Finance Specialization

Economist's Paper Calls for New Research Agenda on Emigration

Economist's Paper Calls for New Research Agenda on Emigration

An article that Michael A. Clemen researched as a Visiting Scholar at NYU Wagner and the Department of  Economics is generating a great deal of discussion.  "Economics and Emigration: Trillion-Dollar Bills on the Sidewalk?" focuses on the vast economic losses that result from tightly binding limitations on emigration imposed by destination countries such as the United States (where, for example, the 2010 Diversity Visa Lottery attracted 13.6 million applications for 50,000 visas, mainly from people in developing countries). When it comes to the many policies that restrict emigration, the few estimates of the economic losses to the receiving countries "should make economists' jaws hit their desks," writes Clemens, a Senior Fellow with the Center for Global Development, Washington, D.C., adding "there appears to be trillion-dollar bills on the sidewalk." Yet economists and researchers tend not to focus on what is perhaps "the greagest single class of distortions in the global economy," he notes. Clemens explores why that is so, and goes on to propose a new research agenda.

En Route to MPA, NYU Wagner Student chooses Finance Specialization – and wins Fellowship at Citizens Budget Commission

En Route to MPA, NYU Wagner Student chooses Finance Specialization – and wins Fellowship at Citizens Budget Commission

Meghan L. Haenn, an MPA student at NYU Wagner, has been chosen by the highly respected Citizens Budget Commission as a CBC Public Policy Fellow for 2014-15. The one-year paid fellowship, awarded to two New York City public policy students in the final year of their degree program, will enable Meghan to conduct research on New York City government finances and services with the nonpartisan, nonprofit civic organization.

Meghan majored in history at Wake Forest University in Winston-Salem, North Carolina, and worked on an important initiative to help her alma mater re-allocate operating expenses to financial aid and other parts of the university’s core mission. One of her supervisors on the project, Rogan Kersh, Wake Forest’s provost and a former professor of public policy and associate dean for NYU Wagner, helped her think deeply about the public policy schools that might be right for her.

At first blush, applying to a graduate program in New York City seemed very unlikely. She was just too proud a Philadelphia native, she explained. But she made two exploratory visits to NYU Wagner and found herself impressed by the top-ranked school’s “sense of community,” philosophy of “educating at the intersections,” and  ready access to many career opportunities.

Last September, Meghan started full-time at NYU Wagner where she a found an unexpected acumen for finance. After she performed well in Daniel L. Smith’s class on financial management, Professor Smith encouraged Meghan to make finance her specialization, which she did. Not only that, she was recently elected as the treasurer of the Wagner Student Association.

NYU Wagner’s strong spirit, rigorous and supportive faculty, and dynamic location in the heart of downtown New York City have all enriched her graduate school experience. She’s working this summer in the city at Accenture on a higher education consulting project. Come this September, the Citizens Budget Commission fellowship begins, and she’ll resume working toward her MPA degree.

“NYU Wagner is a great opportunity to apply and further develop the skills that I’ve been acquiring,” she said. “It has given me a lot in such a short amount of time!”

Evaluating the World Bank

Evaluating the World Bank

The World Bank is one of the most influential�and sometimes controversial--providers of knowledge about international development and growth. A frank review of World Bank research between 1998 and 2005 has been completed by an external panel at the request of the World Bank�s chief economist.
The panel included Angus Deaton (Chair), Princeton University; Kenneth Rogoff, Harvard University; Abhijit Banerjee, M.I.T.; and Nora Lustig, Director of the Poverty Group at UNDP.
NYU Wagner�s Professor Jonathan Morduch participated in the review with responsibility for evaluating research on finance and private sector development.
The report with responses by Francois Bourgignon, the Chief Economist, and Joseph Stiglitz, a former Chief Economist, is available at:
In January, 2007, Professor Morduch was invited to join the Editorial Board of the World Bank Economic Review, the world�s most widely read scholarly economic journal. His term ends in December 2009.

Expanding Banking Access to the Poor: New Gates Foundation Initiative Based at Wagner

Expanding Banking Access to the Poor: New Gates Foundation Initiative Based at Wagner

The importance of access to finance in building the wealth of low-income individuals in developing countries is clear, but there are many questions about how to improve that access most effectively. The anecdotal success stories about microfinance are well known; substantive research on how to increase and improve access is still lacking.

Now, a five-year Financial Access Initiative funded by a $5 million grant from the Bill & Melinda Gates Foundation will bring together top researchers from Harvard, NYU, Yale, and Innovations for Poverty Action to assess existing research on global financial access, generate new evidence through field work, and inform regulatory policy.

"As donors in this space, it is critical that we make decisions informed by sound research," said Bob Christen, Director of Financial Services for the Poor at the Bill & Melinda Gates Foundation. "We hope that the Financial Access Initiative will yield data, analysis, and research that decision makers need to deliver financial services that markedly advance the well being of the poor."

One of the biggest hurdles to opening up financial sectors to those living in poverty is a lack of hard data and analysis about how poor households manage their finances and cope with risk: which financial products do the poor use and why, who has access to what, at what cost and where. The impact of regulation and government policy on the broad availability of finance is still badly understood. Most fundamentally, despite the anecdotes, rigorous evidence is lacking on the economic and social impacts of different interventions and policies.

Director and Principal Investigator Jonathan Morduch said: "The Financial Access Initiative will systematically address important knowledge gaps and contribute to a much stronger understanding of the issues hindering access to good financial services."

Under the direction of Morduch, a professor at New York University, the Initiative is based at NYU's Robert F. Wagner Graduate School of Public Service and is co-directed by professors of economics Sendhil Mullainathan of Harvard and Dean Karlan of Yale. Christina Barrineau, who formerly headed the International Year of Microcredit for the United Nations, will lead the Initiative as Managing Director.

Field research will be coordinated by Innovations for Poverty Action, an organization based in New Haven, Connecticut, and headed by Dean Karlan. The research will build on studies with existing microfinance partners in a dozen countries including Mexico, Peru, India, Pakistan, Ghana, and the Philippines. The Initiative is also developing new collaborative relationships to broaden the potential of the research and dissemination of findings.

To reach Christina Barrineau, call 212.998.7536 or send email to


Subscribe to Finance Specialization