Yingyi QianSecond, however, such high incentives may not be conducive to macroeconomic stability, in particular when local governments have considerable influence over the banking system. Third, the central government’s authority in appointing provincial leaders induces a tradeoff between macro stability and development: while it is not so good for local non-state sector development, it plays a role in maintaining macro stability. Therefore, there is a complexity of the relationship between micro incentives and macro stability.
Remarks by Martín Guzmán at 12th Edition of the Paris Forum: Key findings and conclusions of the Jubilee Report
Dear members of the Paris Club Secretariat, Thank you for the invitation to present some of the key findings and conclusions of the Jubilee Report, commissioned by Pope Francis and prepared by a Commission of
Martín Guzmán
Joseph Stiglitz