Tuesday, April 29, 2008

Today's Songs

Brad Mehldau Trio - Wonderwall (minii huvid ene bol Oasis-iin Wonderwall-iin hamgiin mundag cover; daraa ni medeej Ryan Adams, Cat Power hoyoriinh orno :D)

Simone Dinnerstein - Goldberg Variations (emegtey hun togolson gesendee ih zuulun bas ayaduu bolj; gehdee l yamar ch Goldberg Variations Glenn Gould-iin 1955 onii recording-g guitsehguy yum aa)

Addendum: Hervee goyo jazz tsomguud haij baival ene blog-oor orood garaaray + Bach-d dontson humuust Douglas Hofstadter-iin "Gödel, Escher, Bach"-iig recommend hiiye (dotor ni Goldberg Variations-iin tuhai neg jijig ded buleg bii)

This and That

Weekly Columnist for FT Wealth James Altucher + Freakonomics' Stephen Dubner on him (ene Altucher gej ih sonirholtoy zuils bichdeg nuhur baina; finance sonirhdog humuus TheStreet.com deerh bichleguud bolon Stockpikr deerh portfolio-nuudiig ni sonirhoj uzeerey)

Most people’s pictures of globalisation are to do with economics, technology and business. But before markets, modems and manufacturers could do their work, political changes had to take place. The foundations of the globalised business world are political – and so are the biggest threats to the system.

The challenge to the globalisation consensus comes from below. Political elites in the US, Asia and Europe are struggling to convince citizens that globalisation is not just a game that benefits the rich. If the argument is lost in any of the major world economies, the political consensus that underpins globalisation could unravel.
The political threats to globalisation

[...] we have an idea of market fundamentalism, which is now the dominant ideology, holding that markets are self-correcting; and this is false because it's generally the intervention of the authorities that saves the markets when they get into trouble. Since 1980, we have had about five or six crises: the international banking crisis in 1982, the bankruptcy of Continental Illinois in 1984, and the failure of Long-Term Capital Management in 1998, to name only three.

Each time, it's the authorities that bail out the market, or organize companies to do so. So the regulators have precedents they should be aware of. But somehow this idea that markets tend to equilibrium and that deviations are random has gained acceptance and all of these fancy instruments for investment have been built on them.
The Financial Crisis: An Interview with George Soros - George Soros shares his financial wisdom

Running Out of Planet to Exploit by Krugman - quite gloomy outlook indeed...

“ТУУЛАХ ЗАМ УРТ“ - Yurunhii Said asan Byambasuren guayn yariltslaga. Deehne Han-Uul Deed Surguuliin Demberel "Mongold hoyorhon jinhene ediin zasagch bii: neg ni Jasrai, nuguu ni Byambasuren" gej helj baisan udaatay. Hervee bolomjtoy bol Byambasuren guayn "Orchlongiin Hurd" nomiig zaaval unshaaray--magadguy 20-r zuunii tugsgul uyeiin Mongoliin hamgiin lut buteel baij medne.

As Economy Slows, So Do Laser Eye Surgeries - Haraa muutay humuust (ter zuun tald baigaa "Science Illustrated: Lasik Surgery" gedeg deer Lasik surgery-g ih goyoor tailbarlasan baina)

How to get a job in the foreign-policy world

"The Wizard of Bubbleland" Henry C K Liu on Alan Greenspan

Tim Harford's top 10 undercover economics books

BBC World Service 75th Anniversary: Historic Moments Collection

Politics at Play on Martha’s Vineyard :)

Today's Video: Conrad Tao performing Prokofiev's Piano Concerto #3 (Prokofiev-iig 13 nastay huuhed togloj baina geheer arai l aimar yum--gar ni zugeer l hiischiishd hehe) + The Tao of Early Musical Success
Current Song: Zero 7 - Red Dust

Monday, April 21, 2008

Is Libertarianism in Crisis?

In the United States, the reconsideration of the Friedman doctrine came via the global financial crisis that has resulted from the collapse of American real estate. Many economists blame regulators for ignoring warning signs that banks and investors were growing reckless. One Friedman acolyte has taken the brunt of such criticisms — Alan Greenspan, the former chairman of the Federal Reserve.
A Fresh Look at the Apostle of Free Markets + Brad DeLong and Paul Krugman comments

Hailed three years ago as "the greatest central banker who ever lived," the retired chairman of the Federal Reserve now is being criticized for his management of the U.S. economy before he retired in 2006. The Fed's low rates and laissez-faire regulatory oversight during his final years are widely blamed for sowing the seeds of today's financial crisis -- one that began in the U.S. housing market and is now battering banks, stock markets, borrowers and consumers around the world.
His Legacy Tarnished, Greenspan Goes on Defensive

Marginal Revolution's Tyler Cowen talks about "the intellectual crisis in libertarianism" + Bryan Caplan disagrees Tyler Cowen + Arnold Klin disagrees Bryan Caplan

Addendum: Stiglitz on Shock Therapy etc.

Friday, April 18, 2008

Growth Diagnostics of Mongolia

Growth Diagnostics for a Resource-Rich Transition Economy: The Case of Mongolia by Elena Ianchovichina and Sudarshan Gooptu

Abstract: This paper uses a growth diagnostics approach à la Hausmann, Rodrik, and Velasco (HRV) to identify the most ‘binding’ constraints to private sector growth in Mongolia – a small, low-income, mineral-rich, transition economy. The approach of applying the HRV methodology is useful in those cases where a lack of data prevents us from estimating shadow prices to identify the most ‘binding’ constraint to growth. We find that although Mongolia is not liquidity constrained and has grown rapidly in recent years, economic growth has been narrowl based. Investment has flowed mainly into a small number of firms operating in mining and construction. The low level of private investment in sectors outside mining and construction has been due to low returns – a result of costly and unreliable transportation services; lengthy and complex transit procedures, including customs and trade rules; distortionary taxes; coordination failures, at both domestic and international levels; and growing corruption. Poor financial intermediation is also a problem that has kept the cost of finance high, although lower than in previous years. Alleviating these binding constraints will ensure that Mongolia maintains the path towards sustained, broad-based
growth
.
via Dani Rodrik

Wednesday, April 16, 2008

Are We On Right Track?

DELHII DAYAR TUV BANK HUUGEE BUULGAJ BAIHAD MONGOL BANK INGEJ TENEGTEHEE BOLIMOOR YUM.EDIIN ZASAG ARAI CHADAN URAGSHLAH GEJ BAINA, IIM UED DEMJIJI TUSLAAD OGOOCH, HYAMD ZEEL HEREGTEI BAINA SHU DE.
Монголбанк мєнгєний бодлогын хvvгээ чангарууллаа

The Bank of Mongolia further tightened its monetary policy stance by raising its policy rate by 1.35 percentage points to 9.75 percent. The Bank of Mongolia defines 7-day Central Bank Bill rate as its policy rate which tends to be effective in influencing interbank money market. [...] An increase in the policy rate of 1.35 percentage points is deemed to be necessary to bring CPI inflation down, to reduce the growth of credit and monetary aggregates.
Bank of Mongolia again raises its policy rate

In order to prop up the króna, and keep foreign capital from fleeing, Iceland’s central bank has had to raise interest rates to an astounding fifteen per cent, a move that will slow the economy to a crawl. [...] If Iceland were to attempt to emulate America’s approach, its currency would be demolished, and foreign investors would almost certainly head for the exits. [...] [The U.S.] doing this not out of kindness, of course, but because the U.S. is a colossal market and they need us to keep buying stuff. The world can’t afford to have the U.S. fail, and so we are able to get away with behavior that would wreck smaller countries.
Iceland’s Deep Freeze

Thursday, April 10, 2008

This and That

In fact, for most of its history, Islamic law offered the most liberal and humane legal principles available anywhere in the world. [...] It sometimes seems as if we need Shariah as Westerners have long needed Islam: as a canvas on which to project our ideas of the horrible, and as a foil to make us look good
Why Shariah?

Gloomy About Globalization by Robert Skidelsky (Keynes-iin biographer nuhur mun uu?)

Play It Again, Sam (Re-enactments, Part One) by Errol Morris, maker of "A Brief History of Time"

What I.Q. doesn't tell you about race by Malcolm Gladwell

Interview with Robert Solow

Jazzing Up the Big Screen (My Blueberry Nights davguy kino bolson baina lee)

My System of Work (Not!)” by Avinash Dixit via Levitt's ECON421 course site

The coming financial pandemic + The Recession Felt Around the World by Nouriel Roubini

The Once and Future Kissinger via Jai Singh of FP's Passport

And this one is especially for Achka: Natural History by Andrew Bird (currently he's co-writing this NYTimes blog on "how to write a song and other mysteries" :))

Thursday, April 03, 2008

Current Food Crisis

Талхны үнэ өнөө, маргаашдаа өсөхгүй ч…

Rush to restrict trade in basic foods

New Limits to Growth Revive Malthusian Fears

Odd Crop Prices Defy Economics + Grains gone wild by Krugman

As Prices Rise, Farmers Spurn Conservation

FP Passport's Food Riot Watch

David Dawe, a senior economist at the Food and Agriculture Organization of the United Nations, from Rome about rice prices, poverty in rice-producing nations and the impact of the U.S. dollar on commodities

Update: The World Food Crisis