The Dangers of (de)Globalization
Between 1870 and 1914 the world lived the high point of the first era of economic globalization. The globe was effectively connected through railways, steamships, and telegraph lines.
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Prop贸sito
Algunos lloran. Otros r铆en. Muchos se deprimen. Todo el mundo reacciona a la crisis y a la adversidad de maneras distintas. No soy sic贸logo, pero asumo que lo importante en estos asuntos no es tanto c贸mo reaccionar sino entender lo que est谩 sucediendo y asumir responsabilidad.
The Rule of Law and the Enforcement of Contracts
The rule of law is one of the most important institutions for economic development. For Friedrich von Hayek, Nobel prize winner in economics, the rule of law meant that “government in all its actions is bound by rules fixed beforehand 鈥撀爎ules which make it possible to foresee with fair certainty how the authority will use its coercive powers in given circumstances and to plan one’s individual affairs on the basis of this knowledge.”
Seeing Things in their Precise Shape and Color
The current economic situation, both locally and globally, is the most complicated the world has seen since the Great Depression. In the midst of all this complexity is it imperative that we see things as they really are in order to properly diagnose the situation and to prescribe the correct course of action.
La experiencia de Nueva York
Cuando publicamos nuestro Informe de CNE/Brookings hace dos a帽os, de las primeras presentaciones que hicimos fueron las de Nueva York. Era vital para nosotros llevar el mensaje de la situaci贸n econ贸mica de Puerto Rico a un grupo importante de nuestra di谩spora.
The Importance of Bond Ratings
Puerto Rico’s credit rating has been in the news recently. When the government of Puerto Rico or one of its agencies issues bonds, credit rating agencies, such as Moody’s Investors Service and Standard & Poor’s Rating Services, analyze various quantitative and qualitative factors that may affect the borrower’s ability and willingness to repay, including, but not limited to, the financial condition of the borrower, the prevailing economic conditions in the island, and the political environment at the time of going to the market.
The Determinants of Economic Growth
Ever since the days of Adam Smith, economists have struggled to understand the process of economic growth. While this effort has produced a better understanding the determinants of growth, many puzzles remain unsolved.
PREPA: A Deadweight on Puerto Rico’s Economy
In August of 2005, the Center for the New Economy published a research paper entitled “Restructuring the Puerto Rico Electricity Sector”. In that report we noted that the Puerto Rico Electric Power Authority suffered from various financial and operating inefficiencies that should be corrected as soon as possible.