Debt, Austerity and Growth – Joseph Stiglitz in San Juan

CNE_STIGLITZ2017

A variegated audience of over one thousand people gathered on April 6, 2017 at the San Juan Symphonic Hall to listen and reflect on Nobel Prize winner Joseph Stiglitz’ words of caution and forward-looking advise regarding Puerto Rico’s economic predicament. Stiglitz is one of 17 experts who conform pro-bono the CNE Growth Commission for Puerto Rico.

Click here to access a complete recording of the event.

Watch the following summary videos:

In introducing Stiglitz, CNE’s President and Founder Miguel A. Soto-Class stressed the need for ample involvement in the process of economic recovery and made an urgent call-to-action.

Stiglitz cautioned against the contractionary effects fiscal austerity measures will have on the island’s economy…

…and urged for growth measures as anchors of any fiscal and debt restructuring plans.

Select a thumbnail to view full-size images.

Growth Amidst Uncertainty: A Free Market Perspective – A Conversation with Steven Davis

282_cne04072017

“Historically, the Puerto Rican tax code and regulatory system abound with provisions for special business interests…The result is a complicated web of policy-induced financial incentives that helps sustain a rent-seeking business culture and an overly intrusive role for the government.”
Steven Davis

On April 6, 2017, Steven Davis, Professor of Entrepreneurship and Global Economics and Management at the Sloan School of Management of the Massachusetts Institute of Technology, led a conversation with Puerto Rico entrepreneurs and business leaders on how free markets can help Puerto Rico create a healthier economic climate and foster growth. Davis, who is a pro-bono member of the CNE Growth Commission for Puerto Rico, argued in favor of simplifying regulations affecting the island’s business environment.

Select a thumbnail to view full-size images.

Charting a Path Towards Growth – CNE Growth Commission All-Day Convening

CNE_STIGLITZ2017

The CNE Growth Commission for Puerto Rico convened for the first time in San Juan and began to craft an agenda focused on helping the island devise economic development opportunities and strengthen execution capabilities.

The Commission’s vision is based on the premise that – given the demands of a rapidly changing knowledge-based economy and heightened global competition – long-term sustained economic growth is a result of a country’s capability to move into higher value-added activities. Therefore, the Commission understands that any new economic strategy for long-term growth in Puerto Rico ought to be focused on:

  1. Speeding up the process of economic structural change by advancing the economy’s insertion in high-value niches, investing in innovation, and adopting new knowledge and technologies.
  2. Creating the institutional framework to promote this structural change; that is, revamping the institutions whose mission is to promote this transformation.
  3. Devising public policies that help raise the wellbeing of society in an inclusive manner, so that most of its members can benefit from the gains of improved economic performance.

Access the CNE’s Growth Commission Workplan

Select a thumbnail to view full-size images.

Prompting a Far-Reaching Dialogue About Economic Recovery

With the objective of prompting a far-reaching dialogue about the process of economic recovery, the CNE 2017 Conference included also a series of workshops, presentations and meetings with Puerto Rico and US media, University of Puerto Rico students and the general public.

Select a thumbnail to view full-size images.

Podcast de audio- Hacia una nueva estrategia de crecimiento económico

CNE-Unplugged640x640

En el 2006 CNE abrió camino al trabajar – junto al Brookings Institution – The Economy of Puerto Rico: Restoring Growth, un análisis de la economía de Puerto Rico que diagnosticó los problemas estructurales de esta y las reformas que serían necesarias de cara al futuro para restablecer el crecimiento económico. 

El pasado 15 de junio de 2016 CNE retomó públicamente el tema con la presentación de “Devising a Growth Strategy for Puerto Rico”, un informe elaborado junto al Initiative for Policy Dialogue de la Universidad de Columbia que comienza a esbozar los lineamientos de una nueva política industrial para la isla.

Durante la presentación, Miguel A. Soto-Class, presidente de CNE, anunció la creación del CNE Growth Commission, un grupo de expertos internacionales en desarrollo económico con quienes CNE ha comenzado a trabajar un proceso para desarrollar nuevas estrategias de crecimiento para Puerto Rico.

¿En qué consiste la propuesta de CNE? Escucha CNE Unplugged, donde reproducimos el audio de la exposición que hicieron los tres autores del informe ante la prensa. 

 

José Antonio Ocampo José Antonio Ocampo fue Director Ejecutivo de la Comisión Económica para América Latina y el Caribe (CEPAL), y Ministro de Finanzas de Colombia. Actualmente es co-Director del Initiative for Policy Dialogue de la Universidad de Columbia. Aquí explica por qué Puerto Rico necesita una nueva política industrial.

 

CNEStaff-Sergio-200 Sergio Marxuach es Director de Política Pública de CNE. Aquí explica los cambios que hay que lograr para impulsar una nueva etapa de crecimiento económico, por qué es importante implantar disciplina fiscal gradualmente y por qué la austeridad impuesta por una Junta de Control pudiera ser contraproducente para reactivar la economía.

 

Lamba-Nieves Deepak Lamba Nieves es Director de Investigación de CNE y Post-Doctoral Fellow del Watson Institute for International and Public Affairs de la Universidad de Brown. Aquí explica en qué consiste una política industrial, la participación de distintos sectores en gestarla, el rol del gobierno en articularla, y la importancia de integrar la equidad al crecimiento.

 

Oprima aquí para acceder al informe “Devising a Growth Strategy for Puerto Rico” y el resumen en español.

 

Is a Federal Fiscal Control Board the Only Option for Puerto Rico? – Event Recording

March 2nd 2016 CNE National Press Club nathan mitchell photography-36 copy

Sparking a New Conversation about Puerto Rico in Washington D.C.

On March 2, 2016, the Center for a New Economy (CNE) broke new ground by hosting the conference “Is a Federal Fiscal Control Board the Only Option for Puerto Rico?” in Washington D.C. The forum sought to generate a balanced discussion on options for achieving fiscal balance for Puerto Rico beyond the current binary debate over the imposition of a federal control board.

The conference explored the concept of a Fiscal Responsibility Law (FRL) for Puerto Rico as a policy proposal that could lay the groundwork for the stabilization of Puerto Rico’s public finances and prompt a broad overhaul of Puerto Rico’s fiscal infrastructure. FRLs are mechanisms that allow for the establishment of monitorable fiscal targets and policy reforms. The panel discussed the benefits of enacting and implementing a FRL as the basis for a strong fiscal regime for Puerto Rico, and how it might fit within the broad framework of any federal policy that addresses the island’s current fiscal and economic crisis.

Miguel A. Soto-Class, President of CNE, introduced the discussion stressing that solutions to the Puerto Rico crisis need to have legitimacy within the island and seek to rebuild its fiscal institutions for the long-term.

Andrés Velasco, Former Finance Minister of Chile and Professor at Columbia University’s School of International and Public Affairs, discussed how Fiscal Responsibility Rules are being successfully applied throughout the world; while Tracy Gordon, Senior Fellow, Urban-Brookings Tax Policy Center, explored how they are applied in the United States and the type of oversight mechanisms with which they interplay.

Sergio Marxuach, Policy Director of CNE, discussed how a Fiscal Responsibility Law for Puerto Rico could be designed in order to deal with the current juncture and manage fiscal policy in the long-term; while Gordon Gray, Director of Fiscal Policy at the American Action Forum, cautioned about the challenges such a law would face in the context of Puerto Rico’s current politically charged atmosphere.

Puerto Rico’s elected officials, Congressman Pedro Pierluisi, Resident Commissioner for Puerto Rico, and Senator Eduardo Bhatia, President of the Puerto Rico Senate, closed the event, cautioning against externally imposed solutions to the Puerto Rico crisis.

If you want to be part of the conversation regarding Puerto Rico’s future, join us, and watch CNE’s DC panel on the link below.

Is a Federal Fiscal Control Board the Only Option for Puerto Rico? – Opening Remarks

Click on the link below to watch the opening remarks of the Center for a New Economy’s forum “Is a Federal Fiscal Control Board the Only Option for Puerto Rico?” delivered by CNE’s President Miguel A. Soto-Class. The event took place on March 2, 2016 at the National Press Club of Washington D.C.

Click “Read more” for the text of the opening remarks.
READ MORE

Is a Federal Fiscal Control Board the Only Option for Puerto Rico? – Keynote: Andrés Velasco

Click on the link below to watch Andrés Velasco’s keynote in the Center for a New Economy’s forum “Is a Federal Fiscal Control Board the Only Option for Puerto Rico?”. The event took place on March 2, 2016 at the National Press Club of Washington D.C. Scroll below to download the slides from Mr. Velasco’s presentation and to read a brief biography.

Download Andrés Velasco’s presentation slides:
CNE-DownloadPublication-Button

Andrés Velasco
Professor, Professional Practice in International Development
Columbia University’s School of International and Public Affairs, New York City

Velasco is a former presidential candidate and Finance Minister of Chile, and was also part of the team that negotiated Chile’s commercial agreements with Mexico, Canada and the United Sates. He has taught Development and International Finance at Harvard University, was Director of the Center for Latin American Studies of New York University, and has published over 100 articles and four books on international economics and development. Velasco holds a Ph.D. in Economics from Columbia University and a Post-Doctoral Degree in Political Economy in Harvard University and the Massachusetts Institute of Technology.

Is a Federal Fiscal Control Board the Only Option for Puerto Rico?- Sergio M. Marxuach

Click on the link below to watch Sergio Marxuach’s remarks in the Center for a New Economy’s forum “Is a Federal Fiscal Control Board the Only Option for Puerto Rico?”. The event took place on March 2, 2016 at the National Press Club of Washington D.C. Scroll below to read a brief biography of Mr. Marxuach.

Sergio M. Marxuach
Public Policy Director
Center for a New Economy, San Juan

Prior to joining CNE, Marxuach served as Deputy Secretary of Commerce and Economic Development, and as Special Assistant to the Executive Director of the Office of Management and Budget for the Commonwealth of Puerto Rico. Before joining the Commonwealth government, he was an associate in the New York City law firm of Curtis, Mallet-Prevost, Colt & Mosle LLP, where he structured cross-border capital market transactions and arranged vendor financing and syndicated credit facilities for U.S. multinational firms in Latin America. Mr. Marxuach has a B.A. in Economics and Political Science from Yale University. He also has a Juris Doctor degree from the Georgetown University Law Center and a Master of Science in Foreign Service from the Graduate School of Foreign Service at Georgetown University.

Is a Federal Fiscal Control Board the Only Option for Puerto Rico? – Tracy Gordon

Click on the link below to watch Tracy Gordon’s remarks in the Center for a New Economy’s forum “Is a Federal Fiscal Control Board the Only Option for Puerto Rico?”. The event took place on March 2, 2016 at the National Press Club of Washington D.C. Scroll below to download the slides from Ms. Gordon’s presentation and to read a brief biography.

Download Tracy Gordon’s presentation slides:
CNE-DownloadPublication-Button

Tracy Gordon
Senior Fellow
Urban-Brookings Tax Policy Center, Washington D.C.
Gordon researches and writes about fiscal challenges facing state and local governments, including budget tradeoffs, intergovernmental relations, and long-term sustainability. Before joining Urban, she was a Senior Economist with the White House Council of Economic Advisers. She was also a member of the District of Columbia Tax Revision Commission, a fellow at the Brookings Institution, an assistant professor at the Maryland School of Public Policy, and a Fellow at the Public Policy Institute of California. Gordon currently serves on the board of trustees for the American Tax Policy Institute and is a member of the District of Columbia Infrastructure Task Force. She holds a Ph.D. in Public Policy with a concurrent M.A. in Economics from the University of California, Berkeley.

CNE Newsletter

Never miss an update!
Subscribe to the CNE Newsletter below: