...(which is likely almost all #IND companies), is ~25%. Could it also be considered an (admittedly somewhat indirect) index of how effective the (recently established) #MacroPru framework(s) is/r in the regions shown?
...More general lesson Trade is an important channel by which US #Stimulus cd 'spill over' internationally; why #Protectionism, by hampering the most efficient worldwide use of resources, discouraging #bestpractices adoption etc curbs both productivity growth & growth spillovers.
Of course, keep in mind that even as their #GDPperCapita was rising as % of US, households in #China were saving about a fifth (~20%) of their income, a large fraction of which was channeled into #Investment, which, at its peak in 2011, was ~ 48% of #GDP! https://t.co/eSgzZZZBKQ
.@arxivblog#Talent vs #Luck: N=1000 agents w Capital C(t=0) = 10; Talent T_i Є (0,1) w NormDist(0.6,0.1); Period 40y w 500 events, 50% of which r lucky - increase agent i’s capital w prob α 2 Talent T_i; At end, highest capital w agent whose T_i barely above avg! (0.62 vs 0.6) pic.twitter.com/L5IWeuq5PL
One straightforward implication for #Grants disbursing agencies and #Innovation promotion authorities etc - better to widely distribute roughly equal monies transparently, and at outset, rather than 'pick winners' b4hand!
#IMF Blog on #China Savings: first, it's not just Households alone, [although (Household Savings)/GDP, top curve in figure below, differs most from the global average]; Corporate and Government savings are high too... (reference Country Report cr17248) pic.twitter.com/58VhZ0cOJk
#IMF Blog #China Savings: high savings resulted in both Internal and External imbalances - which have rotated - as (Current Account/GDP) surplus; external imbalance has fallen, the internal imbalance (high) Investment/GDP has risen, though since 2014 beginning to fall... pic.twitter.com/NwT6sioULb
.@cppib A patient investor with a long horizon: Expected Average Hold for #infrastructure assets (utilities, transport, energy, of which ~77% r in North America, & rest in Latin America) - is 20y+; & even for #PrivateEquity for > 5y; compared to industry avg < 3y! (2016 Ann Rep) pic.twitter.com/uDgH6yPCby
Interestingly, ‘long-term orientation’ is also a national cultural variable that correlates well w/ good #SovereignWealthFund governance. Aggarwal & Goodell (2017) @ClevelandFed@uakron develop & confirm six hypotheses on SWF good governance; also finding them consistent... pic.twitter.com/YF7FOn8ypt
…w/ a governance ranking developed by Bagnall & Truman @piie using a survey ?aire (4m which #Top10 shown above) #China’s avg national SWF governance score of 67 placed it 17th among 33 countries (& 49 funds) ranked. #Canada’s indicators r averaged over 4 funds (not just @cppib).
The #BoE working paper compares #OLG model simulations with #Rstar estimates from Holston, Laubach, Williams 2017 @federalreserve@sffed as below, and projects a further 37bp decline in #Rstar by 2050 (& even beyond) #AEs in aggregate; + also v interesting indiv cntries esp USA pic.twitter.com/y2Zw5XxsEY
The case of #HurricaneHarvey illustrates this point nearly perfectly! 'The @DallasFed has repeatedly reported surging or elevated auto sales in its district, after Hurricane Harvey-related floods ruined vehicles and homes.'https://t.co/qjvDxuPbJW
Dr. Ashton Carter spoke to DARPA's "Wait, What? A Future Technology Forum" on September 9, 2015 in St. Louis, MO, the city where the famous Lewis & Clark expedition began in 1804, the site of the St Louis World's Fair a century later, and the city whose spirit was the inspiration for Charles Lindbergh's plane The Spirit of St Louis, in which he crossed the Atlantic solo in 1927. It is also the site of a Boeing plant which the Secretary visited earlier in the day.
The full text of the Secretary's remarks is available here, I found the following excerpt is particularly inspiring:
"...our strength also comes from the longstanding link between the technology community and the government, and that's why I've made building and rebuilding the bridges between us one of my core goals as secretary of defense. Because, going forward, we need the best people, the best technology and the best innovation to remain the world's finest fighting force. Over most of the last 75 years, the bonds between us have been remarkable close. I've observed that from -- seen it from both sides. As a technologist myself, and also serving a number of times in the Defense Department. But while our ties have endured through successes and strains, the challenges and opportunities we face today demand we strengthen our partnership, and it has to be in ways that benefit both of us. We live in a changing world, and our military's excellence is not a birthright. It's not a guarantee. We have to earn it again and again." (emphasis added)
Secretary of Defense Ashton Carter is the second person with a PhD in physics to hold the post, Harold Brown having been the first, while his mentor, Dr. William Perry, who held the post 1994-97, was a mathematics PhD. But he is also majored in Medieval History at Yale, and was a Rhodes Scholar at Oxford, during which time he earned his PhD in theoretical physics. He is truly an inspiring figure in many ways.
MT @chrisquigg If confirmed, Ash Carter would be 2nd Physics PhD as #secretaryofdefense. Harold Brown was 1st; William Perry was Math PhD.
Professor Zvi Bodie of Boston University and Professor Marie Briere of Amundi were awarded the 2015 Harry H. Markowitz Prize by the Journal of Investment Management, for their paper on Sovereign Wealth Funds and Risk Management.
