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International economics graduate appointed deputy governor of central bank of China

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A young graduate of the doctorate in international economics. program at UC Santa Cruz has been appointed to a senior position at China’s central bank, a move seen as a step towards a future high-level appointment to the International Monetary Fund.

The Chinese State Council appointed Zhang Tao, who received his masters and doctorate degrees. UCSC degrees, as deputy governor of the People’s Bank of China. If he replaces Zhu Min, the current IMF deputy managing director (and former deputy governor of the People’s Bank), in July, as is believed, Zhang will become the second Chinese national to hold a senior position in the organization. international based in Washington, DC.

In the early 1990s, Nirvikar Singh, professor of economics at UCSC and current director of the Center for Analytical Finance, served as Zhang’s advisor. He remembers him as “smart, hardworking and quite charming too”.

Zhang obtained his doctorate. graduated from UCSC in December 1995. His research focused on federalism in China, Singh recalls. His thesis was titled “Fiscal Decentralization, Public Spending and Economic Growth: The Experience of Post-Reform China”.

“I am not surprised that he has done well in his career, and I am delighted to hear news about him,” Singh said.

Prior to this most recent appointment, Zhang served as Managing Director of the Legal Affairs Department of the People’s Bank of China from January 2015. He was Executive Director of the IMF from September 2011 to 2014. Before joining the Bank Popular in 2004, he held positions at the World Bank and Asian Development Bank as a Senior Economist.

Zhang graduated from Tsinghua University in Beijing before enrolling at UC Santa Cruz.

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Fully student-led Warwick International Economic Summit praised by former Italian Prime Minister Enrico Letta for being ‘modern and creative’ | The independent

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Former Italian Prime Minister Enrico Letta praised the University of Warwick’s annual economic summit – which has attracted students from 32 universities and 13 counties – for being “modern and creative” as tickets for the event sold out in less than a minute.

Participants listened to lectures from several speakers, including former Prime Minister, Nobel Laureate Sir James Mirrlees and former French Finance Minister Jean-François Copé, where issues – including development, politics, psychology and international relations – were discussed.

Mr Letta, however, who served as Italian Prime Minister from 2013 to 2014, was particularly commendable for the teamwork behind the organization of the all-student-led summit.

He said: “The Warwick Economic Summit is something very modern and creative in the way [it is] organized.

“In my opinion, this is more important than a theoretical course. They [the students] immediately learn what responsibility means in their life, what delivery is, what team building is.

Co-coordinators Max Rodgers and Piyushaa Newatia, who were in charge of the large student team organizing the summit, told the Independent they both “really enjoyed the organization of the summit and can safely say that it was the right thing to do.” [they] have done at university; [they] learned a lot from the experience and gained a lifetime of memories ”

Raj Deol, one of the 51 students who helped organize the summit, said being part of the team was the highlight of his time at the university.

“It has been really exceptional this year. It’s pretty hard to express, but it’s definitely the highlight of my time in Warwick.

“Just looking at the summit this year has been absolutely exceptional. We have invited a superb list of speakers and welcomed delegates from all over the world.

Wafiq Islam, who is also a university student, has attended the summit three times and said he plans to return to attend the summit after graduating.

He said: “Having attended the Warwick Economics Summit for the third time in a row, I can honestly say that each year the quality of the speakers is fantastic and the annual ball is always great fun. “

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New research from the Peterson Institute for International Economics and EY reveals significant correlation between women in corporate leadership and profitability

By International economics No Comments

NEW YORK, February 8, 2016 / PRNewswire / – New research from the Peterson Institute for International Economics and EY shows that having more women leaders in business can dramatically increase profitability. The report, Is gender diversity profitable? Evidence from a global study, reveals that an organization with 30 percent women leaders could add up to 6 percentage points to its net margin. This new in-depth study analyzes the results of approximately 21,980 global listed companies in 91 countries across a variety of industries and sectors.

“The impact of having more women in senior management on the net margin, when a third of the companies surveyed do not, raises the question of what the global economic impact would be if more women were to move up. rows ? ” noted Stephen R. Howe, Jr., US President of EY and Managing Partner for the Americas. “Research shows that while increasing the number of female directors and CEOs is significant, increasing the percentage of women leaders in senior management would likely benefit the bottom line even more. “

The study found that nearly a third of companies worldwide have no women on boards or senior managers, 60 percent have no female board members, 50 percent one hundred have no female senior executives and less than 5 percent have female CEOs. Yet the positive correlation between women in the C-level ranks and the bottom line is repeatedly demonstrated, and the magnitude of the estimated effects is substantial. Although the study found that there is no statistically observable impact of having a female CEO on the profitability of the organization, and that the impact of having women on the board does not While not statistically robust, the importance of having female leadership and presumably a pipeline of future female leaders is both robust and positive.

“As many companies and governments have rightly placed an emphasis on gender diversity in corporate leadership, the Peterson Institute and EY wanted to explore which key areas in business roles and in societal support for women in these roles, have the greatest return in terms of income and economics. growth, ”said Adam posen, President, The Peterson Institute for International Economics. “We have found that some policy initiatives are more promising than others in delivering benefits while promoting gender equality, and that the focus should be on increasing diversity in business management. At a minimum, the results of our unique global study strongly suggest the positive impact of gender diversity on business performance and identify in which sectors and countries the greatest diversity advancements need to be made. ”

Some observations of the study:

Variations by country

Peterson / EY research shows that although no country has achieved gender parity, there are substantial international variations in the representation of women. National averages for women’s participation in boards of directors range from 4 percent in the case of Mexico at about 40 percent in Norway, with Latvia and Italy next in line at 25 and 24 percent, respectively. Likewise, less than 11% of Mexican managers are women, while women represent more than a third of Latvian and Bulgarian managers.

Variations by sector

Research reveals differences between sectors of industry, finance, healthcare, utilities and telecommunications with the highest rates of female representation in executives and boards, ranging from 16 to 18% for women managers and 12 to 14% for women directors. Basic materials, technology, energy and industry are the sectors with the lowest representation of women in management positions, ranging from 10 to 12% for women managers and 8 to 10% for women directors .

Quotas for women directors

Peterson / EY research explores the impact of quotas for female directors, instituted in some countries, which have raised concerns that forcing change could have a negative impact on company performance, possibly due to ” a shortage of qualified women to sit on boards of directors. The analysis indicates that women who sit on more than one board of directors do not outnumber men. Thirteen percent of male directors sit on two boards, compared to 12 percent of female directors. Three percent of each gender sit on three boards, and the number drops to 1% or less for those serving on four or more boards for both genders. More importantly, there is no support for the idea that such quotas reduce company performance.

Factors impacting women’s leadership

The research addresses other issues that impact the presence of women in business leadership, which is positively correlated with business characteristics such as size, as well as national characteristics, including corporate policies. education of women and family leave. Statistical research results suggest that at the company level, company size and board size are strongly correlated with the presence of women on boards and in leadership positions. (but not as CEO). Promisingly, the results suggest that a set of controllable national characteristics is also strongly correlated with greater gender diversity in management; these include high relative scores between women and men on mathematics assessments, a high relative concentration in management-related degree programs, and the earnings ratio of women and men, all of which could be interpreted as indicators of the institutional openness of an economy and support for women’s success.

Fair policies and benefits

“This research highlights the importance of establishing modern benefits, offering equitable sponsorship opportunities and creating inclusive work environments, so that men and women can have equal access to leadership positions. “, said Karyn’s Twaronite, Global Head of Diversity and Inclusion at EY. “While it is essential for organizations to increase women’s access to leadership roles, they must also develop equitable strategies and programs to ensure that men and women rise to the top and ultimately increase organizational results. ”

The data indicate other policy indicators positively correlated with gender diversity in management, and hence profitability, which are often overlooked, including the importance of paternal (not just maternal) leave and openness to foreign investment , which could be interpreted as a sign of greater tolerance for new ways of doing business. Paternity leave – resources that would allow, and even encourage, fathers to participate more equitably in childcare – is significantly more important in economies where companies are more gender balanced: the top 10 economies had 11 10 times more paternity leave days than stockings 10. Peterson / EY’s research revealed, perhaps surprisingly, that compulsory maternity leave alone does not correlate with the increase in the share of maternity leave. women business leaders, although paternity leave is strongly correlated with the proportion of women on the board of directors.

“If these correlations are interpreted causally, one could argue that countries in which fathers have access to more leave have significantly more women on boards of directors,” according to the study. “It stands to reason that policies that allow child care must be respected but do not explicitly place the burden of care on women, which increases the chances that women can develop business acumen and professional contacts. necessary to qualify for a board of directors. “

To learn more or access the full Peterson / EY research, please visit The underlying data and calculations may be reproduced and extended, in accordance with the Institute’s research review and disclosure policy.

About the Peterson Institute

The Peterson Institute for International Economics is a private, non-partisan, non-profit institution for rigorous, intellectually open, and in-depth study and discussion of international economic policy. Its objective is to identify and analyze the important issues to make globalization beneficial and sustainable for the populations of United States and the world, then to develop and communicate new practical approaches to deal with it. Its work is funded by a very diverse group of philanthropic foundations, private companies and interested individuals, as well as income from its capital fund. About 35 percent of the Institute’s resources during its last fiscal year were provided by outside contributors United States. A list of all financial supports for the previous four years is posted at

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The knowledge and quality services we provide help build confidence in capital markets and economies around the world. We develop exceptional leaders who team up to deliver on our promises to all of our stakeholders. In doing so, we play a vital role in building a better working world for our employees, customers and communities.

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit

This press release was issued by Ernst & Young LLP, a member of the global organization EY which provides services to clients in the United States.

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Peter Schott appointed Juan Trippe Professor of International Economics

By International economics No Comments

Peter K. Schott, newly appointed Juan Trippe Professor of International Economics, focuses his research on how businesses and workers are responding to globalization.

Peter K. Schott

Schott’s most recent projects examine the decline in manufacturing employment in the United States during the 2000s, the relative quality of exports from developing versus developed economies, and the relationship between trade policy and productivity. enterprises.

A graduate of the Wharton School at the University of Pennsylvania, Schott received his doctorate. from the Anderson Graduate School of Management at the University of California, Los Angeles. He joined the Yale School of Management (SOM) in 1999 as an Assistant Professor of Economics and later became a Full Professor of Economics at SOM with a secondary position in the Department of Economics. Since 2014, Schott has also served as the Executive Director of the Yale Census Research Data Center, a branch of the New York Research Data Center.

Schott has written numerous articles, chapters, and reviews in academic journals and general media publications, including the Harvard Business Review, The Economist, The New Yorker, The New York Times, and The Wall Street Journal. He was associate editor of the American Economic Review and a member of the National Science Foundation Review Panel.

Schott has received the SOM Teaching Award twice, as part of the Executive MBA program and the full-time MBA program. His other accolades include the Emerald Management Reviews Citations of Excellence award and the Excellence in Refereeing award from the American Economic Review. He is the recipient of two National Science Foundation research grants.

The Yale professor has provided advisory services to the World Bank and the Inter-American Development Bank, among other institutions. He has given numerous guest lectures at universities nationwide and in China, Japan, Spain and Germany, among other countries. His executive teaching includes sessions at the Beijing CEO Summit, with JP Morgan Chase Fellows, and for the Tianjin Economic and Technological Development Zone in Tianjin, China.

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President Obama appeals to Treasury adviser Adewale Adeyemo for International Economics Post

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President Barack obama tapped Adewale “Wally” Adeyemo, who has held senior positions at Treasury Department, to succeed Caroline Atkinson as deputy national security adviser for international economic affairs.

Ms Atkinson has held her current position since June 2013, which includes coordinating the United States’ participation in the annual summits of the Group of 20 and Group of Seven countries. Ms Atkinson has also played a key role in the negotiations on the climate recently concluded in Paris and in promoting the White House trade agenda, including the Trans-Pacific Partnership trade deal.

Mr. Adeyemo, 34, has joined the White House National Economic Council as Deputy Director this fall of the Treasury, where he most recently served as Deputy Chief of Staff to the Secretary Jacob Lew. He was the Treasury’s chief negotiator on the foreign exchange deal that was part of the Pacific trade deal.

Mr Adeyemo also worked on the Treasury’s response to the crises in Ukraine and Greece and in 2010 was one of the first officials tasked with lifting the Consumer Financial Protection Bureau.

In a statement, Mr Obama thanked Ms Atkinson for her service and said he was grateful that Mr Adeyemo continued his work. Mr Adeyemo had been appointed by Mr Obama as Assistant Secretary to the Treasury for International Markets and Development, but a White House official said Mr Adeyemo had asked the president to withdraw his appointment in view of his new role.

Mr. Lew said Mr. Adeyemo had “developed a network of international relations in economic offices around the world to effectively promote American interests.” Former Secretary of the Treasury Tim geithner said Mr. Adeyemo, who joined the administration in 2009, was a “natural diplomat with a great sense of politics”.

The position served as a springboard to even more prestigious international financial positions. Michel froman, who is currently the United States Trade Representative, served under Mr. Obama and President Bill clinton. Federal Reserve governor Lael Brainard, who was previously a senior treasury official in the Obama administration, served in the Clinton administration.

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Doctorate in International Economics from UC Santa Cruz named first woman to the Board of Directors of the Swiss National Bank

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Andréa Maechler, who obtained a master’s and a doctorate. graduated in international economics from UC Santa Cruz, was named the first woman to sit on the board of directors of the Swiss central bank.

Maechler, 45, will join the three-member board of the Swiss National Bank on July 1, the first woman since its creation in 1907.

She first worked for SNB shortly after leaving UC Santa Cruz, said Michael Hutchison, professor of economics at UC Santa Cruz, who remembers Maechler as a star student.

“She has always been intellectually curious and also very professional and composed,” Hutchison said. He attributes Maechler’s technical strengths and leadership qualities to his success in the world of international economics.

At UC Santa Cruz, she worked with Professor KC Fung who is on sabbatical at the University of Hong Kong. In an email to his colleagues on Wednesday after learning of Maechler’s appointment, Fung said, “I think this is a wonderful thing for our department and for our university. I am happy for her and I am proud of her.

Fung and Maechler have published several articles together, including one in 2000, “Can a cleaner environment be good for business?” », Which follows his thesis on international environmental trade.

In a statement on Wednesday (December 17), the Swiss government said Maechler was chosen because of her proven skills. ‘”In more than 16 years of professional activity, she has acquired a solid knowledge in the field of international monetary affairs and financial stability.”

Maechler is currently Deputy Division Chief in the Department of Global Market Analysis at the International Monetary Fund in Washington, DC She previously worked for the Organization for Economic Co-operation and Development, the United Nations Conference on Trade and Development, the World Trade Organization and the European Systemic Risk Board.

At the SNB, Maechler will head the department responsible for the banking capping of the Swiss franc against the euro. It will also be responsible for managing the SNB’s foreign exchange reserves of around 460 billion Swiss francs ($ 474.81 billion).

Maechler joins a small group of women in senior positions in the central bank, including Janet Yellen at the US Federal Reserve, Sabine Lautenschlaeger at the European Central Bank and Christine Lagarde, Managing Director of the IMF.

Prior to attending UC Santa Cruz, Maechler completed undergraduate studies at the University of Toronto and also studied at the Graduate Institute of International Studies in Geneva and the Institute for Advanced Studies in Public Administration. from Lausanne.

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The welfare economy by trickle down? – Acton Institute PowerBlog

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At NRO, Thomas Sowell tackles what he calls the “lie” of the “trickle-down economy”. So, writes Sowell, “the ‘drooping’ lie is a 100 percent lie.” Sowell cites Bill de Blasio and Barack Obama as figures perpetuating the “lie”, as well as writers in “the New York Times, in the Washington post, and by professors from prestigious American universities – and even from as far away as India. “

But we should also note that “runoff theories” are mentioned in Evangelii Gaudium, also: “Some people continue to defend fallout theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing more justice and inclusion to the world.

In the midst of his discussion, Sowell asks the following penetrating questions:

Why would anyone advocate that we “give” something to A in the hope that it would trickle down to B? Why on earth wouldn’t a sane person give it to B and eliminate the middleman?

Whether or not there is a “trickle-down economy” in discussions of the market economy, isn’t there something similar to what Sowell calls for at play in wellness programs? usual redistributives? Do we not “give” something to bureaucracies and government agencies in the hope that they will in turn redistribute it (hopefully in addition to a trickle) to the poor?

And with regard to the runoff part of the runoff welfare economy, Juan de Mariana observed a long time ago that “money, transferred by many ministers, is like cash. It always leaves a residue in the containers. So why not give directly to the poor and cut out the middlemen, as Sowell asks?

It is precisely the discussion taking place on the Bleeding Heart Libertarians blog, among others, on direct cash transfers to the poor in the place of bureaucratic welfare programs. Head over to the BHL blog to check it out.

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2011 IZA Prize in Labor Economics to George B

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The Institute for the Study of Labor (IZA) today announced that this year’s IZA Prize in Labor Economics will be awarded to George J. Borjas (Harvard University) and Barry R. Chiswick (George Washington University) for their fundamental contributions to economic analysis. migration and integration. The prestigious science prize has a cash prize of 50,000 euros (approximately $ 70,000). The 2011 IZA Award ceremony will take place in Oslo, Norway on August 25.

Borjas and Chiswick pioneered the economic analysis of global migration and its impact on labor markets and social security systems. They have been at the forefront of the intense debate on income assimilation and the nature of migrant selectivity. Their research made migration an important sub-discipline of economics with great political relevance. For example, the winners have shown that successful integration of immigrants depends on individual qualifications and language skills, but also requires an active integration policy that selects immigrants on the basis of labor market needs.

“Migration has become one of the most important challenges of our time. The contributions of the two laureates are not only timely, they are also crucial to understanding how companies can benefit socially and economically from labor mobility. Selection and integration are essential. elements of this story, ”said IZA Director Klaus F. Zimmermann.

Barry Chiswick and George Borjas have spurred a huge amount of research by many academics around the world. The immense contribution of these researchers also lies in their empirical ingenuity and deep understanding of the data. They raised questions about the insufficiency of existing data and developed new techniques, stressing the importance of high-quality microeconomic data for examining serious public policy issues. Their work has served as a model for many subsequent researchers and has been the basis for the rapid growth of interest in the economic analysis of immigration over the past three decades.

George J. Borjas is Robert W. Scrivner Professor of Economics and Social Policy at the Kennedy School of Government at Harvard University. He has been a consultant to the World Bank and various government agencies. His academic work provided a theoretical and empirical framework for analyzing the welfare effects and distributive consequences of immigration. His studies demonstrate the need for highly qualified immigration and a selective immigration policy.

Barry R. Chiswick is Professor and Chairman of the Department of Economics at the Columbian College of Arts and Sciences (CCAS) at George Washington University. He has advised the United Nations, the World Bank and governments around the world. His award-winning work on language acquisition and immigrant labor market outcomes underscores the importance of education and language skills for socioeconomic mobility. He also studied integration challenges for different ethnic groups. Chiswick has worked closely with IZA for many years.


The IZA Prize in Labor Economics has been awarded annually since 2002 for outstanding contributions in the field. It is considered worldwide as the most prestigious scientific prize in labor economics. Previous winners include Dale Mortensen and Christopher Pissarides, who went on to receive the Nobel Prize in economics.

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