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On November 18th, ISET hosted Principle Economist of Asian Development Bank, Dr. Donghyun Park, who gave a presentation on Inequality, Inclusive Growth, and Fiscal Policy in Asia.
Dr. Donghyun Park discussed how a recent sharp growth in Asia had a positive effect on the reduction of poverty in the region. However, income inequality is still high and in many Asian countries keeps growing. International experience shows that public spending can reduce income inequality. Representative examples of this trend are government expenditures on education and health. By opening more public schools with better educational level, government helps poor portion of population, as rich people always have option to receive good education from expensive private schools.
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On Friday, November 6th, ISET-PI researcher, Charles Johnson spoke at a conference organized by the New Economic School in Tbilisi. The conference, “The Freedom of Money” focused on market-based solutions to monetary policy problems. Charles’ speech was entitled, “Greece, Europe’s Indebted South and How to Deal with Sovereign Debt Crises.” In his speech, he outlined the history of the Greek crises, and why problems with Europe’s institutions caused year-on-year bad lending to Europe’s south, eventually causing the Greek crisis. Charles also offered policy options for countries with sovereign debt crises. He showed evidence as to why austerity – cutting public spending – is counterproductive in times of recession and how it has a multiplier effect in losses to national income. Charles concluded his talk by showing why greater political and fiscal solidarity in the EU can solve ongoing debt crises and prevent new ones from forming in the future.
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