On Sat, Jan 3, 2009 at 6:21 PM, Julio Huato <[email protected]> wrote:
> If my memory helps, the paper on the lack of growth effects of foreign > aid that the WSJ note reports on is a paper that Rajan presented in > Boston, at the 2006 AEA annual meeting. Rajan shared a panel with > other "young stars" (Easterly, Acemoglu, Aghion, and Torsten Persson > come to my mind). He stood out in the discussion. I was surprised by > how critical he was of the traditional IMF policies, even though he > was representing the IMF. (Easterly was bitching about the historical > performance of the World Bank, but he had already left it to join > NYU.) Rajan brandished some econometrics showing that workers' > remittances beat official aid at inducing growth in poor economies. > No disrespect to my better known cousin (not really my cousin, but we Indian Brahmins are a pretty inbred group so who knows?) but there are dozens of economists who have been saying the same things (at least re: financial instability, maybe less so about IMF aid flows). The fact that Rajan is making news reflects mainly on the intellectual bankruptcy of the majority of mainstream economists.. -raghu. -- Did you hear about the dyslexic Satanist? He sold his soul to Santa.
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