however, the underlying causes of the two situations are different. The concise but scoped analysis of major economies related to the present circumstances in the US banking crisis comes at a time when the US dollar is facing competition from China and others. The US government and the Federal Reserve have taken steps to address the economic impact of the COVID-19 pandemic and curbing interest rates to battle inflation. Such measures, however, have placed several US banks in a tough position. On 15th March 2023, The Silicon Valley Bank (SVB) was closed down by US regulators. This was followed by its former parent company SVB Financial Group filing for Chapter 11 bankruptcy (the filing did not include its remaining subsidiaries). A second, New York-based Signature Bank was forced to shut its doors. It was later bought by New York Community Bancorp (Flagstar Bank). A third, Silvergate bank had previously announced on March 8 they would liquidate due to their failures in their cryptocurrency portfolios.
Review of the Role of Trade in the Work of the Fund
This review follows the Board-endorsed recommendation by the IEO in 2009 to have an assessment of the Fund’s work on trade every five years. In addition to reviewing past work, this paper discusses key issues going forward towards a future trade agenda for the next five years. This reflects the need to operationalize the implications of the changing trade landscape, including the changing drivers of trade—such as global value chains (GVCs)—and the movement of the fulcrum of trade policy from multilateral rounds to regional and plurilateral deals.
