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Research and Dissemination
The primary activities of the India Program include research on policy-relevant issues for the Indian economy and two annual conferences, one held at Stanford University and the other in India, reporting the results of that research. The program is directed by Dr. Anjini Kochar of Stanford and Professor T.N. Srinivasan of Yale University, Senior Fellow at SCID. The fifth policy conference at Stanford was held in June 2004, and the first two conference series in India were in January and December 2003, with the third scheduled for December 2004.
In India, conferences have been held in Chandigarh, Kolkota and Mumbai, with associated events in Bangalore, New Delhi and Patna. They have been organized in partnership with The Indus Entrepreneurs (TiE), state government officials and local chapters of the Confederation of Indian Industries (CII). A major goal has been to interact with local business communities in meaningful discussions of the major policy issues facing state governments in India. The considerable turnout and keen debate of policy papers at the conferences indicate success to date in this endeavor.
An important result of the outreach program to state governments has been the beginning of collaborative research projects between SCID and India organizations. Several projects are under active consideration involving research institutions and government agencies in Madhya Pradesh, Kerala, New Delhi, Punjab and Uttar Pradesh. Dr. Kochar has prepared and submitted several proposals for research on the effectiveness of education policy (especially for elementary schooling), more effective deployment of resources to the social sector and the impact of small credit programs in raising the incomes of the poor.
In 1999, SCID launched the Program on Chinese Economic Policy Reform (China Program). the effectiveness of education policy (especially for elementary schooling), more effective deployment of resources to the social sector and the impact of small credit programs in raising the incomes of the poor.
In 1999, SCID launched the Program on Chinese Economic Policy Reform (China Program). This program is designed for high-level interaction between scholars, business leaders and policymakers. The program is spearheaded by Dr. Nicholas C. Hope, a former China country director at the World Bank and an advisor to the Chinese government on international financial management.
There are several unique facets to the China Program in addition to a research agenda dealing with international financial management, private enterprise development, pension reform and improving market performance. Program faculty host study tours for China 's Finance Ministry, and a visiting scholars program has been initiated for ministry officials. Two annual policy conferences, one held at Stanford University and the second held in China, comprise an important part of the program.
SCID disseminates significant research findings on the program through working papers and publications.
The Latin America Program began in 2000 and is led by Professor Stephen H. Haber. The program's main focus is on the Latin American countries with the largest populations: Brazil, Mexico, Argentina and Chile. An annual policy conference is held on the Stanford campus in November.
Research specifics vary from country to country, but the bottom line is the same: to have a significant impact on policy and thereby to increase economic growth. Most of the research to date has focused on macroeconomic reform, especially monetary and fiscal policy, policy for physical infrastructure and the reform of the financial system. The primary research goal is to understand how to craft policies that promote economic development. For example, research on financial systems - the topic for the 2004 policy conference - identifies reforms that encourage the development of efficient banking systems and securities markets. SCID researchers study specific features of bank supervision, the governance of securities markets, and the specification and enforcement of contracts and property rights to extract useful lessons of experience that may be transferred from one country to the next.
Program faculty expect to have impact in two areas. First, they anticipate opening a new direction in the academic policy research literature on reforming financial systems in Latin America and in the developing world in general. Second, the researchers anticipate that their work will affect governments' policies for regulating financial systems, and ultimately the structure and performance of Latin American banking systems and securities markets.
SCID faculty and researchers are continually identifying the topics that require worldwide attention. These topics are those with the chances for highest leverage results. A name researcher is brought on board to lead the research team. Once the research is completed, a conference is held to disseminate the findings. Topics SCID has undertaken or those that are underway include:
Education, 2000 Research on Education in Developing Countries was a conference funded by a generous grant from the Mellon Foundation. The research and conference, led by Professor Anjini Kochar, explored education policy in developing countries, and it brought together the foremost theoretical and empirical researchers working on education-related issues in developing areas (empirical papers used data from a variety of countries including India, Indonesia, Vietnam, Kenya, Mexico, and Thailand). The goal was to consolidate on-going research on the determinants of education, as well as the effects of education on growth, and to identify the areas where research is most required.
Finance Markets in Mexico. The Financing Private Enterprises in Mexico conference was the result of a joint research project with the Banco de México. The motivation of the project was that despite the fact that bank credit, the most important source of finance, plummeted from 10% of GDP in 1994 to 0.3% of GDP in 1999, domestic investment and economic activity returned to their pre-crisis levels relatively quickly. Thus the questions are: where are firms getting finance, are these new sources of funds sustainable, and are the characteristics of finance different?
The Conference presented ten papers as the first effort to portray a complete picture of private finance in Mexico. The policy implications are significant since private investment is emerging as an obstacle to sustainable, non-inflationary growth. The papers analyze each source of financing in Mexico, and the implications for economic growth and macroeconomic policy making.
Federalism and Globalization. This research project involved a team of researchers led by Professors Anne Krueger and T.N. Srinivasan. They focused on seven countries; the developed economies of Canada and Australia and the developing economies of Argentina, Australia, Brazil, Canada, India, Mexico and Nigeria. Researchers investigate the evolving relations between central and local governments in a world of ever-increasing economic integration. An important focus of the research was the actual and potential development of direct relations between provinces/states and foreign investors and traders that bypass the central authorities, and the implications for economic management. Results were presented in a conference held in June 2002.
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One of the primary targets for SCID's work is national policy-makers and thought leaders. Through conferences, seminars, workshops and publications SCID scholars are able to present their findings to policy- makers who can take this information and create change. As a result of this exchange, important relationships are formed that foster on-going dialogue and consultation on important issues.
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Within the Stanford community, SCID's research activities provide the material for lectures to the public, and research seminars and workshops for faculty and graduate students. SCID faculty conduct research programs in collaboration with faculty from Stanford University at large, as well as from other universities. Reaching out to the broader community, SCID organizes conferences, and disseminates research findings through its working paper series. Aiming to equip and encourage a new generation of policy researchers, SCID also offers graduate students opportunities for informal discussion of research ideas and for involvement in faculty and visitor research.
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Policy research leading to dissemination through conferences is SCID's major means of communication. Conferences are designed to foster understanding of economic development in several ways:
- research findings and conversations at the conferences have an impact on policy reform
- the synergy of several scholars with similar interests can stimulate each others' research and provide an exciting environment for scholars
- Stanford and SCID provide an attractive venue to host visitors (policy makers and researchers) with whom SCID scholars can interact
- the education of students will improve research and policy analysis in future years
- research findings and conversations at the conferences have an impact on policy reform
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Among specific contributions through the India Program, for example, SCID can claim its research has affected policy change in small-scale reservation and in telecommunications.
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After each conference, a conference volume is published and distributed widely, and the papers posted on SCID's website for the additional use of policy makers and researchers.
