2012 Pardee Graduate Summer Fellow Peng Huang gave a presentation on his research on inflation-linked bonds and worry-free investment at the 2012 World Finance & Banking Symposium at Cheung Kong Graduate School of Business, Shanghai in China on December 17-18.
Huang discussed the feasibility of introducing inflation-linked bonds in China and studied their role in helping to achieve the goal of worry-free investment, which is particularly meaningful for both individual and institutional long-term investors.
Huang, a doctoral candidate in the Boston University Economics Department, conducted research and wrote a paper on inflation-linked bonds and pension reform in China during his summer fellowship at the Pardee Center.
The book was edited by former Pardee Center Director Prof. Adil Najam (now Vice Chancellor of Lahore University of Management Sciences in Pakistan) and Pardee Center Research Fellow Rachel Denae Thrasher. The volume features chapters by several international experts on the topic who presented preliminary versions of their book chapters at the conference.
The book draws on the authors’ expertise in discussing the history of economic collaboration among various developing countries and what shape future collaborations may take in terms of not only trade, but also investment and finance, labor and workforce movement, and cooperation in global economic governance.
This is the second edited volume of essays by experts stemming from a Pardee Center conference. China Today, China Tomorrow (2010, Rowman and Littlefield Publishers) was the outcome of a 2008 Pardee Center conference titled “Where is China Headed?” organized by Pardee Center Faculty Fellow Joseph Fewsmith, who also served as editor of the book.
The Pardee Center has published the 26th paper in the Issues in Brief Series, “The IMF’s New View on Financial Globalization: A Critical Assessment,” by Faculty Fellow Kevin Gallagher. The paper is Prof. Gallagher’s assessment of the IMF’s new “institutional view” on capital account liberalization and the management of capital flows between countries announced in December 2012. The brief reiterates the “rules of thumb” put forward by the Pardee Center Task Force on Regulating Global Capital Flows for Long-Run Development in 2011 that should be considered when devising capital account regulations applicable to developing countries.
Other Pardee Center publications related to this issue include Issues in Brief No. 22, Issues in Brief No. 24, and the March 2012 Pardee Center Task Force Report, Regulating Global Capital Flows for Long-Run Development. A second Task Force Report on the relationship between capital accountant regulations and the global trading system will be published in 2013.
Three Pardee Center Faculty Fellows were joined by a former economic development official in New York City for a discussion on “The Urban Century: Local Challenges, Global Matters” during a Pardee House Seminar on Thursday, December 13.
Paul McManus, director of Boston University’s Sustainable Neighborhood Lab project, moderated the panel, which included Prof. Nathan Phillips of the BU Earth and Environment Department, Prof. Susan Eckstein of the Sociology Department, and Steven Strauss, former head of economic development strategy in New York City under Mayor Michael Bloomberg and a 2012 Advanced Leadership Fellow at Harvard University.
McManus introduced the discussion of what he called “a very interesting set of challenges” posed by rapidly expanding cities around the world in the wake of the global financial crisis, environmental and social issues related to climate change, and changing trends in regional demographics and the global population. He noted that many of the challenges stem from the contrast between interests in responding to challenges at the local versus global levels.
Prof. Eckstein discussed the “push-pull” forces that spur increased urbanization, particularly in developing countries, such as the “push” of poverty and lack of economic opportunity in rural areas versus the “pull” of increased opportunities for jobs and improved access to education in cities. She questioned whether urbanization should be viewed as an overall positive or negative trend, as it results in increased levels of urban poverty, an increase in gang activity and crime, and increased levels of pollution and traffic. She noted the explosive urbanization trends in developing countries, which now have many “mega cities”, such as Mexico City, Sao Paulo, and Seoul, with populations of 20 million or more today, all of which had fewer than 3 million residents in the 1950s.
Prof. Phillips discussed his work studying the “urban metabolism” of cities, and Boston in particular. By examining the flow of energy and materials coming into the city and waste products going out, you can understand the connections between human and natural systems. For example, he discussed the noticeable difference in the level of carbon emissions in the atmosphere over Boston on week days, when traffic is heavy as people commute to work, versus weekends, when traffic is much lighter. He said understanding the sources of emissions can help decision makers identify opportunities for potential changes.
Steven Strauss said when thinking about the future of urban areas to “expect the unexpected” as climate change could have major impacts that create dramatic changes. Established cities need to have the ability to absorb shocks, such as Hurricane Sandy in New York, while the growth of mega cites will have a huge need to develop new infrastructure, transportation systems, and schools. Looking ahead 50 years, he said that the U.S. will no longer be the world’s largest and strongest economy and that will translate into diminished status in other areas, such as education and manufacturing capability. He said while the U.S. will need to focus on repairing and updating aging infrasructure (such as the century-old subway system in Boston), developing countries will have the opportunity to build brand new state-of-the-art infrastructure, such as airports and transportation systems. He said the airport in New Delhi, India, which he had been to, is a good example.
The seminar was the first in a series of programs and publications related to “The Urban Century” to be sponsored by the Pardee Center in the coming year. A video of the seminar is available here.
Pardee Faculty Fellow Kevin P. Gallagher wrote an op-ed for Project Syndicate titled “The IMF’s Half Step.” Prof. Gallagher, who is the Co-Chair of the Pardee Center Task Force on Regulating Global Capital Flows for Long-Run Development, writes that the International Monetary Fund’s new move to enforce capital controls does not go far enough. Read the entire op-ed here.
Professor Gallagher leads the Pardee Center Global Economic Governance Initiative more information is available here.
Director ad interim James McCann led a four-person roundtable panel at the 18th International Conference on Ethiopian Studies in the city of Dire Dawa, Ethiopia on October 31-November 2nd. Panelists on the Roundtable included former Pardee Post-doctoral Fellow Heran Sereke-Brhan, Stefan Bruene, (Hamburg University and Intergovernmental Authority on Development), Masresha Fetene, Vice President for Research, (Addis Ababa University), and His Excellency Xavier Marchal, European Community Ambassador to Ethiopia. The panel discussion took place in a full meeting hall and raised issues that ranged from intellectual property, commercial farming versus conservation, use of longer-range perspectives to open dialogues between antagonistic state agenda, and the need for basic science education in regional higher education. The emphasis in each of the topics and discussion was on the value of longer-range needs for human development.
In addition, the Pardee Center sponsored production of a documentary that will include interviews on the streets and alleys of Dire Dawa town in order to contextualize the conference. The film will be made available on the Multimedia Page.
Faculty Fellow Kevin P. Gallagher is quoted in Bloomberg Businessweek’s article, “IMF Officially Endorses Capital Controls in Reversal.” Also quoted is Paulo Nogueira Batista, Executive Director for Brazil and eight other Latin American countries at the International Monetary Fund, who was the featured luncheon speaker at a September 2011 meeting of the Pardee Task Force on”Managing Capital Flows for Long-run Development.” In the article, Prof. Gallagher and Mr. Batista both say the new regulations should have broader applications.
The Pardee Task Force Report, Regulating Global Capital Flows for Long-Run Development, and other related Pardee publications and events are available at the Task Force On Regulating Global Capital Flows page. A second Pardee Task Force Report on the compatibility between capital controls and the global trading system will be published early next year. Prof. Gallagher’s work on this issue is part of the Pardee Center’s Global Economic Governance Initiative, which he leads.
The Frederick S. Pardee Center for the Study of the Longer-Range Future is pleased to announce a Parde House Seminar titled The Urban Century: Local Challenges, Global Matters. The seminar will be held at the Pardee Center on Thursday, December 13, 2012. Featured speakers include Pardee Faculty Fellow Prof. Nathan Phillips, (Earth and Environment, BU), Faculty Fellow Prof. Susan Eckstein (Sociology. BU), and Steven Strauss, former Managing Director for New York City Center for Economic Transformation. Faculty Fellow Paul McManus, Director of the Sustainable Neighborhood Lab at Boston University will moderate.
The Seminar will be held at Pardee House, 67 Bay State Road, on December 13, 2012 from noon to 1:30 p.m. (Lunch will be available from 11.30am, seminar starts at 12.00pm). Please RSVP by December 10th by registering here.
Paul McManus is an Executive-in-Residence at the School of Management at Boston University and the Executive Director of the Sustainable Neighborhood Lab (SNL), a unique living laboratory engaging academics, industry, government and citizens as partners in ground breaking cross-disciplinary research and programs in urban innovation. In addition, McManus is Managing Director of the Institute for Technology Entrepreneurship and Commercialization (ITEC).
Nathan Phillips is an Associate Professor of Earth and Environment at Boston University. He studies cities in an interdisciplinary research program called “Urban Metabolism” supported by the National Science Foundation and Boston University’s Sustainable Neighborhood Laboratory. The basis of his research is on physiological mechanisms that regulate water, carbon, and energy exchanges between plants/ecosystems and the environment.
Susan Eckstein is a Professor of Sociology at Boston University and a specialist on urbanization, immigration, poverty, rights and injustices, and social movements in the context of developing countries. She has also written on agrarian reform, comparative development, and the effects of revolution.
Steven Strauss is the former head of economic development strategy for NYC. He was one of NYC’s leads for Applied Sciences NYC, the new Cornell engineering campus in NYC. He is a 2012 Advanced Leadership Fellow at Harvard University, and was a strategy consultant for McKinsey where he served clients in America, Europe and the Middle East.
The Frederick S. Pardee Center for the Study of the Longer-Range Future has published the 25th paper in the Issues In Brief series. “Religion, Social Movements, and Zones of Crisis in Latin America,” was written by Boston University Prof. Jeffrey W. Rubin, Prof. David Smilde of the University of Georgia, and Prof. Benjamin Junge of the State University of New York-New Paltz. The paper presents the findings of a three-year project led by Boston University’s Institute on Culture, Religion, and World Affairs (CURA) exploring the connections between religion and social movements in Latin America. The authors argue the study of these movements must consider the important and multiple roles played by religion in Latin America.
Related podcasts taken from an event titled Religion, Social Movements, and Zones of Crisis in Latin America, “Seized by the Spirit: The Mystical Foundation of Squatting among Pentecostals in Caracas,” and “Everyday Politics in the Periphery of São Paulo: Catholic Church and Housing Movement Intertwined,” are also available on the Multimedia Page.
Pardee Center Faculty Fellow Nathan Phillips was interviewed on the WBUR show Radio Boston November 25. Prof. Phillips answered questions about his study on leaks in Boston’s aging natural gas system published earlier this month in Environmental Pollution titled Mapping urban pipeline leaks: Methane leaks across Boston. The interview came in the wake of a major gas explosion in Springfield, Massachusetts. In the interview, Meghna Chakrabarti asks Prof. Phillips about the chances of a similar gas explosion occurring in Boston.