Huge thanks to #EconTwitter for engaging enthusiastically and constructively with this piece by Devesh Kapur and me on under-representation of developing country institutions in development economics.
Some preliminary ideas for taking discussion forward 1/
Demand-side interventions could involve institutions such as @WorldBank, @IMFNews, @JPAL & major academic events-NEUDC, @nberpubs Summer Institute-targeting increased research, review, & participation by researchers from developing countries & monitoring this on ongoing basis 5/
Of course, supply-side actions will be necessary such as those suggested by @bill_easterly:
Above all, corrective action will need participation both by the powerful incumbent voices (economists & institutions) as well as those missing, namely researchers in developing countries.
No topic should be off-limits, incl. privileging of some research and methodologies n/
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1/n Second (& final) piece in @IndianExpress by @shoumitro_c & me where we evaluate the twin prescriptions of India’s inward turn: favouring domestic demand over exports (macro) and raising barriers to encourage domestic production (trade): indianexpress.com/article/opinio…
2/n We argue for more openness in areas of opportunity for India, eg. clothing. A key policy is reducing import tariffs on man-made yarn, a critical input to most dynamic export segment. Chart shows these tariffs for key competitors: India’s doubled recently & highest again
Final *central* government revenue numbers for fiscal year 2019-20 for India released on Friday by Controller General of Accounts (CGA). Some confusion on their interpretation. Four take-aways 1/n
1. CGA numbers less reliable gauge of underlying economic activity because center's GST revenues are volatile, reflecting center's policy on sharing them with states. More reliable is a broader measure of *national* taxes: overall GST (center & states) plus all central taxes 2/n
2.Annual growth in this broad measure of taxes was minus 1.6% (nominal) and minus 6.1% (real). Excluding corporate taxes-which saw large rate cuts-growth was 3.2% (nominal) and minus 1.5% (real). *Real* tax growth is one macro-proxy for underlying *real* economic activity 3/n