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WORKING PAPERS
April 04, 2024
Star firms, defined as the top 10 percentile of firms in the world in terms of return on invested capital, are more likely to occur in high-income countries and manufacturing industry, but there is an increasing share of star firms from middle-income countries and the services sector. Star firms hav...
Blog Post
April 04, 2024
A large academic and policy debate has focused on the increase in market concentration over the past few decades which has given rise to “star firms,” a small set of firms that generate abnormal returns for their investors. A common concern is that these firms exert excess market power and behave as...
WORKING PAPERS
April 02, 2024
Starting in 2001, duty-free access to U.S. markets under the African Growth and Opportunity Act (AGOA) led to a brief boom in African manufacturing exports, particularly apparel, which then fizzled in the face of unfettered Chinese competition after 2005. The looming expiration of AGOA—and eroding C...
Blog Post
April 02, 2024
“Trade not aid” is a slogan that appeals to certain instincts on both the left and right. The idea being that rich countries can do more for economic development in poor countries by granting them market access than by sending charity. But will market access really stimulate economic growth in laggi...
Blog Post
March 07, 2024
An extraordinary cascade of crises threatens Africa’s growth and economic stability. The incomplete economic recovery from the global pandemic, Russia’s invasion of Ukraine, food and fuel inflation, rising debt distress, and Israel’s ongoing war in Gaza have all aggravated geopolitical and geo-econo...
Blog Post
March 05, 2024
Last week, CGD and ACET (The African Center for Economic Transformation) co-hosted an event on rules that limit the cross-border transfer of digital data. The basis for the discussion was David Medine’s recent paper for CGD “Data Localization: A Tax on the Poor,” and the group involved experts and p...
WORKING PAPERS
February 08, 2024
A fracturing of the institutional infrastructure undergirding globalization would harm efforts to cope with urgent national problems and international crises. The imperative for the leading economic powers is to defuse threats to globalization and to promote resilience of global value chains. The fl...
CGD NOTES
February 02, 2024
Most of the episodes in this series have been about my luck and privilege as a white and well-off American; they reflect my growing realization that the luck and privilege I’ve enjoyed in the nearly eight decades of my lifetime are in good part a product of America’s vast wealth and power throughout...
Blog Post
January 11, 2024
More than 60 countries have data localization measures in place that restrict or prohibit the flow of certain types of data across their borders to other jurisdictions. A new CGD working paper by David Medine makes clear that these restrictions may have their greatest impact on smaller economies inc...
WORKING PAPERS
January 11, 2024
Localization is usually the wrong answer to legitimate data policy issues. As a result, data transfer restrictions wind up imposing unnecessary costs on providers, such as banks, which effectively serves as a tax which is either passed along to the poor or, even worse, makes it uneconomical for firm...