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Articles and Blogs by Otaviano Canuto

Otaviano CanutoMr. Canuto has lectured and written widely on economic growth, financial crisis management, and regional development. His recent published work has dealt with financial crisis and economic growth in Latin America. He has published more than 70 articles in economic journals and books in English, Spanish and Portuguese, and has spoken often on development policy and global economic issues.

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Natural Capital and the Resource Curse (May 2012)
Economic Premise No. 83 (with Matheus Cavallari)
This note presents an analysis of newly released data on natural capital and other forms of countries' wealth, to revisit some of the conclusionsreached in the literature on the relationship between resource abundance and growth.

Comércio global e crescimento: perspectivas e desafios para as economias em desenvolvimento (February 2012)
International Centre for Trade and Sustainable Development (with José Guilherme Reis; in Portuguese)
Este artigo sustenta que esse período assinala o início de uma nova ordem no comércio internacional, na qual países emergentes de rápido crescimento revelam resistência a flutuações na economia. | Also in PDF format

Asia and South America: A Quasi-Common Economy Approach (September 2011)
Economic Premise No. 65 (with Manu Sharma)
This note proposes the Asian quasi-common economy, which eschews a formal linkup in political or monetary terms, as a benchmark for South America's regional integration efforts because it is a better fit than the politically driven, broad-based, European style integrative process.

Shadow Sovereign Ratings (September 2011) (with Sanket Mohapatra and Dilip Ratha)
Sovereign ratings are important for countries to access international capital, but even today 58 developing countries are not rated by Standard and Poor’s, Moody’s, or Fitch. This column presents an exercise to predict “shadow” sovereign ratings for these unrated countries.

Navigating the Road to Riches (July 2011)
Originally published in Project Syndicate. Republished in Valor Economico (Brazil), Korea Times, Mmegi Online (Botswana), Japan Times, Shanghai Daily and the Malta Independent
The “middle-income trap” has snared many developing countries: They succeeded in evolving from low per capita income levels, but then appeared to stall. Does moving up the income ladder get harder the higher one climbs?

How Complementary Are Prudential Regulation and Monetary Policy? (PDF; June 2011)
Economic Premise No. 60
This note argues in favor of complementarity -- rather than substitution -- in the use of monetary and macroprudential policies: the combined (articulate) use of both policies tends to be more effective than a standalone implementation of either.

Reviving a Policy Marriage (April 2011)
Originally published in Project Syndicate. Republished in Valor Economico (Brazil), Turkish Weekly, and Korea Times
Not long ago, the separation of financial supervision and monetary policy was in vogue in many countries. In the aftermath of the global financial crisis, however, they have been forced to reunite.

Human Rights and Development Practice (February 2011)
Economic Premise No. 50 (with Milan Brahmbhatt)
In the past two decades, there has been a growing engagement between development and human rights practitioners and thinkers. But are participants in this dialogue still mainly talking past each other?

Risky Growth Engines (January 2011)
Originally published in Project Syndicate. Republished in Il Sole 24 Ore (Italy), Pagina 7 (Bolivia), Shanghai Daily (China), Valor Economico (Brazil), and the New Times (Rwanda)
While the rich world puts its post-crisis house in order, developing countries as a whole are becoming the new engine of global growth. Increasingly, they are a force pulling the advanced economies forward. But switching locomotives is never free of risk.


Growth and Crisis | June 6, 2012
Bucking the Trend: Poverty Reduction and Inequality in Latin America
How did the LAC region manage to reduce both poverty and inequality (on the aggregate) over the past decade, even as countries dealt with the worst of the global economic crisis?

Growth and Crisis | May 30, 2012
Diamonds May Be Forever, Natural Resource Wealth Is Not
There is no clear deterministic evidence of natural resource abundance as a curse or blessing.

Growth and Crisis | May 23, 2012
Distorted Prices in Commodity Markets
Distorted price levels and excess price volatility are detrimental to producers and consumers alike.

Growth and Crisis | May 16, 2012
Connected to Compete? Not as Much as We Could Be
The World Bank's latest survey on trade logistics shows that a gap between the performance of rich and poor countries continues. | Coverage on

Growth and Crisis | April 25, 2012
Less Poor but More Unequal
The issue of inequality has returned to the center of the development agenda and is seen by many as the most serious challenge facing both developing and developed nations.

Growth and Crisis | April 18, 2012
Emerging Markets Lead in Job Recovery
Labor markets in developing countries have continued their gradual recovery despite slower growth in the fourth quarter of 2011.

Growth and Crisis | April 4, 2012
Collaborative Border Management: A New Approach to an Old Problem
Attention should be focused on collectively modernizing the systems and procedures employed by all border management agencies -- not just customs.

Growth and Crisis | March 22, 2012
What Can We Learn from Islamic Finance?
Three years after the onset of the global financial crisis, can Shariah-compliant finance challenge our notion of conventional banking?

Growth and Crisis | March 14, 2012
Euro Area Sovereign Debt Crisis: Putting the House in Order
A key element to moving the euro area beyond the crisis is to shore up the balance sheets of European banks that have large exposures to troubled sovereign debt.

Growth and Crisis | March 7, 2012
Women's Day: A Time for Concern, Not Complacency
Only if we can lead by example and "engender" the attitudes of our children, will boys and girls become equal partners in the future.

Growth and Crisis | Feb. 29, 2012
A State of Hope in a State of Uncertainty

Growth and Crisis | Feb. 22, 2012
How to Ascend after Declining?

Growth and Crisis | Feb. 15, 2012
Capital Account Liberalization: Are There Lessons to be Learned?

Growth and Crisis | Feb. 9, 2012
Are Emerging Markets Leading the Way in Job Creation?

Growth and Crisis | Feb. 1, 2012
Should We Still Worry About Food Prices?

Growth and Crisis | Jan. 25, 2012
Political Economy in a Bad Economy