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• Publications
• IZA Discussion Papers
• Writing Tips for Economics Research Papers – 2021-2022 Edition

February 2022

IZA DP No. 15057: Writing Tips for Economics Research Papers – 2021-2022 Edition

an updated version of this paper is published as DP16276

This document summarizes various tips for economics research papers.

• writing tips
• research papers
• research studies

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LC Economics: Research Study Brief 2023

The Leaving Certificate Economics Research Study Brief for 2023 is now available. It is given below.

The digital completion booklet for 2023 will be available shortly to download at www.examinations.ie . The Research Study must be completed and handed over to the class teacher by the 16th December 2022. The projects will be submitted through the SEC student portal in the New Year, information and instructions will follow in due course.

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134 Economics Thesis Topics: Ideas for Outstanding Writing

Writing a thesis is not an easy task. For most of the students, it can be even intimidating, especially when you do not know where to start your research.

Here, we have provided an economics thesis topics list. After all, everyone knows that choosing the right idea is crucial when writing an academic paper. In economics, it can combine history, math, social studies, politics, and numerous other subjects. You should also have solid foundations and a sound factual basis for a thesis. Without these elements, you won’t be able to master your research paper.

The issue is:

It is not always clear what could be seen as an excellent economics thesis topic. Our experts can assist you with this challenge. This list contains some outstanding examples to get you started.

• ⭐ Thesis in Economics
• 🔥 Supreme Thesis Topics
• 👍 Bachelor’s Thesis
• 😲 Master’s Thesis

📊 Microeconomics

📈 macroeconomics.

• 🤔 Developmental
• 👨‍💼 Behavioral
• 💼 Financial
• 🌱 Agricultural
• 🤝‍ Sociology
• 📚 Ph.D. Topics
• 📝 How to Pick a Topic

⭐ What Does a Thesis in Economics Look Like?

A good thesis in economics is a blend between an empirical paper and a theoretical one. One of the essential steps in choosing a topic in economics is to decide which one you will write.

You may write, research, analyze statistical data and other information. Or build and study a specific economic model.

Or why not both!

Here are some questions you can ask when deciding what topic to choose:

• What has already been written on this topic?
• What economic variables will my paper study?
• Where should I look for the data?
• What econometrics techniques should I use?
• What type of model will I study?

The best way to understand what type of research you have to do is to write a thesis proposal. You will most probably be required to submit it anyway. Your thesis supervisor will examine your ideas, methods, list of secondary and primary sources. At some universities, the proposal will be graded.

After you get the initial feedback, you will have a clear idea of what to adjust before writing your thesis. Only then, you’ll be able to start.

🔥 Supreme Economics Thesis Topics List

• Fast fashion in India.
• The UK housing prices.
• Brexit and European trade.
• Behavioral economics.
• Healthcare macroeconomics.
• COVID-19’s economic impact.
• Global gender wage gap.
• Commodity dependence in Africa.
• International trade – developing countries.
• Climate change and business development.

👍 Economics Bachelor’s Thesis Topics

At the U.S. Universities, an undergraduate thesis is very uncommon. However, it depends on the Department Policy.

The biggest challenge with the Bachelor’s Thesis in economics concerns its originality. Even though you are not required to conduct entirely unique research, you have to lack redundant ideas.

You can easily avoid making this mistake by simply choosing one of these topics. Also, consider visiting IvyPanda essays database. It’s a perfect palce to conduct a brainstorming session and come up with fresh ideas for a paper, as well as get tons of inspiration.

• The impact of the oil industry on the economic development of Nigeria. The oil industry is vital for the economic development of Nigeria. In this thesis, students can discuss the notion of the resource curse. Analyze the reasons why general people are not benefiting from the oil industry. Why did it produce very little change in the social and economic growth of the country?
• Sports Marketing and Advertising: the impact it has on the consumers.
• Economic opportunities and challenges of investing in Kenya .
• Economic Development in the Tourism Industry in Africa. Since the early 1990s, tourism significantly contributed to the economic growth of African countries. In this thesis, students can talk about the characteristics of the tourist sector in Africa. Or elaborate on specific countries and how their national development plans look like.
• Globalization and its significance to business worldwide .
• Economic risks connected to investing in Turkey .
• The decline in employment rates as the biggest American economy challenge .
• The economics of alcohol abuse problems. In this thesis, students can develop several essential issues. First, they can examine how poverty is connected to alcohol abuse. Second, they can see the link between alcohol consumption and productivity. To sum up, students can elaborate on the economic costs of alcohol abuse.
• Causes and solutions for unemployment in Great Britain.
• Parallel perspective on Global Economic Order: China and America. This thesis can bring a comparative analysis of the economies to a new level. China and The US are the world’s two largest economies. These two countries have a significant impact on the global economic order. So, looking at the set of institutions, policies, rules can be constructive.
• The new international economic order after COVID-19
• Financial stability of the banking sector in China.
• New Electronic Payment Services in Russia.
• The influence of culture on different entrepreneurial behaviors.
• The impact of natural cultural practices on entrepreneurial activity.
• The relationships between national culture and individual behavior.
• The main reasons for salary inequalities in different parts of the U.S.

😲 Economics Master’s Thesis Topics

Student life can be fascinating, but it comes with its challenges. One of which is selecting your Master’s thesis topic.

Here is a list of topics for a Master’s thesis in economics. Are you pursuing MPhil in Economics and writing a thesis? Use the following ideas as an inspiration for that. They can also be helpful if you are working on a Master’s thesis in financial economics.

• The impact of visual aid in teaching home economics.
• The effect of income changes in consumer behaviors in America.
• Forces behind socio-economic inequalities in the United States. This thesis can explore three critical factors for socio-economic differences in the United States. In the past 30 years, social disparities increased in the United States. Some of the main reasons are technology, trade, and institutions.
• The relationships between economic growth and international development.
• Technological innovations and their influence on green and environmental products.
• The economics of non-solar renewable energy .

• The economic consequences of terrorism . Terrorism not only takes away lives and destroys property but also widely affects the economy. It creates uncertainty in the market, increases insurance claims, slows down investment projects, and tourism. This thesis can address all of the ways in which terrorism can affect economies.
• Corporate Social Responsibility (CSR) implementation in the Oil and Gas Industry in Africa.
• Use of incentives in behavioral economics.
• Economic opportunities and challenges of sustainable communities .
• Economics of nuclear power plants.
• Aid and financial help for emerging markets. This topic is very versatile. Students can look at both the positive and the adverse effects that funding has on the development. There are plenty of excellent examples. Besides, some theories call international help a form of neocolonialism.
• Multinational firms impact on economic growth in America .
• The effect of natural disasters on economic development in Asia.
• The influence of globalization on emerging markets and economic development.

📑 More Economics Thesis Topics: Theme

For some students, it makes more sense to center their search around a certain subject. Sometimes you have an econ area that interests you. You may have an idea about what you want to write, but you did not decide what it will be.

If that’s the case with you, then these economics thesis topics ideas are for you.

• An analysis of the energy market in Russia.
• The impact of game theory on economic development.
• The connection between minimum wage and market equilibrium.
• Gender differences in the labor market in the United States. This topic can shed light on gender differences in the labor market in the United States. In the past years, the overall inequality in labor in the markets decreased. However, there is still a lot of work that can be done.
• Economic reasons that influence the prices of oil .
• Relationship between the Lorenz curve and the Gini coefficient.
• Challenges of small businesses in the market economy.
• The changes in oil prices: causes and solutions . Universal economic principles do not always apply to the sale and purchase of the oil. The same happens with its cost. In the thesis, talk about what affects the prices. What are the solutions that can be implemented?
• The economic analysis of the impact of immigration on the American economy.

• Economic inequality as a result of globalization . Economic inequality becomes even more apparent on the global level. There is a common belief that globalization is the cause of that. Discuss what can be the solutions to these problems. This topic is vital to minimize the gap between the rich and the poor.
• The economic explanation of political dishonesty .
• Effect of Increasing Interest rates costs in Africa .
• The connection between game theory and microeconomics.
• Marketing uses in microeconomics.
• Financial liability in human-made environmental disasters.
• Banks and their role in the economy. Banks are crucial elements of any economy, and this topic covers why. You can explain how banks allow the goods and services to be exchanged. Talk about why banks are so essential for economic growth and stability.
• Inflation in the US and ways to reduce its impact.
• The connection between politics and economics.
• Income Dynamics and demographic economics.
• US Market Liquidity and macroeconomics.
• Macroeconomics and self-correction of the economy .
• The American economy, monetary policy, and monopolies .
• The importance of control in macroeconomics. One of the central topics in macroeconomics is grouped around the issue of control. It is quite reasonable that control over money and resources should become a topic of discussion.
• Analysis of Africa’s macroeconomics and its performance.
• Economics of education in developing markets.
• Problems and possible solutions for Japan macroeconomics .
• Comparative analysis of British macroeconomics concerning the US .
• Public policies and socio-economic disparities.
• The world problems through macroeconomic analysis. Indeed, macroeconomics is very complicated. There are many influences, details, and intricacies in it. However, it allows economists to use this complex set of tools to examine the world’s leading problems today.

• The connection between employment interest and money.

🤔 Development Economics

• Economics of development . This topic is very rich in content. First, explain what it is. Then pay particular attention to domestic and international policies that affect development, income distribution, and economic growth.
• The relation between development and incentive for migration.
• The impact of natural disasters on the economy and political stability of emerging markets.
• The economic consequences of population growth in developing countries.
• The role of industrialization in developing countries . The industrialization has been connected with the development. It promotes capital formation and catalyzes economic growth in emerging markets. In this thesis, you can talk about this correlation.
• Latin American economic development.
• Gender inequality and socio-economic development .
• Problems of tax and taxation in connection with economic growth.
• The economic impact of terrorism on developing markets.
• Religious decline as a key to economic development. Not everyone knows, but a lot of research has been done in the past years on the topic. It argues that decreased religious activity is connected with increased economic growth. This topic is quite controversial. Students who decide to write about it should be extra careful and polite.

👨‍💼 Behavioral Economics

• Risk Preferences in Rural South Africa.
• Behavioral Economics and Finance .
• Applied behavioral economics in marketing strategies. If you want to focus your attention on marketing, this topic is for you. Behavioral economics provides a peculiar lens to look at marketing strategies. It allows marketers to identify common behaviors and adapt their marketing strategies.
• The impact of behavioral finance on investment decisions.
• Behavioral Economics in Child Nutrition Programs in North Texas.
• Guidelines for Behavioral Economics in Healthcare Sector.
• Cognitive and behavioral theories in economics .
• Cross-cultural consumer behavior and marketing communication. Consumers are not only affected by personal characteristics, but also by the culture they are living in. This topic focuses on the extent it should determine marketing strategy and communication.
• Behavior implications of wealth and inequality.

• Optimism and pessimism for future behavior.

💼 Financial Economics

• Financial Economics for Infrastructure and Fiscal Policy .
• The use of the economic concept of human capital. Students can focus on the dichotomy between human and nonhuman capital. Many economists believe that human capital is the most crucial of all. Some approach this issue differently. Therefore, students should do their research and find where they stand on this issue.
• The analysis of the global financial crisis of 2020s. Share your thoughts, predictions, ideas. Analyze the economic situation that affects almost everyone in the world. This thesis topic will be fresh and original. It can help to start a good and fruitful conversation.
• The big data economic challenges for Volvo car.
• The connection between finance, economics, and accounting.
• Financial economics: Banks competition in the UK .
• Risk-Taking by mutual funds as a response to incentives.
• Managerial economics and financial accounting as a basis for business decisions.
• Stock market overreaction.

🌱 Agricultural Economics

• Agricultural economics and agribusiness.
• The vulnerability of agricultural business in African countries.
• Agricultural economics and environmental considerations of biofuels .
• Farmer’s contribution to agricultural social capital.
• Agricultural and resource economics. Agricultural and resource economics plays a huge role in development. They are subdivided into four main characteristics which in this topic, students can talk about: – mineral and energy resources; – soil resources, water resources; – biological resources. One or even all of them can be a focus of the thesis.
• Water as an economic good in irrigated agriculture.
• Agriculture in the economic development of Iran.
• The US Agricultural Food Policy and Production .
• Pesticides usage on agricultural products in California.

• An analysis of economic efficiency in agriculture. A lot of research has been done on the question of economic efficiency in agriculture. However, it does not mean there is no place for your study. You have to read a lot of secondary sources to see where your arguments can fit.

🤝‍Economic Sociology

• Theory, approach, and method in economics sociology.
• Economic sociology of capitalism. While economists believe in the positive effect capitalism has on the economy, the social effect is quite different. The “economic” part of the issue has been studied a lot. However, the sociology of it has been not. This thesis can be very intriguing to read.
• Political Economy and Economic Sociology.
• Gender and economic sociology .
• Progress, sociology, and economics.
• Data analysis in economics, sociology, environment .
• Economic sociology as a way to understand the human mind.
• Economic sociology of money.
• Economics, sociology, and psychology of security.
• Major principles of economic sociology. In the past decade, economic sociology became an increasingly popular field. Mainly due to it giving a new view on economics, human mind, and behavior. Besides, it explores relationships between politics, law, culture, and gender.

📚 The List of Ph.D. Topics in Economics

If you decide to go to grad school to do your Masters, you will likely end up getting a Ph.D. as well. So, with this plan in mind, think about a field that interests you enough during your Masters. Working with the same topic for both graduate degrees is easier and more effective.

This list of Ph.D. Topics in Economics can help you identify the areas you can work on.

• Occupational injuries in Pakistan and its effect on the economy. Injuries are the leading cause of the global burden of disability. Globally, Pakistan was ranked 9th populated country with a large number of unskilled workers. In this dissertation, consider the link between occupational injuries and their effects on the economy.
• The study of the Philippines’ economic development.

• Financial derivatives and climate change .
• Econometric Analysis of Financial Markets.
• Islamic Banking and Financial Markets .
• Health economics and policy in the UK.
• Health insurance: rationale and economic justification. In this dissertation, students can find different ways to explain and justify health insurance. Starting to philosophical to purely economic grounds. In the past years, there was a lot of discussion regarding the healthcare system for all. What are some of the economic benefits of that?
• Colombian economy, economic growth, and inequality.
• Benefits of mergers and acquisitions in agribusiness.
• Methods to measure financial risks when investing in Africa.
• The significance of financial economics in understanding the relationship between a country’s GDP and NDP.
• Network effects in cryptocurrency. Cryptocurrencies are not new anymore. However, it is still an original subject for a dissertation. Students can decide to choose several crypto coins and evaluate the importance of the network effect. This effect is particularly significant for Bitcoin. Explain why.
• The comparison of the Chinese growth model with the American growth model.
• An economic justification versus political expediency.
• Pollution Externalities Role in Management Economics .

📝 How to Select an Economics Thesis Topic

As your academic journey is coming to an end, it’s time to pick the right topic for your thesis. The whole academic life you were preparing to undertake this challenge.

Here is the list of six points that will help you to select an economics thesis topic:

• Make sure it is something you are genuinely interested in. It is incredibly challenging to write something engaging if you are not interested in the topic. So, choose wisely and chose what excites you.
• Draw inspiration from the previous student’s projects. A great place to start is by looking at what the previous students wrote. You can find some fresh ideas and a general direction.
• Ask your thesis advisor for his feedback. Most probably, your thesis advisor supervised many students before. They can be a great help too because they know how to assess papers. Before meeting with your professor, do some basic research, and understand what topic is about.
• Be original, but not too much. You do not want to spend your time writing about a project that many people wrote about. Your readers will not be interested in reading it, but your professors as well. However, make sure you do not pick anything too obscure. It will leave you with no secondary sources.
• Choose a narrow and specific topic. Not only will it allow you to be more original, but also to master a topic. When the issue is too broad, there is just too much information to cover in one thesis.
• Go interdisciplinary. If you find yourself interested in history, philosophy, or any other related topic, it can help you write an exceptional thesis in economics. Most of your peers may work on pure economics. Then, the interdisciplinary approach can help you to stand out among them.

Thank you for reading the article to the end! We hope this list of economics thesis topics ideas could help you to gather your thoughts and get inspired. Share it with those who may find it useful. Let us know what you think about it in the comment section below.

🔗 References

• Economics Thesis Topics List: Seminars Only
• How To Pick A Topic For Your Economics Research Project Or Master’s Thesis: INOMICS, The Site for Economists
• What Do Theses and Dissertations Look Like: KU Writing Center, the University of Kansas
• Writing Economics: Robert Neugeboren with Mireille Jacobson, University of Harvard
• Economics Ph.D. Theses: Department of Economics, University of Sussex Business School, IDEAS_RePEc
• World Economic Situation and Prospects 2018: United Nations
• Undergraduate Honors Theses: Department of Economics, University of California, Berkeley
• Economics Department Dissertations Collection: Economics Department, University of Massachusetts Amherst
• Topics for Master Theses: Department of Economics, NHH, Norwegian School of Economics
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The dilemma I faced in getting Thesis proposal for my M Phil programme is taken away. Your article would be a useful guide to many more students.Thank you for your guidance.

Thanks for the feedback, John! Your opinion is very important for us!

I wants it for msc thesis

These are very helpful and concise research topics which I have spent days surfing the internet to get all this while. Thanks for making research life experience easier for me. Keep this good work up.

Thank you, Idris!

Glad to hear that! Thank you for your feedback, Idris!

Excellent research

For research

A very well written, clear and easy-to-read article. It was highly helpful. Thank you!

Thanks for your kind words! We look forward to seeing you again!

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Home > Academics > Master's Programmes > Master in Economics > The Best Master Thesis in Economics

The Best Master Thesis in Economics

Academic year 2022-2023, academic year 2021-2022, academic year 2020-2021, academic year 2019-2020, academic year 2018-2019, academic year 2017-2018.

• Academic Year 2016-2017

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Academic year 2014-2015.

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Job seeker's strategic attention allocation : Evidence from a Field Experiment (PDF, 315 ko) Mattis Gilbert  under the direction of Pierre Cahuc , Professor of Economics at Sciences Po

Women Empowerment through Public Employment Programmes: Evidence from Ethiopia (PDF, 2 Mo) Till Kadereit   under the direction of Benjamin Marx , Assistant Professor  of Economics at Sciences Po

Price discrimination with endogenous participation in two-sided platforms (PDF, 536 ko) Aurélien Salas under the direction of Eduardo Perez-Richet , Assistant Professor  of Economics at Sciences Po

The landscapes of transition: Identifying economic geography in the emergence of capitalist markets in Central and Eastern Europe (PDF, 2 Mo) Karolina Wilczyńska under the direction of Thierry Mayer , Professor of Economics at Sciences Po

Inequality and Current Account - Imbalances in a Monetary Union. Heterogeneous heterogeneities in the Eurozone (PDF, 11Mo) Danell Benguigui sous la direction de Xavier Ragot , Professeur d'économie à Sciences Po

Paris Terrorist Attacks and Hotel Word‐of‐Mouth (PDF, 497 ko) Yulin Hao sous la direction de Michèle Fioretti , Assistant Professor  au Département d'Économie, Sciences Po

Political Trust, Political Participation and Conflict. A case study of the Boko Haram conflict in Nigeria (PDF, 2.71 Mo) Simeon Lauterbach sous la direction de Benjamin Marx , Assistant Professor  au Département d'Économie, Sciences Po

Public debt and safety trap in open economies (PDF, 440 ko) Valentin Marchal sous la direction de  Nicolas Coeurdacier , Associate Professor of Economics at  Sciences Po

Global Migration and the Skill Premium (PDF, 346 ko) Alberto Nasi sous la direction de Thierry Mayer , Professeur d'économie à Sciences Po

Information design against petty corruption (PDF, 341ko) Grégory Dannay , sous la direction d' Eduardo Perez-Richet , Professeur d'économie à Sciences Po

What drives the French discontent? (PDF, 453 ko) Eva Davoine , sous la direction de Benjamin Marx , Assistant Professor  au Département d'Économie, Sciences Po

Overtime Hours and Bonuses: A Story of Fiscal Optimization (PDF, 700ko) Nicolas Ghio , sous la direction de Pierre Cahuc , Professeur à Sciences Po &   Denis Fougère , Directeur de recherche CNRS - OSC-LIEPP

Knocking on closed doors? Identifying the determinants of employer call-backs for unskilled youth (PDF, 1.20Mo) Lorenzo Kaaks, sous la direction de Pierre Cahuc , Professeur à Sciences Po

Cracks in the boards: the opportunity cost of homogeneous boards of directors (PDF, 5.37Mo) Hélène Maghin , sous la direction de Ghazala Azmat , Professeur à Sciences Po

Does Dark Trading Alter Liquidity? Evidence from European Regulation (PDF, 504ko) Victor Saint-Jean , sous la direction de Stéphane Guibaud , Assistant Professor  au Département d'Économie, Sciences Po

The Relationship Between Housing Vouchers and Educational Attainment in Atlanta, GA (PDF, 396ko) Rebecca Smith , sous la direction de Ghazala Azmat , Professeur à Sciences Po

Reading about Flood Risk in the News - Evidence from the Housing Market (PDF, 19Mo) Jeanne Sorin , sous la direction de Julia Cagé ,  Assistant Professor  au Département d'Économie, Sciences Po &  Florian Oswald ,  Assistant Professor  au Département d'Économie, Sciences Po 

Gravity in paradise - How do tax havens shape multinational production (PDF) Samuel Delpeuch sous la direction de Zsofia Barany , Assistant Professor au Département d'Économie, Sciences Po et Thomas Chaney , Professeur d'économie à Sciences Po

Chasing the Flapper Vote Women Enfranchisement and Electoral Outcomes at the 1929 British General Election (PDF) Edgard Dewitte sous la direction de Julia Cagé , Assistant Professor au Département d'Économie, Sciences Po

Savings in a 3 Period-Model with a Behavioral Agent - Rational inattention with a Sparse Dynamic Approach (PDF) Galo Egas G. sous la direction de Xavier Ragot , Professeur d'économie à Sciences Po

Quality of life in French cities (PDF) Mylène Feuillade sous la direction de Pierre-Philippe Combes , Professeur d'économie à Sciences Po et Laurent Gobillon , Professeur d'économie à Paris School of Economics

Non-Cognitive Skills Training and Educational Outcomes: New Evidence from French Middle Schools (PDF) Laura Green sous la direction de GREEN, Yann Algan , Doyen de l’École d’Affaires Publiques (EAP) et Professeur d’économie à Sciences Po & Denis Fougère , Directeur de recherche CNRS - OSC-LIEPP

Dynamics of local employment in Europe: Is the impact of agglomeration economies time inconsistent?  (PDF) Magdalena Kizior sous la direction de Pierre-Henri Bono , Chef de projet au LIEPP & Département d'économie de Sciences Po, Jean Imbs , Directeur de recherche CNRS, Paris School of Economics

Learning under Coarse Thinking (PDF) Daniel M. de A. Barreto sous la direction de Eduardo Perez-Richet , Professeur d'économie à Sciences Po et Jeanne Hagenbach, Associate Professor d'économie à Sciences Po

Estimating employment effects of the German minimum wage (PDF) Johannes Seebauer sous la direction de Florian Oswald , Assistant Professor à Sciences Po & Denis Fougère , Directeur de recherche CNRS - OSC-LIEPP

Present-Bias and Salience in Discounting Acros Short Durations: a Proposed Experimental Approach (PDF) Zydney Wong sous la direction de Jeanne Hagenbach, Associate Professor au Département d'Économie, Sciences Po & Emeric Henry, Associate Professor au Département d'Économie, Sciences Po

Academic year 2016-2017

Does training pay? Estimating the wage returns to vocational training in France (PDF)

Olivier Cassagneau-Francis sous la direction de Jean-Marc Robin , Professeur à Sciences Po et  Robert Gary-Bobo , Professeur à l'ENSAE

Competing Information Designers (PDF)

Théo Durandard  sous la direction d' Eduardo Perez-Richet , Professeur d'économie à Sciences Po

What's new in the new? Media coverage about the ECB and market participants'inflation expectations   (PDF)

Mikael Eskenazi  sous la direction de  Christine Graeff , directrice générale de la communication de la Banque centrale européenne et Benoit Coeuré , Membre du Directoire de la Banque centrale européenne

Impact of Trade on the Characteristics of the Digital Newspaper Market (PDF)

Anaïs Galdin  sous la direction de  Julia Cagé , Associate Professor of Economics à Sciences Po et Thomas Chaney , Professeur d'économie à Sciences Po

Intergenerational Income Mobility in France : National and Territorial Estimates (PDF)

Gustave Kenedi sous la direction de Pierre-Philippe Combes , Professeur d'économie à Sciences Po

Intergenerational transfert without commitment: a macroeconomic framework (PDF)

Hugo Lhuillier  sous la direction de  Nicolas Coeurdacier , Associate Professor of Economics at Sciences Po

Evaluation of the impact computer-aided instruction on student performence  (PDF)

Clémence Lobut  sous la direction de  Denis Fougère , Directeur de recherche CNRS - OSC-LIEPP

Colonial Administrators and Public Educational - Investments in French West Africa   (PDF)

Christine Cai sous la direction de Quoc Anh DO , Associate Professor of Economics 

  Incumbency Effect and Partisanship in development: Evidence from close elections in India  (PDF)

Ragini Chaurasia, sous la direction de  Sergei Guriev , Professor of Economics

Were Administrators the "Rulers of the Empire"? An Empirical Investigation of the Determinants of Colonial Public Investments in French West Africa (PDF)

Par Sacha Dray, sous la direction d' Elise Huillery , Assistant Professor of Economics et Quoc-Anh Do,  Associate Professor of Economics 

Aspirations, Family Background and Educational Outcomes: Evidence of a Poverty Trap in Ethiopia, India, Peru and Vietnam (PDF)

Ava Guez, sous la direction d' Elise Huillery , Assistant Professor of Economics

  Present and Future Costs of Education and International Students - Evidence from a Natural Experiment in Germany  (PDF)

Par Benoit Rauturier, sous la direction d' Etienne Wasmer , Full Professor of Economics

  The Consequences of Managerial Short-termism on the Firm : Theory and Empirics  (PDF)

Bilal Tabti, sous la direction de  Guillaume Plantin , Professor of Economics

Measuring the impact of the CICE on Firms' investments (PDF)

Camille Urvoy, sous la direction de Denis Fougère , Directeur de recherche CNRS - OSC-LIEPP

Fear and Loathing on the Campaign Trail? Immigration, Local Public Spending and Voting: Evidence from a Natural Experiment (PDF)

Max Viskanic, sous la direction d' Emeric Henry , Directeur des études doctorales en Economie, Professeur associé au Département d'Economie, Sciences Po

Heterogeneous Preferences and General Equilibrium in Financial Markets  (PDF) Tyler ABBOT, sous la direction de Nicolas COEURDACIER , Associate Professor of Economics

Returns to College on the Marriage Market: a Simple Roy Model with Perfect Foresight  (PDF)

Edoardo CISCATO, sous la direction de Jean-Marc ROBIN , Professor of Economics 

Social-Democracy. Homophily and polarisation in politics, the Italian Twitter network   (PDF) Mario LUCA, sous la direction de  Ruben DURANTE ,  Associate Professor of Economics

Population's fear and hostility and the Ebola virus epidemic in West Africa  (PDF) Norbert RUGAMBAGE, sous la direction d' Elise HUILERY , Associate Professor of Economics

Le Marché du Logement et l'Emploi des Jeunes  (PDF) Jean-Benoît Eymeoud, sous la direction d' Etienne WASMER , Full Professor of Economics

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Undergraduate Research Opportunities for Economics Majors

From all accounts, getting into research is one of the more rewarding experiences students can have in college. Research can open doors - academic or career - that you hadn't imagined before. Delve into a topic and seek answers to questions of great interest to you. Establish an easy camaraderie with one of the faculty or graduate students. Here's how... Engage in Faculty-led Research

URAP. Apprentice with a faculty member in the Undergraduate Research Apprentice Program (URAP). The URAP program provides opportunities for you to work with faculty on some cutting-edge research. Working closely with faculty, you can cultivate professional relationships, enhance your research skills, and deepen your knowledge and skills in areas of special interest. Applications are online. For a complete listing and description of research projects, check out the URAP website or stop by 2412 Dwinelle Hall.

Design Your Own Research

Please note that these courses require a significant level of departmental approval. See links provided for important details. Independent Study Courses. Think about your own research, perhaps as an independent study. In such cases, a faculty mentor can help you stay focused and develop skills in asking and answering research questions. You can receive credit for your independent research by enrolling in one or more units of Econ 199. Courses vary from one to three units, depending on the extensiveness of the project, and are only offered on a Pass/Not Pass basis. During the regular academic year, forms are due the Friday of the 3rd week of classes . For additional details, visit the undergraduate advisors. Honors Thesis. About 5 to 10% of Economics majors write an Honors Thesis. If you have a strong interest in a particular topic and would like the experience of researching and writing a long research paper, consider writing an Honors Thesis. Students who write an honors thesis work independently with a faculty sponsor. In order to qualify for honors, Economics majors must have 1) a 3.3 or higher GPA in all their UC coursework; 2) a 3.5 or higher GPA in thier upper-division Economics courses at UC Berkeley; and 3) complete an honors thesis, as noted by a passing grade in Econ H195B. For specifics, please refer to the Honors website or speak with an undergraduate advisor. The Haas Scholars Program. The Robert & Colleen Haas Scholars Program funds financial aid eligible, academically talented undergraduates to engage in a sustained research, field-study or creative project in the summer before and during their senior year at Berkeley. Each year, twenty Haas Scholars are selected from all disciplines and departments across the University on the basis of the merit and originality of their project proposals. For more information, call (510) 643-5374, go to the website , or visit the program office at 2414 Dwinelle Hall.  

Identify Sources of Funding Various units on campus offer or administer grants, scholarships, and awards for purposes ranging from: introductory and senior thesis research, study abroad and research related travel, community and university service projects, and merit based awards acknowledging outstanding scholarship. For more information about these funding opportunities, check out the listings below.

• Haas Scholars Program
• McNair Scholars Program
• SURF: Summer Undergraduate Research Fellowships (L&S)
• Student Mentoring and Research Teams (SMART)

Publish Your Research

The Berkeley Undergraduate Journal is dedicated to publishing the academic work of undergraduates from the Humanities, Social Sciences, and related fields at the University of California, Berkeley. Essays are selected on the basis of academic content, general interest, and clarity of writing. Papers should be 15-60 pages long, on topics that would be of interest to the generally well-educated reader. For submission instructions, applications to the all-undergraduate Editorial Board, or further information, call (510) 664-4410 or email [email protected] .

Issues in Political Economy is edited and refereed by undergraduates and publishes essays by undergraduates. This journal is published by Elon University and the University of Mary Washington.

Undergraduate Economic Review is edited by undergraduates and publishes essays authored by undergraduates. It is based at Illinois Wesleyan University.

The Michigan Journal of Economics , founded in 1979, is the oldest undergraduate economics journal in the country. The MJE provides an opportunity for outstanding undergraduates interested in economics to have their papers published. Furthermore, it provides undergraduates with models of how to write economics papers. It encourages students to become interested in economics by providing examples of what is studied within the discipline.

Summer Opportunities for Undergraduates

American Economic Association Summer Training and Scholarship Program Since 1974, the American Economic Association has sponsored the Summer Training and Scholarship Program (AEASP). The AEA Summer Training Program, currently hosted at Howard University, seeks to prepare talented undergraduates for doctoral programs in Economics and related disciplines, by offering a unique opportunity for students to gain technical skills in Economics and conduct research with prominent faculty.  All US citizens and permanent residents are eligible for scholarship assistance. Preference will be given to applicants who, by their background, life experience, and scholarship can show they will bring greater diversity to the field and who also demonstrate financial need. The purpose of the Summer Training Program is to provide a strong basis for the professional success of individuals from diverse backgrounds who will inform the profession and broaden the scope and impact of high quality research agendas that are pursued in economics and in related fields.

Information about upcoming conferences, events and fellowships through AEA for current undergraduates can be found here .

Post-Baccalaureate Research Opportunities

Pursuing research after completing an undergraduate degree is a great option for students who would like to gain more experience prior to graduate school. Post-baccalaureate research opportunities can be found through the National Bureau of Economic Research (NBER) and PREDOC: Pathways to Research and Doctoral Careers . For research opportunities outside of the NBER, click here and follow @econ_ra on Twitter.

Visit the American Economic Association (AEA) for information about conferences, events and fellowships for post-bacs.

For additional research opportunities visit the Office of Undergraduate Research. Last updated 5/3/2021

What’s the Latest Research in Development Economics? A Roundup from NEUDC 2022

Almedina music, david evans.

What’s the latest in international economic development research? Last weekend was the North East Universities Development Consortium annual conference , often called NEUDC. With more than 135 papers presented (and almost all of them available for download ), it’s a great way to see recent trends in the international development research by economists and to learn about new findings.

The studies come from all over the world, as you can see in Figure 1 below. Just like last year , the plurality of studies take place in India (30 studies). Kenya is next (12), then Bangladesh (8), Brazil (7), China (7), and Indonesia (7). More than 40 countries are represented overall, from almost all regions of the world.

Figure 1: Where are recent development economics studies focused?

Source: This map draws on a sample of 139 studies from the NEUDC 2022 conference. Studies that covered more than three countries (often broad global or regional analyses) were excluded.

Researchers draw on a wide range of empirical methods. Nearly a third of studies reported on the results of a randomized controlled trial (43 studies). Other commonly used methods include difference-in-differences, fixed effects, and instrumental variables.

Figure 2: What empirical methods do recent development economics papers used?

Source: This chart draws on a sample of 139 studies from the NEUDC 2022 conference. Some studies used more than one method.

Below, we provide a quick takeaway from every paper in the conference for which we could find a digital copy. As you read our takeaways, keep the following in mind. First, we can’t capture all the nuance of a paper in a couple of lines. Second, our takeaway may not be the authors’ takeaway. Third, some of the papers are marked as preliminary and not ready for formal citation (you can see which if you follow the paper links). Fourth, we largely take the findings of these papers at face value: most have not yet been through peer review, so feel free to dig into the data and analysis to decide how confident you are in the results.

Our takeways are sorted by topic. If your principal interest is in a country or region, you can also read the takeaways sorted by country . We provide some indication of the empirical method used (for empirical papers) with hashtags at the end of the takeaways. Some papers fit into more than one category: for example, is a paper about the impact of free childcare on mothers’ careers about labor or about gender? It’s about both! In those cases, we’ve repeated studies in multiple sections below so if you’re focused on health, you’ll find all the health-related papers in the health section. The second or third time a paper appears, we put an asterisk after the summary so you can skip it if you’re reading straight through.

Happy learning!

Guide to the methodological hashtags: #DID = Difference-in-differences, #FE = Fixed effects, #IV = Instrumental variables, #LIF = Lab in the field, #PSM = Propensity score matching, #RCT = Randomized controlled trial, #RD = Regression discontinuity, #Other = Other

Households and human capital

Education and Early Childhood Development

·        How critical are family conditions in early years for child development? Better weather (which means more agricultural income and better nutrition) at age 2 in Indonesia leads to higher adult cognitive ability. When households face hard times at earlier ages, they compensate with prolonged breastfeeding. ( Webb ) #FE

·        Data from Indonesia suggest that parental education and parental income are the main drivers of differences in skills once kids grow up. ( Thomas ) #Other

·        “Many teachers [in India and Bangladesh] underestimate the share of low performers in their classrooms, and...they believe that those students will perform better than they actually do. These results are not driven by less educated, trained, or experienced teachers or explained by biases against female, low-income, or lower caste students.” ( Djaker, Ganimian, and Sabarwal ) #Other

·        A 1985 change in Indian law discouraging the payment of dowries led to a 24 percent drop in dowry payments, but it also led to an 18 percent reduction in girls' education attainment (with no impact on boys' education). ( Jha ) #DID

·        Providing information about a learning app in Bangladesh didn't lead more people to use it, but it did lead some parents to arrange more tutoring, resulting in "lasting math learning gains, concentrated among richer households." ( Beam, Mukherjee, and Navarro-Sola ) #RCT

·        Students in Kenya often apply to secondary schools with little information about the available schools. Providing information to students "led them to apply to" schools that were closer to home "without compromising school quality." Adding parents to those information meetings "led students to enroll in lower cost schools." ( Bonds ) #RCT

·        Among students in 9th grade in India, student test scores rose similarly whether they were exposed to "rigidly defined remedial lessons that take time away from the curriculum" and "teacher determined remedial lessons," which allow teachers more flexibility. ( Beg et al. ) #RCT

·        Parental aspirations for their children matter, but they may not be enough on their own. “In rural Gambia, families with high aspirations for their children’s future education and career, measured before children start school, go on to invest substantially more than other families in the early years of their children’s education. Despite this, essentially no children are literate or numerate three years later. When villages receive a highly-impactful, teacher-focused supply-side intervention, however, children of these families are 25 percent more likely to achieve literacy and numeracy than other children in the same village.” ( Eble and Escueta ) #RCT

·        A ten day increase in the overlap between school days and peak farming periods in Malawi translates to children losing about a third of a year of schooling. ( Allen ) #IV

·        Eliminating school fees for secondary school in Tanzania led not only to increased secondary school enrollments; it also increased primary school pass rates. ( Sandholtz ) #DID

·        Indonesia's major school construction program from the 1970s led to eight percent overall higher national output forty years later, and much of that comes through migration from rural to urban areas. ( Hsiao ) #DID

·        Phone call tutorials during COVID-19 were effective at boosting learning in India, Kenya, Nepal, Philippines, and Uganda, whether implemented by government teachers or non-government organization instructors. ( Angrist et al. ) #RCT

·        An affirmative action policy in Brazil was effective at redistributing university spots to low-income students, with little drop in average achievement. "The policy also reduced the gap in applications to selective majors" between poor and rich students by more than 50 percent, but note that those are applications: many of those major-choice changes were among students unlikely to be accepted into a highly selective major. The policy worked, but it could work even better. ( Melo ) #DID

·        Peru shut down a bunch of low-quality universities in 2015. Graduates from surviving universities experienced an increase in wages and higher employment rates. ( Vivar, Flor-Toro, and Magnaricotte ) #DID

·        An influx of Syrian refugees in Jordan reduced school enrollment among Jordanians, particularly boys and kids with less-educated parents. More young Jordanians went to work instead. ( Almuhaisen ) #DID

·        An edutainment program in Bangladeshi schools to trace school-to-home transmission of handwashing find that children are induced to wash more at school but less at home, yielding a net negative effect of the program ( Hussam and Oh ) #RCT

·        Removing English language study from pubic primary schools in West Bengal, India, increased private school enrollment and---for those still in public schools---increased private tutoring among the richest households. ( Nandwani and Sen ) #FE

·        In utero exposure to high ocean salinity levels (induced by climate change) reduces a child’s height-for-age z-score in Bangladesh, and increased prevalence of stunting and severe stunting due to nutritional deficiencies by age five. ( Guimbeau et al. ) #FE

·        In Indonesia, “remittances increase household consumption, reduce poverty, and stimulate growth. Households send more children to school, and district governments increase public schools at the primary and junior secondary levels.” ( Hilmy ) #FE

·        The tariff reduction from the U.S-Vietnam Bilateral Trade Agreement decreased school attendance and increased children’s work, mainly in non-wage and household business jobs. Effects were stronger for boys, older children and households where the head had little education. ( Nguyen ) #DID

·        Giving a widely known award "to top performers on a mandatory nationwide exam in Colombia" boosts their earnings by between 7 and 12 percent, and the effect endures for 5 years after graduation. It helps students graduating from low-reputation colleges the most. ( Busso, Montaño, Muñoz-Morales ) #RD

Health (including mental health)

·        A national vaccine program in Burkina Faso in 1984 boosted the country’s child vaccination rate (against measles, yellow fever, and meningitis) from 17 percent to 77 percent in a few months. Child mortality fell, primary school completion rose, and—when the children reached adulthood—employment and agricultural productivity rose. ( Daramola et al. ) #DID

·        School-based deworming in western Kenya—nearly a quarter of a century later—reduced under-5 mortality of the beneficiaries’ children by 24 percent! ( Walker et al. ) #RCT

·        In Ecuador, letting employees use work time to get a flu vaccine boosted vaccination rates, but employees got sick about as much. Why? Some evidence suggests that employees engaged in “riskier health behaviors after getting vaccinated.” ( Hoffman, Mosquera, and Chadi ) #RCT

·        In Kenya, “both patient subsidies and pharmacy incentives for diagnostic testing significantly increase usage of testing and may encourage malaria positive individuals to purchase high quality antimalarials.” ( Dieci ) #RCT

·        Women who were babies in utero during a cholera epidemic in Peru in the 1990s were nearly 20 percent more likely to die of COVID-19. ( Ritter and Sanchez ) #DID

·        After four years of using iron and iodine fortified salt in school lunches in India, children have lower likelihood of anemia, higher hemoglobin levels, but no differences in cognitive or educational outcomes. ( Grafenstein et al. ) #RCT

·        Gold mining in the Philippines created new bodies of stagnant water, which boosted malaria cases by nearly a third (relative to provinces without gold deposits). ( Pagel ) #DID

·        Giving households a flyer about mobile health services in rural Bangladesh didn't get them to use it more, but offering to save the access numbers in the participants' phone boosted take-up by 22 percent in the succeeding 2 months and reduced health expenditure, since households were less likely to go to "informal providers who usually overprescribe medicines." ( Sardar ) #RCT

·        A drug procurement program in China "brought down the prices of 10 chronic condition drugs by an average of 78" percent. As a result, "drug adherence was improved for the uninsured who had poorer adherence" before the price reduction. ( He and Yang ) #DID

·        In Dakar, Senegal, it can be hard to find someone to desludge your septic pit. Providing subsidies to use a government run call center to connect households with desludgers increases use, and that use continues for a while after the subsidies end. Later, a city-wide subsidy increased adoption most in those communities that had received subsidies earlier. ( Deutschmann ) #RCT

·        How critical are family conditions in early years for child development? Better weather (which means more agricultural income and better nutrition) at age 2 in Indonesia leads to higher adult cognitive ability. When households face hard times at earlier ages, they compensate with prolonged breastfeeding. ( Webb ) #FE *

Fertility and family planning

·        "Learning about government mistreatment of citizens undermines trust in institutions. In Perú, “disclosure of information about illegal sterilization reduced usage of contraceptive methods, prenatal and delivery services, and the demand for medical services, resulting in worsened child health."" ( León-Ciliotta, Zejcirovic, and Fernandez ) #DID

·        During the colonial period in the Congo, greater exposure to Catholic nuns increased women’s fertility (as opposed to exposure to Protestant or male Catholic missionaries). Catholic nuns likely promoted the image of an ideal Christian woman which explains the results. ( Guirkinger and Villar ) #DID

Households and marriage

·        Households in Bangladesh reduced their monthly residential electricity use by 15.8 percent (≈37 kWh) when they switched from postpaid electricity metering system to prepaid metering. ( Das ) #IV

·        A new method to infer causal effects on choices that exploits relationships between choices and hypothetical evaluations “can recover treatment effects even if the treatment is assigned endogenously and standard estimation methods are poorly suited, or if the treatment does not vary.” ( Bernheim, et al. ) #Other

·        In the Democratic Republic of the Congo, 73 percent of households provided with access to childcare centers use them.  Both parents “increase their engagement in commercial activities, leading to gains in agricultural productivity, household income and women’s subjective well-being." Women reported increases in their concentration and sense of control.  Using the centers also led to  significant gains in early childhood development outcomes, particularly for younger children.  ( Donald and Vaillant ) #RCT

·        Can commitment-saving ahead of a lean season alter consumption downfalls among the ultra-poor? In Bangladesh, a temporary savings subsidy doubled formal savings, and resulted in increased food and non-food expenditure by 8.6-12.6 percent during the lean season, with no lasting post-lean season impact. ( Takahashi et al. ) #RCT

·        An “edutainment” intervention designed to reduce child marriage in rural Pakistan, significantly reduces marriage of girl adolescents. Targeting men alone reduced child marriage in sample households, while targeting women or men & women jointly reduces child marriage at the village level. ( Cassidy et al. ) #RCT

·        In Kenya, workshops and couples’ therapy sessions to decrease alcohol consumption lowered prevalence of sexual intimate partner violence (IPV) by 0.21 standard deviations, with smaller or no effects on physical and emotional IPV. ( Castilla, Aqeel, and Murphy ) #RCT

Migration and refugees

·        Can temporary foreign work permits “throttle human smugglers’ businesses? “Combining internal and external controls with a regulated market for temporary visas alleviates the policy trade-off between migration control and ending human smuggling.” Data from migration between Senegal & Spain and the Democratic Republic of the Congo & South Africa. ( Auriol, Mesnard, and Perrault ) #Other

·        Massive exodus of Venezuelans in Colombia had a larger negative effect on the lower tail of the natives’ wage distribution, increasing inequality in the host economy. Due to formal restrictions, immigrants ended up working in more routine and low-paying jobs. “A large-scale amnesty program reduced the magnitude of downgrading, mitigating the unequalizing impact of the exodus.” ( Lombardo et al. ) #IV

·        In Mexico, children in households with return migrants (from the U.S.) “benefit from an increase in school attendance and a decrease in the probability of schooling delay relative to children in non-migrant households.” However, females in return migrant households are likely to complete a lower grade relative to non-migrant households. ( Chakraborty, Bucheli, and Fontenla ) #IV

·        An evaluation of a large-scale migration loan program in Bangladesh revealed that capacity constraints at scale lead effort to be directed toward those already planning to migrate without a loan. ( Mitchell et al. ) #RCT

·        A Zambian fertilizer subsidy program led to “some households to intensify their agricultural activity, and others to out-migrate.” The subsidy increased the share of households with outmigrants by 40 percentage points and doubled the number of outmigrants net of in-migrants. ( Diop ) #DID

·        Clearance of slums in Santiago, Chile, and families’ relocation to public housing in low-income areas led to displaced children having 10 percent lower earnings and 0.5 fewer years of education as adults than non-displaced. ( Rojas-Ampuero and Carrera ) #FE

·        In refugee camps and surrounding communities in Uganda and Kenya, refugee children can be up to three times more likely to be poor than adults. Child’s age, household composition, and access to sanitation and clean water, predict child poverty in refugee settlements well, often better than per-capita household expenditure. ( Beltramo et al. ) #ML

·        In Indonesia, “remittances increase household consumption, reduce poverty, and stimulate growth. Households send more children to school, and district governments increase public schools at the primary and junior secondary levels.” ( Hilmy ) #FE *

·        During WWII, nine ethnic groups were entirely deported from the Soviet Union to Central Asia. In the 50s, five returned to their former homeland, while the other four remained marginalized in internal exile. Locals in host regions had significantly higher levels of education two generations later. “A strong positive effect on higher education is found among returnees to origin regions, suggesting that these ethnic groups hedged against further negative shocks.” ( Zimmermann ) #IV

·        An influx of Syrian refugees in Jordan reduced school enrollment among Jordanians, particularly boys and kids with less-educated parents. More young Jordanians went to work instead. ( Almuhaisen ) #DID *

·        Pairing employers in Uganda with a refugee and providing an incentive to offer a free internship to that refugee "improves employers’ beliefs about refugees’ skills, but it does not change their willingness to hire new refugees," but certain types of matches (depending on employer and refugee characteristics) do result in more refugee hires. ( Loiacono and Silva-Vargas ) #RCT

·        In India, Hindu women are subject to caste “purity” norms, while Adivasi, or Indigenous, women are not. “Having more Adivasi neighbors leads to: (i) higher rates of Hindu women’s paid work and lower perceived stigma of such work; and (ii) lesser adherence to a range of purity norms, including the practice of untouchability towards Adivasis.” ( Agte and Bernhardt ) #FE

·        Does free childcare improve mothers’ careers? Yes. In Sao Paulo, Brazil, mothers in sub-districts with above median childcare availability have a persistent increase of 8 percent in earnings, driven by 1 percentage point higher labor force participation and 4 percent longer hours. ( Garcia, Latham-Proença, and Mello ) #FE

·        Can cash transfers influence gender roles? In Chad, cash transfers increased women’s business profits (0.6 SD) as well as marital separation. The program also “led to large improvements (0.3-0.7 SD) in a broad set of women’s subjective well-being, including self-efficacy, depressive symptoms, and perceived social status.” ( Kandpal, Schnitzer, and Dayé ) #RD

·        In Nigeria, women prefer to defer budget allocation decisions to their husband even when deferral is costly and is not observed by the husband; the reverse is true for husbands. A randomized cash transfer receipt increases women’s demand for agency: if the decision is hidden from the husband, women want to make their own budget decisions, even if it is the same as their husband’s. ( Bakhtiar et al. ) #LIF

·        Showing teachers in Pakistan a pro-women’s rights award-winning movie (the 2011 film Bol) increased their own and students’ support for women’s rights, being unbiased in gender Implicit Association Tests, and willingness to petition parliament for greater gender equality. ( Mehmood, Naseer, and Chen ) #RCT

·        Profiles for women who signal on an online Indian matchmaking site that they want to work after marriage receive up to 22 percent less interest from men than those of women who have never worked. Women willing to give up work after marriage face a lower penalty. ( Dhar ) #RCT

·        In Chile, informing outstanding students in mathematics and science about their relative performance and presenting STEM majors as a feasible option, led to women applying more, but only in health-related majors, and not in STEM majors. ( Ramirez-Espinosa ) #RCT

·        In Brazil, union bargaining that prioritized women’s needs increased female-centric amenities (like longer maternity leave with job protection) at work. These led to women queueing for jobs at treated establishments and separating from them less, which are both indicators of firm value. ( Corradini, Lagos, and Sharma ) #DID

·        While both gender barriers to occupational choices and wage penalties persist across countries, the “reduction in wage gaps between 1980-2000 was primarily driven by economic channels while the more recent decline between 2000-2015 was driven by changes in gender barriers.” ( Chiplunkar and Kleineberg ) #Other

·        “A program targeting ultra-poor women in Uganda” paired “business and entrepreneurship skills development with psychological empowerment.” It increased profits by 105 percent. ( Lang and Seither ) #RCT

·        Expansion of the coffee mills in Rwanda led to increased “women’s paid employment, women’s and their husbands’ earnings and decreases domestic violence.” Decline in violence is driven by women’s increased bargaining power and their contribution to household earnings, not exposure reduction between couples. ( Sanin ) #DID

·        Sharing a hyperlocal digital job search platform with couples as well as the wives' social networks in Delhi, India, increased husband's labor market outcomes (including working hours and total earnings), but only home-based self-employment among the women, potentially due to social norms. ( Afridi et al. ) #RCT

·        New data from more than 90 countries demonstrates three things: (1) the shift out of agriculture that happens as countries grow richer is driven by whole households (not just individuals within households), (2) "in the poorest countries, the gap between female and male market employment is only large for married urban women," and (3) "countries where employment rates of urban married women are low relative to their rural counterparts also see low urbanization rates of married men." ( Doss et al. ) #Other

·        In Kenya, workshops and couples’ therapy sessions to decrease alcohol consumption lowered prevalence of sexual intimate partner violence (IPV) by 0.21 standard deviations, with smaller or no effects on physical and emotional IPV. ( Castilla, Aqeel, and Murphy ) #RCT *

·        A 1985 change in Indian law discouraging the payment of dowries led to a 24 percent drop in dowry payments, but it also led to an 18 percent reduction in girls' education attainment (with no impact on boys' education). ( Jha ) #DID *

Working and saving

Banking and credit

·        In India "delinquent borrowers who are offered a debt moratorium by their lender are 4 percentage points (6.9 percent) less likely to default on their loan, while forbearance has no effect on repayment if it is granted by the regulator.” ( Fiorin, Hall, and Kanz ) #RCT

·        What are the household welfare gains from financial inclusion? Applying a new approach using demand estimates from three RCTs (on retirement savings in the United States, commitment savings in the Philippines, and microfinance in Mexico) , welfare gains per dollar lent or saved are small as compensated demand elasticities are large, but still correspond to large aggregate welfare gains from financial inclusion. ( Loeser ) #Other

·        In Ghana, microenterprises receiving joint liability loans reported higher profits six to ten months after borrowing. Effects are driven by borrowers whose applications were not endorsed by political party operatives. ( Boso, Burlando, and Abdul-Rahaman ) #FE

·        A self-help group lending program in rural Bihar, India, “significantly improved risk-sharing in regions where the program had greater institutional capacity and was better implemented.” ( Attanasio et al. ) #FE #IV

·        In Kenya, “performance-contingent microfinance contracts can encourage investment and increase profits – and, as a result, increase household consumption.” ( Cordaro et al. ) #RCT

·        In India, “plants exposed to banking shocks redistribute this liquidity through the supply chain. As a result, firms extending trade credit can increase their own sales as their customers are able to purchase on credit. Downstream firms are able to increase their own sales, employment, and productivity.” ( Chakraborty et al. ) #DID

·        In India, “risk pooling creates a distortion in consumption such that food consumption is better protected from aggregate village shocks than nonfood consumption.” ( Fafchamps and Shrinivas ) #Other

Cash transfers

·        Can cash transfers influence gender roles? In Chad, cash transfers increased women’s business profits (0.6 SD), and marital separation. The program also “led to large improvements (0.3-0.7 SD) in a broad set of women’s subjective well-being, including self-efficacy, depressive symptoms, and perceived social status.” ( Kandpal, Schnitzer, and Dayé ) #RD *

Firms and microenterprises

·        In India, “larger cultural proximity [by way of caste and religion] between a pair of firms reduces prices and fosters trade at both the intensive and extensive margins.” ( Fujiy, Khanna, and Toma ) #FE

·        After close elections in India, entrepreneurs from the same social group as the winning candidate are more likely to start businesses. ( Bhalla et al. ) #FE

·        Politically connected firms in India were more likely to get access to short-term credit from banks and to be able to delay short-term payments to suppliers and creditors during the surprise demonetization of 2016. ( Chen et al. ) #Other

·        Variation of COVID lockdowns over time and across parts of India reveal that inputs delivered by suppliers within the same industry are complements (rather than substitutes), which means that "shocks propagate through supply chains," increasing the shock to overall GDP. ( Fujiy, Ghose, and Khanna ) #FE

·        "Starting in 1997, India dismantled its policy of product reservation whereby hundreds of products had been reserved for exclusive production by small firms." The effect? "entry in the downstream product market increases with no observable decline in quality of entrants." ( Rastogi ) #Other

·        Inviting Zambian farmers to participate in a simple budgeting exercise (i.e., think through their budget and formulate a spending plan) increased how much they expected to spend for the coming year by 20-60 percent and lowered their willingness to pay for a nonessential item of clothing by 34 percent. By the end of the year, farmers decreased their expenditures by 15 percent and ended up with one additional month of savings. ( Augenblick et al. ) #RCT

·        A new way to measure productivity of retailers in low- or middle-income countries captures their three-fold need to attract customers, manage a storefront, and maintain inventory across many products. In Malawi, "the three dimensions of productivity are correlated with one another" but not perfectly, so that a training that focuses on just one may fail to boost overall productivity. ( Huntington ) #Other

·        In Mexico, a rise in gas prices led to an increase in mom-and-pop shops but "their average size and quality fell." ( Ramos-Menchelli and Sverdlin-Lisker ) #IV

·        Waiving competitive bidding for small-value purchases in Brazil led to 23 percent more expensive purchased products. At least half of this overpricing is explained by discretion allowing agencies to purchase higher-quality products. ( Fazio ) #FE

·        “A program targeting ultra-poor women in Uganda” paired “business and entrepreneurship skills development with psychological empowerment.” It increased profits by 105 percent. ( Lang and Seither ) #RCT *

Labor (including child labor)

·        A late 1990s labor market reform in China led to tens of millions of layoffs in a short period. That led to a drop in employment for workers who did not finish high school—by 20 percent in the industrial sector—and a 5 percent increase in the high school completion rate. ( Zhao ) #DID

·        “A 2014 Bolivian law that recognized the work of children as young as 10 years old, whose age placed them below the minimum working age of 14 years old, enabling them to legally work (subject to a work permit) while simultaneously extending benefits and protections to child workers” (such as adult minimum wages) actually decreased work for children under 14. ( Lakdawala, Martínez Heredia, and Vera-Cossio ) #Other

·        A federal policy that set minimum fares for drivers of motorcycle taxis on a ridesharing app in Indonesia led to higher trip prices but not driver earnings, both because more drivers signed on for any given day AND drivers logged onto the app for more hours, meaning that each driver got fewer rides. ( Nakamura and Siregar ) #DID #SC

·        Providing mentorship to vocational students in Uganda to help with their training-to-work transition increased their likelihood of working a few months later by more than a quarter and also boosted their incomes after a year. Why? It's mostly through info about how the entry-level job market works (not through referrals): As a result, mentored youth "turn down fewer job offers." ( Alfonsi, Namubiru, and Spaziani ) #RCT

·        College students in Mumbai, India, were less likely to share information about jobs if they knew they'd have to compete for them, and the men in particular tended not to share the information with the peers they viewed as having high abilities. ( Chiplunkar, Kelley, and Lane ) #RCT

·        Why do "workers in richer countries experience faster rates of wage growth over their lifetimes than workers in poorer countries"? Cross-country data suggest that workers in rich countries received more training from the firms they work for, and that this is a major component of workers' skills. "Firm-provided training accounts for 38% of cross-country wage growth differences." ( Ma, Nakab, Vidart ) #Other

·        Many interventions help workers with job searches. Doing that without increasing the number of jobs could limit the effectiveness of those interventions. On the other hand, "making it easier for firms to find qualified workers could reduce the cost of hiring" and generate more jobs. With an intervention to subsidize job searches for people in Ethiopia, the lack of jobs ends up limiting the effectiveness. ( Van Vuren ) #RCT

·        A survey in Accra, Ghana, showed that lots of job vacancies were not widely circulated, and---as a result---many employers are unable to find qualified workers during six months. But publishing detailed advertisements on a state-operated online portal increases both the likelihood of finding workers and of those workers being suitable for the jobs. ( Lambon-Quayefio et al. ) #RCT

·        The timing of when auctions for public procurement contracts end in Brazil is random, which permits comparison of winners and runners-up. "Winning a government contract increases wages." ( Carvalho, Galindo da Fonseca, and Santarrosa ) #IV

·        In rural Kenya, a “future orientation” workshop that teaches participants techniques to imagine a positive future, lay out concrete short-term steps to achieve their vision, and plan for obstacles, lifted aspirations and expectations. It led to increased labour supply and spending on productive inputs. The “intervention is at least twice as cost-effective as an (unconditional) cash transfer.” ( Orkin et al. ) #RCT

·        Peru shut down a bunch of low-quality universities in 2015. Graduates from surviving universities experienced an increase in wages and higher employment rates. ( Vivar, Flor-Toro, and Magnaricotte ) #DID *

·        Does free childcare improve mothers’ careers? Yes. In Sao Paulo, mothers in sub-districts with above median childcare availability have a persistent increase of 8 percent in earnings, driven by 1 percentage point higher labor force participation and 4 percent longer hours. ( Garcia, Latham-Proença, and Mello ) #FE *

·        Can temporary foreign work permits “throttle human smugglers’ businesses? “Combining internal and external controls with a regulated market for temporary visas alleviates the policy trade-off between migration control and ending human smuggling.” Data from migration between Senegal & Spain and the Democratic Republic of the Congo & South Africa. ( Auriol, Mesnard, and Perrault ) #Other *

·        Pairing employers in Uganda with a refugee and providing an incentive to offer a free internship to that refugee "improves employers’ beliefs about refugees’ skills, but it does not change their willingness to hire new refugees," but certain types of matches (depending on employer and refugee characteristics) do result in more refugee hires. ( Loiacono and Silva-Vargas ) #RCT *

·        Expansion of the coffee mills in Rwanda led to increased “women’s paid employment, women’s and their husbands’ earnings and decreases domestic violence.” Decline in violence is driven by women’s increased bargaining power and their contribution to household earnings, not exposure reduction between couples. ( Sanin ) #DID *

·        Sharing a hyperlocal digital job search platform with couples as well as the wives' social networks in Delhi, India, increased husband's labor market outcomes (including working hours and total earnings), but only home-based self-employment among the women, potentially due to social norms. ( Afridi et al. ) #RCT *

·        Giving a widely known award "to top performers on a mandatory nationwide exam in Colombia" boosts their earnings by between 7 and 12 percent, and the effect endures for 5 years after graduation. It helps students graduating from low-reputation colleges the most. ( Busso, Montaño, Muñoz-Morales ) #RD *

·        New data from more than 90 countries demonstrates three things: (1) the shift out of agriculture that happens as countries grow richer is driven by whole households (not just individuals within households), (2) "in the poorest countries, the gap between female and male market employment is only large for married urban women," and (3) "countries where employment rates of urban married women are low relative to their rural counterparts also see low urbanization rates of married men." ( Doss et al. ) #Other *

Poverty Measurement

·        Poverty is often measured using annual income. But using monthly data from India shows that “experiences of poverty are substantially more common than annual measures suggest; entry into and exit from poverty are much less clear than typically assumed;” and the use of monthly poverty measures “is a stronger predictor of development outcomes – child weight and height – than conventional” annual measures. ( Merfeld and Morduch ) #Other

·        Are poverty lines real? This study articulates social and theoretical underpinnings for such a distinction between the poor and the nonpoor. ( Dutta et al. )

·        Many social programs identify their beneficiaries collaboratively with multiple community members together. Comparing the judgments that the same individuals make about who to target when they’re deciding collaboratively versus individually in Indonesia suggests that gains from collaborative targeting are negligible. “These results suggest that policymakers should think carefully before asking community members to invest valuable time in participating in [community-based targeting] exercises.” ( Trachtman ) #Other

Governments, institutions, and conflict

Conflict and crime

·        A national-level electoral reform in Mexico that increased politicians’ cost of accepting bribes decreased the number of suspicious financial reports by around 4 percent ( ∼ 650 fewer reports), while the number of attacks by violent groups increased by approximately 2 percent ( ∼ 44 more attacks), in places with the presence of criminal organizations. ( Rámon Enríquez ) #DID

·        How does ethnic violence and subsequent segregation shape children’s lives? In India, Muslims perform better in cities that were more susceptible to (Hindu) communal violence in terms of early education outcomes. ( Kalra ) #PSM

·        In India, judges are more likely to convict offenders in cases of sexual crimes (excluding rape) if they are exposed to more media coverage about sexual crimes that are unrelated to the case on trial. A central mechanism behind this result is heightened judicial scrutiny in response to greater media coverage. ( Vasishth ) #DID

·        During WWII, nine ethnic groups were entirely deported from the Soviet Union to Central Asia. In the 50s, five returned to their former homeland, while the other four remained marginalized in internal exile. Locals in host regions had significantly higher levels of education two generations later. “A strong positive effect on higher education is found among returnees to origin regions, suggesting that these ethnic groups hedged against further negative shocks.” ( Zimmermann ) #IV *

·        In Colombia, close family connections in the public administration are pervasive and they weaken performance. “Connected bureaucrats receive higher salaries and are more likely to be hierarchically promoted but are negatively selected in terms of public sector experience, education, and records of misconduct.” A 2015 anti-nepotism legislation had limited effectiveness. ( Riaño ) #RCT

·        In China, after a high-profile corruption inspection, labor “strikes experienced a twofold increase within six months and a threefold increase in two years.” ( Chen ) #Other

·        Reducing corruption in China "induces positive selection for integrity and public-mindedness into the state sector, which remains present even when conditioning on ability and family background." ( Hong ) #DID

·        Do autocrats favor their supporters during economic shocks? The Maduro regime was more likely to exempt regime-supporting regions affected by the Venezuelan blackout from later power rationing. In Sub-Saharan Africa, “droughts magnify differences in development, protests and state-coercion outcomes in favor of leaders’ home regions.” ( Morales-Arilla ) #FE

·        In Brazil, a 1 percentage point increase in the share of Pentecostals increased Evangelical and far-right candidates’ vote share by 18 percent and 16 percent, respectively. These effects are larger in municipalities with less educated, poorer, and more rural populations. ( Solá Cámpora ) #DID

·        During a social media ban at the climax of the Uganda 2021 election campaign, those maintaining access through the use of virtual private networks (VPNs)—who are more likely to be opposition partisans—came to view the dominant National Resistance Mmovement party relatively positively. This is driven by an increase in pro-NRM social media content during the ban. ( Bowles, Marshall, and Raffler ) #DID

Taxes and subsidies

·        Simulations suggest that removing subsidies for electric vehicles in China would raise the effective marginal costs of vehicle production, reducing total welfare by 7.4 billion yuan (RMB) per quarter, amounting to 13.9 percent of the total subsidy expenditure. ( Kwon ) #IV

·        In South Africa, "firms with paid tax practitioners exhibit sharper bunching, driven primarily by a lower lumpiness parameter rather than by a different income elasticity." ( Anagol et al. ) #Other

·        In Liberia, creating a new property database and including identifying information from it (the name of the owner and a property photograph) in tax bills more than quadruples the tax payment rate, from 2 percent to almost 10 percent, when the notice also includes details on the penalties for noncompliance. Compliance goes up even more when the tax bill warns delinquent property owners that they’re in the “next batch” of properties designated for “intensive follow-up.” ( Okunogbe ) #RCT

·        An increase in the subsidy for liquefied natural gas (LNG) in India leads to a surprising decrease in LNG purchases by poor households. Why? The subsidy goes up when the market price rises—i.e., the government keeps the price to consumers stable—but consumers only receive the subsidy as a refund a few days after they purchase the LNG, and “poor households may find it difficult to pay the higher unsubsidized price upfront.” ( Afridi, Barnwal, and Sarkar ) #FE

Regulation and government

·        In Argentina, “serving in the military leads to stronger national identity and openness to fellow countrymen several decades after serving.” ( Ronconi and Ramos-Toro ) #FE

·        In Pakistan, policymakers who received a special training in econometrics are twice as likely to actually choose policies for which there is evidence from randomized controlled trials. They triple the funding for those same policies. ( Mehmood, Naseer, and Chen ) #RCT

·        In Brazil, state judges with higher grades on admission examinations perform better than their lower-ranked peers. ( Dahis, Schiavon, and Scot ) #FE

·        In India, improving the maintenance of fee-funded community toilets improved delivery and reduced free riding, but excludes a share of residents from using the service. ( Armand et al. ) #RCT

·        In, Kenya’s nationwide electrification program, imposing audits improved network size, voltage, household connectivity, and electricity usage at African Development Bank (AfDB) sites. (World Bank sites already had lots of inspections, so random audits didn’t affect those.) The World Bank’s procedures delayed construction at the average site by 9.6 months relative to AfDB sites but improved construction quality by 0.6 standard deviations. ( Wolfram et al. ) #RCT

·        In Bihar, India, instituting a complaint filing system for politicians who run into bureaucratic obstacles in the implementation of their projects led to a 26 percent rise in the implementation of public projects in constituencies run by low-caste local politicians. ( Kumar and Sharan ) #RCT

·        Informing government agents about illegal (gold) mining in Colombia, reduced illegal mining by 11 percent in the disclosed locations and surrounding areas. ( Saavedra ) #ML

·        In India, switching the approving authority of economic development projects that require forest diversion from central to state government “leads to a modestly adverse impact on forest conservation while approving lower quality development work.” ( Chiplunkar and Das ) #DID

·        When two districts in India share groundwater resources, extraction is more likely to be unsustainable and districts are more likely to have defunct wells. ( Bhogale and Khedgikar ) #DID

Agriculture, infrastructure, and the environment

Agriculture and land

·        In Mozambique, contract farming has spillover effects: “both contracted farmers and non-contracted farmers from villages with contracted farmers earn approximately 11 percent more in price per kilogram of maize” than farmers in areas without contract farming. ( Ingram ) #FE

·        The vanilla price boom in Madagascar led to increased asset accumulation and higher informal savings, improved performance on cognitive tests, well-being, and optimism. There were positive effects for smallholder vanilla farmers, but without spillover benefits on non-producing households. ( Boone, Kaila, and Sahn ) #FE

·        In Rwanda, using text messages to remind agricultural extension workers of their self-set goals increased their performance by 0.08 SD. ( Abel et al. ) #RCT

·        How do rural marketplaces shape local development? In Kenya, “while rural population quadrupled, two thirds of weekly markets operating in 1970 no longer do so today.” Population concentrated around markets that were active in 1970, and markets further from large cities saw the most population concentration. ( von Carnap ) #FE

·        If you rely on farmer reports on what seeds they’re using in Ethiopia, you’ll see apparently small, negative returns to using new seed varieties. But that’s because farmers are including “older and genetically diluted varieties, for which” they “may be paying a premium.” If you just look at seed varieties with “higher-purity germplasm, drought-tolerant maize, and newly released varieties,” you do see positive returns. ( Michuda et al. ) #Other

·        How much is one farmer in Uganda willing to pay for their neighbor to use a pest-control technology? A “novel incentive-compatible elicitation mechanism” finds that “a farmer’s willingness-to-pay for one other farmer [to use the technology] is equal to two days’ wage on average, about half the willingness-to-pay for self.” ( Lerva ) #RCT

·        Maybe farmers don’t train their workers in modern planting technologies because they know they won’t get all the benefits of that training: the workers may go and use it somewhere else. In Burundi, providing a contract that guaranteed farmers the benefit from training their workers increased farmers’ willingness to train their workers by about 90 percentage points! ( Cefala et al. ) #RCT

·        In Odisha, India, villages with more variation in castes have lower adoption of flood-resistant seeds. Adoption is more likely to spread within castes and less likely to spread to castes with lower status. ( de Janvry, Rao, and Sadoulet ) #RCT

·        In India, bureaucrats who are assigned to their home states decrease protests or riots in opposition to land acquisition projects by 9-12 percent. ( Tóth ) #DID #RD

·        Lake Chad shrunk by 90 percent between the 1960s and the late 1980s: the reduced water supply had negative effects for neighboring communities in Cameroon, Chad, Nigeria and Niger—25 percent of sub-Saharan Africa’s population—on fishing, in addition to farming and herding which outweighed any positive land supply effects. ( Jedwab et al. ) #DID

Climate and pollution

·        Lake Chad shrunk by 90 percent between the 1960s and the late 1980s: the reduced water supply had negative effects for neighboring communities in Cameroon, Chad, Nigeria and Niger—25 percent of sub-Saharan Africa’s population—on fishing, in addition to farming and herding which outweighed any positive land supply effects. ( Jedwab et al. ) #DID *

·        Households from heavily damaged communities in Indonesia after the 2004 Indian Ocean Tsunami saw a 75 percent decline in real wealth immediately after the tsunami. The large adverse effects persisted 10 years after the tsunami. ( Lombardo et al.) #FE

·        In India and Pakistan, the incidence of fires from crop burning drops by 10 percent when air pollution is likely to be borne by the bureaucrats’ own constituents. “Reduction in fires is present or larger when bureaucrats can better monitor (due to road proximity) or manage fires (due to changes in experience during a turnover), and when they have incentives to act (e.g., when pollution is most visible).” ( Dipoppa and Gulzar ) #DID

·        In utero exposure to high ocean salinity levels (induced by climate change) reduces a child’s height-for-age z-score in Bangladesh, and increased prevalence of stunting and severe stunting due to nutritional deficiencies by age five. ( Guimbeau et al. ) #FE *

Infrastructure

·        In Kenya and Ethiopia, the “impact of bundled road and electricity investments on reducing the sectoral employment share in agriculture is … 2.5 times larger than the impact of roads alone.” ( Dappe and Lebrand ) #FE #IV

·        Aerial bundled cables (an infrastructure improvement) in Karachi, Pakistan, reduced utility losses and increased revenue recovery, with the greatest gains in the worst-performing areas pre-intervention. Gains come via two channels: the formalization of customers previously informally (illegally) connected and the improvement in payment behaviors among existing, formal consumers. ( Ahmad et al. ) #DID

·        A large-scale roll-out of electric transmission infrastructure in Nigeria from 2009 to 2015 increased individuals’ likelihood of migrating by 6 percent and reduced household size by 0.8 individuals, mainly driven by young adults and older teenagers. ( Budjan ) #DID #IV

·        How does transportation infrastructure investment affect spatial inequality of opportunity in Benin, Cameroon, and Mali? “On average only 6 of the top 10 aggregate opportunity-increasing roads also decrease inequality of opportunity.” ( Milsom ) #IV

·        In Dakar, Senegal, it can be hard to find someone to desludge your septic pit. Providing subsidies to use a government run call center to connect households with desludgers increases use, and that use continues for a while after the subsidies end. Later, a city-wide subsidy increased adoption most in those communities that had received subsidies earlier. ( Deutschmann ) #RCT *

Macroeconomics

Growth and inequality

·        Gaining subnational capital status leads to an influx of public investments, an increased population, skilled migration and foreign investments, with positive spillovers to nearby cities. ( Bluhm, Lessmann, and Schaudt ) #FE #DID

·        In China, state-level special economic zones (SEZs)—"geographically delimited areas targeted by governments to implement” policies like tax incentives, government innovation grants, and policies that favor human capital mobility—"have a positive and significant impact on patent output,” but SEZs established at geographic areas smaller than the state don’t have significant impacts. ( Wu, Lu, and Zhao ) #DID

·        Initial foreign direct investment into China “was mainly driven by the Chinese diaspora,” particularly to prefectures in China that members of the diaspora came from. Later, foreign investment that didn’t come from the diaspora was more likely to enter those same prefectures. ( Chen, Xiong, and Zhang ) #DID

·        “Countries are more likely to enter ‘nearby’ industries, i.e., industries that require fewer new occupations.” Also, “countries are more likely to diversify into products that require fewer new inputs,” which means that countries can get stuck on particular paths in their quest toward industrial development, “with certain routes leading to stagnation and others on a pathway to prosperity.” ( Diodato, Hausmann, and Schetter ) #Other

·        “The construction process of many residential buildings in African cities proceeds very slowly and may take over a decade.” Data from Nairobi plus a new theoretical model suggest that “improvements in credit provision can (a) substantially speed up the expansion of the aggregate housing stock which facilitates rural-urban migration, and (b) increase the city’s density by enabling the construction of taller buildings.” ( Gomtsyan ) #Other

·        Giving information about market prices and official border costs to traders in Kenya increases switches across markets and routes, leading to a large improvement in traders’ profits and significant formalization of trade. ( Wiseman ) #RCT

·        Can temporary trade disruptions lead to a persistent change in domestic trade? Yes. In India, COVID-19 induced lockdowns led to a collapse in trade across states, driven by plants reorienting “trade towards their home states to ... insure against any future disruptions.” ( Chakrabati, Mahajan, and Tomar ) #DID

·        The 2001 US-Vietnam Bilateral Trade Agreement reduced US import tariffs from Vietnam, leading to rapid Vietnamese export growth with “entry responses, driven by foreign and Vietnamese private firms. Entrants—rather than incumbents—drive the tariff-induced employment growth, particularly foreign entrants.” ( McCaig, Pavcnik, and Wong ) #FE

·        The tariff reduction from the U.S-Vietnam Bilateral Trade Agreement decreased school attendance and increased children’s work, mainly in non-wage and household business jobs. Effects were stronger for boys, older children and households where the head had little education. ( Nguyen ) #DID *

·        In India, “larger cultural proximity [by way of caste and religion] between a pair of firms reduces prices and fosters trade at both the intensive and extensive margins.” ( Fujiy, Khanna, and Toma ) #FE *

The order of authors on this blog was determined by a virtual coin flip. This blog post benefited from research assistance from Amina Mendez Acosta .

Senior Economist, Education Global Practice

Senior Fellow, Center for Global Development

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National Bureau of Economic Research

Latest from the nber, a research summary from the monthly nber digest.

Childcare Subsidies and Parental Earnings

In the decade after their first child’s birth, Canadian mothers’ earnings decline by 25 percent relative to the earnings of fathers, Sencer Karademir ,  Jean-William P. Laliberté , and  Stefan Staubli estimate. The unequal distribution of childcare responsibilities is a likely contributor to this gap, with 38 percent of women aged 24–35 providing over 30 hours of unpaid childcare per week compared to 11 percent of men.

In The Multigenerational Impact of Children and Childcare Policies (NBER Working Paper 32204), the researchers examine how formal childcare subsidies affect the labor market effects of childbirth. Using data from the Intergenerational Income Database, they consider new parents who were born between

From the NBER Bulletin on Entrepreneurship

Immigration Policy and Entrepreneurs’ Choice of Startup Location

Immigrants play a significant role in the entrepreneurial landscape. In the United States, immigrants are 80 percent more likely to start businesses than native-born Americans. More than half of America's billion-dollar startup companies trace their roots to immigrant founders. There is limited research, however, on the factors that influence immigrants' decisions about where to locate their startup businesses. 

From the NBER Reporter: Research, program, and conference summaries

Program Report: International Finance and Macroeconomics, 2024

Affiliates of the International Finance and Macroeconomics (IFM) Program study financial interactions among nations, including cross-border capital flows, exchange rates, responses to global financial crises, and the transmission of economic shocks. Rather than attempting to summarize the more than 1,000 working papers these researchers have distributed since the last program report in 2015, we focus here on three issues that have attracted substantial research attention from this group: impacts of the COVID-19 pandemic, global supply chain shocks, and the privileged position of the US dollar in global asset...

From the NBER Bulletin on Health

C-section Rates and Birth Outcomes

Cesarean section (C-section) is the most common surgical procedure performed in the United States.  Sarah Robinson ,  Heather Royer , and  David Silver report that C-section rates for first-time, singleton births increased from 24 percent to 32 percent between 1989 and 2017 alongside significant changes in medical practices during this period. In 2001, for example, the American College of Obstetricians and Gynecologists began recommending C-sections for breech births. The rising rate of C-sections has sparked a debate about whether this procedure is being overused. 

In  Geographic Variation in Cesarean Sections in the United States: Trends, Correlates, and Other Interesting Facts (NBER Working Paper 31871), the researchers study how cross-county differences in C-section usage correlate with infant and maternal...

From the NBER Bulletin on Retirement and Disability

Social Security and Retirement around the World

Over the past 25 years, labor force participation at older ages has increased dramatically. In the 12 countries that are part of the NBER’s International Social Security (ISS) project, participation among those aged 60 to 64 has risen by an average of over 20 percentage points for men and over 25 percentage points for women.

Featured Working Papers

Johannes Hoelzemann ,  Gustavo Manso ,  Abhishek Nagaraj , and  Matteo Tranchero w discover that when data shine a light on attractive but not optimal projects, this can  narrow the breadth of exploration and lower ultimate payoffs. 

Except for workers in “gig” occupations,  Amanda Y. Agan ,  Andrew Garin ,  Dmitri K. Koustas ,  Alexandre Mas , and  Crystal Yang find little effect of criminal record remediation laws on employment opportunities. 

Michigan’s 2015 increase funding for its in Career and Technical Education (CTE) program doubled program completion rates but had very little impact on enrollment numbers, Thomas Goldring ,  Brian Jacob ,  Daniel Kreisman , and Michael Ricks find. 

In 1950 and 1960, a time when help-wanted advertisements were divided into male and female sections,  female-owned employment agencies specialized in vacancies for women, expanding the access of female jobseekers to more highly skilled occupations and higher wages, Jennifer Hunt and  Carolyn Moehling find.

Cultural individualism accounts for about one-third of cross-country variation in work from home (WFH) rates.  Countries with high individualism levels have high WFH rates,  Pablo Zarate ,  Mathias Dolls ,  Steven J. Davis ,  Nicholas Bloom ,  Jose Maria Barrero , and  Cevat Giray Aksoy find. 

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Research Projects

Conferences, books & chapters.

Through a partnership with the University of Chicago Press, the NBER publishes the proceedings of four annual conferences as well as other research studies associated with NBER-based research projects.

Research Spotlights

NBER researchers discuss their work on subjects of wide interest to economists, policymakers, and the general public. Recordings of more-detailed presentations, keynote addresses, and panel discussions at NBER conferences are available on the  Lectures  page.

• Class 12 Commerce
• Class 12 Commerce Projects
• Class 12 Economics Projects

Class 12 Economics Project

Class 12 economics project plays an essential role in students’ life. However, a few students would be nervous about how and what to prepare for the project. This uncertainty of how to complete the project leads to the imitation of projects from peers.

It is a general issue where students weigh a project as a burden and do not pay attention to how to prepare it. If you are encountering a similar obstacle, the best thing to begin with is to analyse a sample project. Here, we have given three sample economics projects for Class 12, which can be downloaded as PDFs.

These sample projects will certainly assist all those students who really want to have a summary of what an economics project looks like. They will completely answer all your questions about the different things we should contemplate while preparing an economics project. The whole project is of 20 marks. To be well aware of the entire economics syllabus for Class 12, click here .

Economics Project for Class 12 Download Free PDFs:

Economics project guidelines.

While selecting your concept of the project, a few basic factors are to be kept in mind:

• Be well aware of your topic.
• Your project must be different by at least 40% . Cut short the long story.
• Do not exaggerate. It is important to include everything associated with your topic. A topic on demand might lead you to behavioural economics; however, that is not important. Focus on the specific features and do not make it too long.
• Take guidelines from your professor.

Here are some of the best economics project ideas for Class 12 students:

•   Imperfect competition and Market failure
•   Non-performing asset and Central Bank’s procedures to recover it
•   Theories of the long-run supply curve (Not recommended if you are not thoroughly versed in basics of macroeconomics)
•   RBI’s policies to curb inflation and appreciate currency value
•   Central Bank’s functions with special reference to RBI
•   Causes and potential solutions for adverse balance of payments
•   The shift of India’s growth parameters from agricultural to manufacturing and service sectors over a period of 50 years
•   Derivation of the demand curve from Hicksian and Slutsky income and substitution effects
•   Theories of utility (Ordinal and Cardinal approach)
•    Banking sector reforms
•   The growth of India’s automobile sector in the last 20 years with special reference to FDI
•   Import substitution vs Export promotion
•   Tax reforms and basic principles of taxation/double taxation on savings
•   Impact of macroeconomic variables on values of currencies
•   Opportunity cost
•   Price determination
•   Production: Returns to a factor
•   Demand and its determinants
•   Monopolistic competition

Explore more about projects for Class 12. Stay tuned for questions papers, sample papers, syllabus, and relevant notifications on our website.

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Goldman Sachs Research features original insights on the economy, markets and industries, drawn from research teams around the world.  

Macro Outlook 2024: The Hard Part is Over

Goldman Sachs Research expects several tailwinds to global growth in 2024, including strong real household income growth, a smaller drag from monetary and fiscal tightening, a recovery in manufacturing activity, and an increased willingness of central banks to deliver insurance cuts if growth slows.

US Economics Analyst: 2024 US Economic Outlook: Final Descent

Goldman Sachs Research expects GDP to grow 1.8% in 2024 on a Q4/Q4 basis (or 2.1% on a full-year basis), again easily beating low consensus expectations. Our economists forecast just under 2% consumption growth, with real disposable income growth of nearly 3% partly offset by a 1pp rise in the saving rate and expect the FOMC to deliver its first rate cut in 2024Q4 once core PCE inflation falls below 2.5%.

European Economics Analyst: UK Outlook 2024: Not So Different After All

Goldman Sachs Research expects UK growth to improve modestly in 2024 as real disposable income rises and the growth drag from the BoE’s tightening diminishes. Our economists look for growth of 0.6% next year, slightly above consensus.

2024 US Equity Outlook: “All You Had To Do Was Stay”

Goldman Sachs Research forecasts the S&P 500 index will end 2024 at 4700, representing a 12-month price gain of 5% and a total return of 6% including dividends.

Music in the Air: Focus on monetisation, emerging markets and AI; updating global music industry forecasts

According to Goldman Sachs Research, 2023 was a turning point for the music industry in many respects, marked by the first ever major price increase by global streaming platforms, the modernisation of outdated royalty payment structures and the deployment of Generative AI.

GS SUSTAIN: Generational Growth — AI/data centers' global power surge and the sustainability impact

Data center power demand is poised to grow 160% by the end of the decade, according to Goldman Sachs Research. The analysts believe this should enhance investment opportunities across the power supply chain benefitting from Green Capex, volume growth and innovation.

Powering Up Europe: AI datacenters and electrification to drive +c.40%-50% growth in electricity consumption

Goldman Sachs Research analysts estimate that Europe’s power demand could grow by +c.40% in the next 10 years, fueled by the rapid expansion of datacenters and a pickup in the electrification process.

Generational Growth: AI, data centers and the coming US power demand surge

Global data center power demand is poised to more than double by 2030 after being flattish in 2015-20. Goldman Sachs Research analysts believe downstream investment opportunities in utilities, renewable generation and industrials whose investment and products will be needed to support this growth are underappreciated.

GS SUSTAIN: Adaptation: physical risk, financial risk, opportunity

GS Research believes Adaptation – proactive or reactive measures to mitigate impacts of rising temperatures – will become a growing theme that investors and corporates will focus on through the lens of physical risk, financial risk and revenue opportunity.

Humanoid robot: The AI accelerant

Goldman Sachs Research has updated its forecasts for the market for humanoid robots. Their findings include estimates for the global market for humanoid robots, the sector’s capacity to reduce labor shortages, and the hurdles to realizing those estimates.

GCC Capex Wave Series: The rise in low-carbon capex

Continuing on from their recently launched GCC Capex Wave Series, our Goldman Sachs Research analysts have released the second report in the series. In this report, they identify the projects being implemented by GCC countries on the path to achieving their decarbonization targets.

India 2024 Outlook: Port of calm in a “Higher for Longer” world

Goldman Sachs Research economists expect macro-economic resilience to continue in India amidst steady growth at 6.3% yoy. The year will likely be a tale of two halves: Pre-elections, government spending will likely be the growth driver. Post-elections, they expect investment growth to re-accelerate, especially from the private side.

Carbonomics: Updated cost curve shows diverging trends between power and transport

Our Goldman Sachs Research analysts have updated their de-carbonization cost curve for the fifth consecutive year. Their findings show the continued evolution of the cost curve with the lower end more expensive as it is impacted by lower commodity prices, inflation and interest rates. While technologies at the high cost end of the cost curve, dominated by transportation benefit from lower battery prices.

2024 Global Credit Outlook: Back in the Saddle

Goldman Sachs Research expects 2024 will in some ways be a mirror image of 2023 given the tighter starting level of spreads, higher starting level for yields, and the end of the hiking cycles in the US and Euro area.

European Economics Analyst: Euro Area Outlook 2024: Fading Headwinds

Despite a mixed year for the Euro area, Goldman Sachs Research economists highlight three reasons they expect 2024 to be a better year: diminished headwinds, inflation normalization and a more supportive ECB.

Global Markets Outlook 2024: Towards a Better Balance

Goldman Sachs Research highlights 10 core investment themes that drive many of its market views.

Climate Transition Tool 2.0: Bridging gaps, enhancing sectoral scope, highlighting performance links

Investors are increasingly focused on quantifying the transition progress of corporates based on the 3Ps – Plan, Path and Performance. Goldman Sachs Research analysts update their Climate Transition Tool, which continues to be applied across more than 7,000 publicly-traded companies.

Saudi Arabia Capex Super-Cycle: Diversifying, Decarbonizing, Digitalizing

Goldman Sachs Research analysts introduce their GCC Capex Wave Series, where they map out the region’s investments across sectors. They start with Saudi Arabia, the GCC’s largest economy.

SFDR, two years on - trends and anatomy of Article 8 & 9 funds in 2023

More than two years on from the launch of the EU Sustainable Finance Disclosure Regulation (SFDR), SFDR continues to drive flows and the transition of non-ESG funds towards ESG in Europe and beyond. In this report, Goldman Sachs Research analysts assess large Article 8 and 9 funds to explore how they are tackling key requirements of SFDR.

How quantifying Avoided Emissions can broaden the decarbonization investment universe

In this report, GS Research discusses why they believe quantifying avoided emissions can broaden the decarbonization investment universe.

Carbonomics: The third American energy revolution

The US Shale revolution is entering its age of maturity and eventual decline. Goldman Sachs Research analysts estimate that renewable technologies can deliver twice the scale of energy produced by shale, unlocking $3 trn of infrastructure investment over the coming decade.

Balancing Growth with Decarbonisation

India's electricity sector is undergoing a generational shift as the country attempts to grow and decarbonize simultaneously, according to Goldman Sachs Research. The analysts foresee the beginning of a peak power deficit cycle, increasing the importance of storage-backed round-the-clock renewable energy (RTC RE). The viability of RTC RE in certain use cases will provide an economic incentive for transition, and unlock a superior business model for utilities.

EUV 3.0: High NA a prime Digital Enabler for the next decade

In this report, Goldman Sachs Research analysts explore High NA, the next generation of Extreme Ultraviolet Lithography (EUV). The $600bn global semiconductor market is estimated to reach over $1trn by 2030 and Goldman Sachs Research sees High NA as a key European Digital Enabler as it will be critical in the advancement of smaller and more powerful chips, required to power leading edge technologies such as AI, high-performance computing (HPC) and autonomous driving.

Top Projects 2023: Back to growth

Goldman Sachs Research’s 20th edition of its annual review of top assets in global oil and gas production signals a turning point in the oil & gas capex cycle, as higher returns and a renewed sense of urgency around security of supply bring the industry back to growth.

Global Strategy Paper: Women (Still) Hold Up Half the Sky

In developed and developing countries alike, gender gaps persist in education, health, work, wages and political participation. Goldman Sachs Research finds that shrinking working age populations mean that it is now more important than ever to utilize the full resources women have to offer (and to reward them fully).

The Case for Investing in HBCUs

Historically Black Colleges and Universities play a crucial role in promoting social and economic mobility for Black Americans, but they’re systemically underfunded. A new report from Goldman Sachs Research delves into the data and discusses actions that policymakers and the private sector can take to bridge funding gaps.

GS SUSTAIN: Green Capex - What's on Track and Spare Capacity

Goldman Sachs Research refreshes its analysis of what’s on track and continues to see private sector Green Capex per year $0.9 tn higher this decade vs. the 2016-20 annual run rate, though with lower but still substantial spare capacity among publicly-traded companies for additional investment.

Global Metals & Mining: Direct Lithium Extraction – A potential game changing technology

Goldman Sachs Research analysts explore the progress, economics, and implications of DLE being implemented at scale, with increasing relevance in the context of Chile's recent National Lithium Policy.

GS SUSTAIN: Biodiversity – TNFD releases recommended disclosure metrics

In this report, Goldman Sachs Research analysts break down changes to the Taskforce on Nature-Related Financial Disclosures (TNFD) framework and the new metric disclosure recommendations, discuss data availability and potential implications for corporate reporting, and highlight takeaways on how this development may influence the regulatory environment and investing in Biodiversity moving forward.

GS SUSTAIN: Biodiversity – Next Steps Post COP 15

In this report, Goldman Sachs research analysts identify eight targets included in the final agreement from COP 15 that they think could have the most impact driving the global conversation around nature restoration and conservation moving forward.

Global Macroscope – Global Strategy Conference: Results of Our 2023 ‘PM Question Time’

On January 16th Goldman Sachs Research held its 31st annual Global Strategy Conference in London, which was attended by over 400 clients in person, for the first time since the pandemic.

2023 Commodity Outlook: An Underinvested Supercycle

Just as commodity markets have been dominated by the dollar in 2022, Goldman Sachs Commodities analysts expect them to be shaped by underinvestment in 2023.

The Path to 2075 — Slower Global Growth, But Convergence Remains Intact

Two decades since Goldman Sachs Research first set out long-term growth projections for the BRICs economies, GS Research economists update and expand those projections to cover 104 countries out to 2075 and identify four major themes for the global economy.

Carbonomics: The Economics of Net Zero

As a cornerstone of their Carbonomics analysis, our Goldman Sachs Research analysts have updated their de-carbonization cost curve for 2022.

2023 US Economic Outlook: Approaching a Soft Landing

The key macroeconomic question of the year has been whether inflationary overheating can be reversed without a recession. Analysis from Goldman Sachs Research economists suggests that the answer is yes—an extended period of below-potential growth can gradually reverse labor market overheating and bring down wage growth and ultimately inflation, providing a feasible if challenging path to a soft landing.

Japan Economics 2023 Outlook: Focus on Wage Growth and BOJ Leadership Change

While our Goldman Sachs Research economists expect Japan’s real GDP growth to slow to 1.3% in 2023, from 1.5% in 2022, they look for growth to continue to outpace its potential. Consumption is likely to directly benefit from economic reopening, and they also expect capex to remain firm on the back of pent-up demand, labor shortages due both to demographics and reopening, and supply chain rebuilding.

Asia Views: 2023 Outlook: Inflation Peaks and Growth Troughs

Economic growth is likely to start 2023 on the weak side across most of the Asia-Pacific, according to Goldman Sachs Research economists, as a fading reopening boost, slowing global manufacturing cycle, and past monetary tightening weigh on activity. As these headwinds fade and China’s reopening gets underway, they expect growth to reaccelerate. While most of our economists’ GDP forecasts are a little below consensus for 2023 as a whole, they are more positive on second-half growth, particularly in China.

China 2023 Outlook: After Winter Comes Spring

After a very challenging 2022, Goldman Sachs Research economists expect China GDP growth to accelerate from 3.0% this year to 4.5% next year on the back of China’s potential exit from its zero-Covid policy, which they assume will start shortly after the “Two Sessions” in March. China’s reopening would imply a strong consumption rebound, firming core inflation, and gradually normalizing cyclical policies in 2023.

2023 Europe Outlook: Milder Recession, Higher Terminal Rate

Goldmans Sachs Research economists maintain their long-held view that the energy crisis will push the European economy into recession this winter, as surveys and production data point to a sizeable slowing in energy-intensive industries, and high inflation will reduce real household incomes. But they now see a shallower recession as the hard data have remained surprisingly resilient, the rebalancing of the gas market has reduced the risk of energy rationing and governments have provided significant fiscal support.

GS SUSTAIN: ESG of the Future–Accelerating the Energy Transition: Metrics and Tools to Measure Progress

As Sustainability investing matures to the “Measurement” phase of its cycle and becomes more forward-looking, there is rising focus on how to quantify impact — whether environmental or social.

Macro Outlook 2023: This Cycle Is Different

Global growth slowed through 2022 on a diminishing reopening boost, fiscal and monetary tightening, China’s Covid restrictions and property slump, and the Russia-Ukraine war. Goldman Sachs Research analysts expect global growth of just 1.8% in 2023, as US resilience contrasts with a European recession and a bumpy reopening in China.

GS SUSTAIN: Green Capex - Accelerating the Energy Transition - Stimulating Capital and Return on Capital

In this report, Goldman Sachs Research highlights where capital is needed, what investors are rewarding and strategies/vehicles to stimulate investment with a case study on China decarbonization strategies. To stimulate greater capital towards the Energy Transition and broader sustainable development goals, GS Research analysts believe stakeholders such as investors, managements and policymakers should deploy the three Cs: collaboration, comprehensive focus, and corporate returns clarity.

GS SUSTAIN: Green Capex - US Inflation Reduction Act - What's Transformational, What's Supportive, What's Underappreciated

The Inflation Reduction Act (IRA) — signed into law by President Biden on August 16 — provides about $386 billion in energy and climate spending over 10 years, with related tax incentives up about $265 billion from the prior run rate. With annual investment needed globally this decade to be on path for Net Zero by 2050 +$1.8 trillion vs. the annual run rate in 2016-20, the IRA is helpful but not an immediate panacea to put the world on track. Goldman Sachs Research Analysts see the IRA as a catalyst to accelerate investment in longer-term carbon capture utilization and storage projects. GS Research Analysts also see the IRA as supportive for solar, electric vehicles, residential clean energy and nuclear energy.

Carbonomics: Affordability, Security and Innovation

Goldman Sachs Research analysts update their Carbonomics cost curve and arrive at three key conclusions. Overall, ‘the revenge of the old carbon economy’ keeps driving a disjointed de-carbonization process that is both inflationary and inefficient. However, GS Research analysts see some clean tech green shoots, with clean hydrogen at the cusp of a regulatory and economic breakthrough.

GS Sustain: SFDR Updates - Latest Flows, Guidance, Views, and a Framework for Sustainable Investments

Given nearly all assets are moving towards Article 8 and 9 funds in Europe, Goldman Sachs Research analysts see an overly strict interpretation of SFDR risks exacerbating a 'Divestment Dilemma.' SFDR continues to drive flows and the transition of non-ESG funds towards ESG (Article 8 and 9) funds as managers find it increasingly difficult to market Article 6 (non-ESG) funds in Europe. Contrary to headlines highlighting trends in downgrades of funds from Article 9 to 8, GS Research analysts see more upgrades from Article 8 to 9 funds vs. their prior assessment. Goldman Sachs Research shares its latest views and interpretations of SFDR and establish a framework for 'Sustainable Investments.'

GS Sustain: Biodiversity - Assessing the Financial Links to Natural Capital

Biodiversity is the cornerstone around which most sustainability objectives sit and an area to which we think corporates and investors will likely pay increased attention in order to meet sustainability goals. In this report, Goldman Sachs Research analysts review the three catalysts they believe are needed to potentially increase investment in biodiversity over time.

Music in the Air

In this report, Goldman Sachs Research analysts address the most recent commonly asked questions: (i) Has music streaming penetration peaked? (ii) How is music spend affected by a macro downturn? (iii) How to size the monetization opportunity from emerging platforms? and (iv) What is the outlook for catalogue spend?

Short-form video-rization: Assessing the Potential Ceiling and Lessons from China

Immersive short-form video (SFV) has become the largest single time spent format in the China internet space. Goldman Sachs Research introduces its bear/base/bull case at 21%/25%/30% by 2025E, after assessing penetration potential from the lens of categories/users/merchants/facilitators.

Bear Repair: The Bumpy Road to Recovery

Goldman Sachs Research expects the next bull market to be 'Fatter & Flatter' than the last. In this report, analysts describe and analyze the trigger points around market transition markers in an attempt to understand the likely path following the powerful equity rally since June.

The Energy Affordability Crisis: Quantification, Solutions, Implications

Goldman Sachs Research analysts believe that the Energy Crisis, in particular affordability, has reached a tipping point that likely requires significant policy intervention. At current forward prices Goldman Sachs Research analysts estimate that energy bills will peak early next year at c.€500/month for a typical European family, implying a c.200% increase vs. 2021.

GS Sustain: Telecoms - The Fibre & 5G Decarbonisation Debate

Goldman Sachs Research analysts see fibre and 5G as critical technologies necessary to reducing the Information and Communications Technology (ICT) sector's overall carbon footprint and enabling low-carbon technologies across the broader economy.

Why a Recession Would Likely Be Mild

The US economy has about a one in three chance of slipping into recession by the middle of 2023, according to Goldman Sachs Research economists. They believe that any post-Covid US recession would likely be mild, with a limited increase in the unemployment rate of around 1 percentage point. This would be unprecedented in postwar US history, though recessions with similarly limited increases have occurred in other G10 economies, such as Germany and Canada.

China Agriculture: Addressing China Food Security - Revolution of Tradition

As food supply faces increasing challenges due to cyclical and disruptive factors, and structurally heightened risks from climate change, Goldman Sachs Research analysts view agriculture efficiency as an essential part of the long-term solution for food security. And for China, much can be done in revolutionizing the efficiency as smarter agriculture thrives.

Carbonomics: Re-Imagining Europe's Energy System

Can Europe strengthen its energy independence in the face of the Russia-Ukraine crisis without compromising its climate change goals? Goldman Sachs Research uses its Carbonomics framework to model the evolution of Europe’s energy system towards a lower cost, lower imports, lower carbon system.

The Green Technology Cycle: SiC

The outlook for increased Silicon Carbide (SiC) uptake as a more efficient alternative to silicon that can save costs and improve performance, especially in automotive applications, has accelerated over the past half year. Goldman Sachs Research analysts now expect an inflection point for rapid market growth potentially two years sooner than projected.

Revisiting Recession Facts

Goldman Sachs Research analysts estimate that the risk of the economy entering a recession in the next year is 30% in the US, 40% in the Euro area, and 45% in the UK. In this report, they revisit key facts about the frequency and severity of recessions by analyzing 77 recessions in advanced economies since 1961.

Green Capex: Greenflation, Returns and Opportunity

Green Capex will be the dominant driver of global infrastructure over the next decade and will be critical for achieving Net Zero, Infrastructure and Clean Water goals. In this report, Goldman Sachs Research analysts explore rising capex and R&D expectations, and consider government commitments to increase or stimulate Green Capex.

Batteries: The Greenflation Challenge II

In this report, Goldman Sachs Research analysts discuss six key topics about greenflation that are relevant to investors and increase their battery pack price forecasts.

Global Views: Still on the Same Narrow Path

While the increase in US nonfarm payrolls in May beat expectations, the unemployment rate has been flat for three months to early June, job openings have started to decline and the official JOLTS series dropped sharply in April. For these reasons, Goldman Sachs Research sees the US economy on a narrow path to a soft landing.

Battery Metals Watch: The End of the Beginning

Goldman Sachs Research analysts argue that the battery metals bull market has peaked. With climate change being top of mind, investors are fully aware that battery metals will play a crucial role in the 21st century global economy, just as bulk and base metals did before them.

GS Sustain: Supply Chain Mosaic

Goldman Sachs Research is introducing a new framework for generalists and ESG investors, the GS SUSTAIN Supply Chain Mosaic, to plug gaps in a patchy data landscape for measuring supply chain risks and to assess business resilience. The collaborative framework blends data on supply chain location and concentration with GS SUSTAIN proprietary scoring of suppliers’ ESG engagement and sovereign ESG risk.

The Economics of Algorithmic Stablecoins

GS Research analysts examine the major drop in cryptocurrency prices and how digital asset markets have been dominated by volatility in stablecoins (cryptocurrencies intended to be pegged 1:1 with fiat currencies, most commonly the US Dollar). While these assets are fairly new, many of the economic issues affecting stablecoins will be familiar to FX market participants and other investors.

The Postmodern Cycle

From the 1980s a 'Modern Cycle' evolved driven by lower inflation, independent central banks, globalization, lower volatility, longer cycles and higher profit shares of GDP. GS Research analysts argue that we are entering a new 'Postmodern' cycle in which inflation is a bigger risk than deflation. They also predict that we are likely to see greater regionalization, more expensive labor and commodities, as well as larger and more active governments.

ESG of the Future: A Forward Look at Corporate Greenhouse Gas Emissions, Potential ESG Improvers

Goldman Sachs Research expects increased focus on corporate emissions of greenhouse gases as ESG markets become more forward-looking and in response to both rising regulations including proposals from the SEC and carbon pricing considerations.

GS Sustain: The Evolution Towards a Circular Economy

The need to move towards a Circular Economy – one in which consumption of ecological resources is equal to or less than what the planet can regenerate – has been discussed for years but not sufficiently deployed. However, we see three catalysts that can push forward deployment of Circular Economy solutions, which, based on a World Economic Forum study, could potentially unlock $1 tn of annual materials savings.

Green Metals: Nickel's Class Divide

Nickel now sits at the intersection of Europe’s push for decarbonisation and energy independence. With Europe’s domestic EV sector already favouring nickel-based batteries, nickel is set to benefit the most from politically motivated demand accelerating already rapid growth in nickel battery use.

Green Metals: Solving Aluminium’s Climate Paradox

At the heart of the coming surge in green aluminium demand lies a paradox: aluminium is a key input required to produce decarbonising technologies like EV’s and solar power, yet its own production is very carbon intensive, generating 2% of all global emissions. This paradox begs the question: how can we secure enough aluminium to effectively decarbonise, while keeping the climate impact of the path to net zero to a minimum?

Green Metals: Copper is the New Oil

The critical role copper will play in achieving the Paris climate goals cannot be overstated. As the most cost-effective conductive material, copper sits at the heart of capturing, storing and transporting these new sources of energy.

Asianomics in America: Contributions and Challenges

Goldman Sachs Research reviews the key economic trends shaping the Asian American experience in the US, the barriers they face to advancement in the workplace and representation in top leadership positions, and the contributions they’ve made to innovation and GDP growth.

SFDR, One Year On: The Trends and Anatomy of Article 8 & 9 Funds

One year after the launch of the first stage of the European Sustainable Finance Disclosure Regulation (SFDR), SFDR funds are growing significantly compared to non-ESG counterparts. The GS SUSTAIN team has reviewed the implications of the SFDR regulation and disclosure requirements. Their analysis of the various approaches taken across asset managers concludes that not all Article 8 or 9 funds are created equal, in a good way.

ESG Regulations: US SEC Proposes Major New Climate Disclosure Requirements

The GS SUSTAIN team believes that 2022 will be a watershed year for ESG-related capital markets regulation in the US. The climate disclosure rule proposal from the SEC on 21 March 2022 opens the door for the broadest federally mandated corporate ESG data disclosure requirement ever in the US.

Carbonomics: Security of Supply and the Return of Energy Capex

The Russia-Ukraine conflict is a turning point for the energy sector, according to analysis from Goldman Sachs Research. One that is similar to, and potentially greater than, the Fukushima nuclear accident and Libyan civil war concurrence in 2011. In this report, analysts examine this Return of Energy Capex and draw five key conclusions.

Batteries: The Greenflation Challenge

Ever-increasing demand, component shortages and rising raw material prices are now challenging the long-standing consensus that battery prices will continue to decline in the coming decade. To assess the impact of this “Greenflation” and potential supply chain bottlenecks ahead, Goldman Sachs Research introduces a proprietary battery pack price and cost curve model, supply-demand models across battery components and a bear case battery TAM scenario.

Electric Vehicles: What's Next VII: Confronting Greenflation

In this report, the seventh installment of our Electric Vehicles: What’s Next series, analysts from Goldman Sachs Research outline their new forecast for a slower pace of decline for automotive battery prices through 2025, and they consider the outlook for the EV and automotive battery markets under three scenarios (bear, base, and hyper-adoption).

Oil: Squaring Russia's Missing Barrels

Escalating military conflict in Ukraine and the growing realization that imposed sanctions could meaningfully and sustainably reduce Russian exports, even with carve-outs for energy trade, has resulted in oil prices surging to their highest level since 2008. Given Russia’s key role in global energy supply, the global economy could soon be faced with one of the largest energy supply shocks ever. Goldman Sachs Research builds three scenarios in an attempt to provide an estimate of where oil prices are heading.

Global Markets Daily: How Much Risk is Priced into Global Assets Now?

The invasion of Ukraine and the escalating sanctions on Russia continue to be the dominant driver of markets. Before the start of military action, Goldman Sachs Research estimated how much geopolitical risk premium was priced into a range of global assets and estimated how those assets might move in the case of either a full de-escalation or a version of a scenario where risks flared into outright conflict.

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Paths to power: big oils and utilities’ diverging strategies for energy convergence, a survivor's guide to disruption, the future of mobility, corporate debt is not too high, the competitive value of data, womenomics 5.0, the return to a more profitable oil & gas industry, episode 121: what’s next for emerging markets, learning from a century of us recessions, episode 119: why esg is becoming a ‘business imperative’ for asset managers, episode 117: what can credit markets tell us about the chances of a us recession, 5g: faster speeds, wider reach, episode 114: china’s ‘bumpy deceleration’, episode 112: commodities outlook: return of the new oil order, 5g: moving from the lab to the launchpad, re-imagining big oils, episode 105: europe’s energy evolution, nextgen power: solar to transform europe’s energy mix, sign up for briefings, a newsletter from goldman sachs about trends shaping markets, industries and the global economy..

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Article Contents

Overview of theories and methods of health economics research in cancer screening, opportunities and challenges for health economics research in cancer screening, data availability.

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Health Economics Research in Cancer Screening: Research Opportunities, Challenges, and Future Directions

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Ya-Chen Tina Shih, Lindsay M Sabik, Natasha K Stout, Michael T Halpern, Joseph Lipscomb, Scott Ramsey, Debra P Ritzwoller, Health Economics Research in Cancer Screening: Research Opportunities, Challenges, and Future Directions, JNCI Monographs , Volume 2022, Issue 59, July 2022, Pages 42–50, https://doi.org/10.1093/jncimonographs/lgac008

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Cancer screening has long been considered a worthy public health investment. Health economics offers the theoretical foundation and research methodology to understand the demand- and supply-side factors associated with screening and evaluate screening-related policies and interventions. This article provides an overview of health economic theories and methods related to cancer screening and discusses opportunities for future research. We review 2 academic disciplines most relevant to health economics research in cancer screening: applied microeconomics and decision science. We consider 3 emerging topics: cancer screening policies in national as well as local contexts, “choosing wisely” screening practices, and targeted screening efforts for vulnerable subpopulations. We also discuss the strengths and weaknesses of available data sources and opportunities for methodological research and training. Recommendations to strengthen research infrastructure include developing novel data linkage strategies, increasing access to electronic health records, establishing curriculum and training programs, promoting multidisciplinary collaborations, and enhancing research funding opportunities.

Cancer screening occupies a unique space in the cancer care continuum in that it covers a large proportion of the population and has the potential to alter the natural history of cancer disease progression through early detection of cancers and their precursors. From a public health perspective, cancer screening (ie, identification of cancers when an individual is asymptomatic) can potentially be a worthy investment because early detection followed by timely treatment can be more effective in reducing long-term cancer mortality and morbidity than treatment after an individual has developed cancer-related symptoms, often once the cancer has progressed to an advanced stage. From an economic perspective, the national costs of cancer care have been rising rapidly and are projected to increase from $180 billion in 2015 to $246 billion by 2030—a 34% increase estimated based on population growth alone ( 1 ). Prior research has consistently shown that cancer care costs were lower for patients diagnosed at early stage than at late stage for all cancers ( 2 , 3 ). For example, a Surveillance, Epidemiology, and End Results–Medicare analysis reported that costs within the first 12 months of diagnosis for breast cancer patients who received lumpectomy followed by radiation therapy were $19 110, $21 803, $27 460, and $36 420 for patients diagnosed in stage I, II, III, and IV, respectively ( 3 ). By detecting cancer at an earlier stage, cancer screening can potentially reduce the economic burden of cancer for patients, their families, and society as a whole.

Screenings for breast, cervical, colorectal, and lung cancer are recommended by the US Preventive Services Task Force (USPSTF) ( 4-7 ), the American Cancer Society (ACS) ( 8-11 ), and many professional societies, such as the American College of Physicians ( 12 , 13 ), American College of Radiology ( 14 ), American College of Chest Physicians ( 15 ), the US Multi-Society Task Force on Colorectal Cancer ( 16 ). Despite public health efforts to promote cancer screening, the rate of screening remains suboptimal. Estimates using data from the National Health Interview Surveys (NHIS) reported the rates of screening for breast, cervical, and colorectal screening at 76.4%, 73.5%, and 67.1%, respectively, in 2019. None of the estimated rates of screening from NHIS 2019 met the goal of 81.1%, 93%, and 70.5% set for breast, cervical, and colorectal cancer screening in Healthy People 2020 ( 17 ). Analyses combining the 2018 and 2019 Behavioral Risk Factor Surveillance System (BRFSS) survey data found only 17.5% of eligible individuals had reported being screened for lung cancer ( 18 ). Although lung cancer screening with low-dose computed tomography (LDCT) is relatively recent and the Centers for Medicare and Medicaid Services did not start covering LDCT until February 2015 ( 19 ), the uptake has been exceedingly slow. Thus, research investigating economic and behavioral factors hindering or facilitating screening uptake or assessing the cost-effectiveness of interventions designed to increase cancer screening is timely, policy relevant, and impactful.

Cancer screening has been a topic of research interests for health economists, as evidenced by contributions to authoritative reference books devoted to health economics, such as the chapter on “Prevention” by Kenkel in the Handbook of Health Economics ( 20 ), and “The Economics of Cancer Prevention and Control” by Shih in the Oxford Encyclopedia of Health Economics ( 21 ). Shih pointed out that although many aspects of cancer screening offer ample opportunities for cancer health economics research, these research opportunities are often accompanied by unique methodological challenges ( 21 ). For instance, the tradeoff between short-term upfront costs of screening and long-term health gains highlights the investment aspect of cancer screening, emphasizing the importance of using modeling approaches to assess the effectiveness and cost-effectiveness of screening strategies with a lifetime time horizon that follows individuals from the initiation of screening through all subsequent screenings and follow-up clinical activities to death, either because of cancer or other causes. Further, the interplay between demand- and supply-side factors calls for multilevel study designs, interventions, and analyses in cancer screening research. Health economics offers the theoretical foundation and methods (eg, health econometrics, microsimulation models) to conceptualize and analyze these factors.

Understanding the economics of cancer screening is key to ensuring value, equitable distribution of resources, and appropriate design and evaluation of interventions to improve cancer outcomes through early detection. For cancer health economics research to be policy and clinically relevant, it takes collaborative effort between health economists and cancer researchers. To foster the development of the field of cancer health economics with a focus on cancer screening, this article provides an overview of the current state of the science in health economics of cancer screening, discusses the associated research opportunities and challenges, and offers recommendations to foster the development of this research field.

Health economics research studying cancer screening largely relies on methods from 2 academic disciplines: applied microeconomics and decision science. Each discipline contributes a unique set of analytical tool kits to address different topics of cancer screening. Applied microeconomics offers economic theories and econometric methods to assess causal relationships along with factors associated with screening uptake and adherence, typically using secondary data, whereas decision science introduces the use of simulation models to extrapolate beyond randomized trials and observational data alone to gain a better understanding of the long-term impact of screening at the population level.

Applied microeconomics addresses cancer screening by examining demand- and supply-side factors. From the demand side, the decision to undergo screening is affected by patients’ observed and unobserved characteristics including individual preference, socioeconomic and demographic factors, and underlying comorbidities and risk profile, as well as insurance coverage, out-of-pocket spending for screening services, indirect and intangible costs associated with screening, recommendations from providers or medical associations, and accessibility of screening facilities ( 22 ). On the theory front, Grossman’s human capital model offers 1 conceptual foundation for the economics of cancer screening and prevention ( 23 , 24 ). Under this framework, the demand for medical care, including cancer screening, is modeled as a key input entering into individual’s health production function, which describes the relationship between health inputs, such as medical care, nutrition, and exercise, and the resulting health outputs, including outcomes such as deaths, infant mortality, life-years, and quality-adjusted life years. Another theoretical framework is the insurance model by Ehrlich and Becker ( 25 ). The model includes 3 behaviors reflecting decisions under uncertainty: 1) insurance-purchasing behavior to provide income protection had an illness occurred, 2) self-protection behavior to reduce the probability of the occurrence of an illness, and 3) self-insurance behavior to reduce loss if an illness occurred. Self-protection and self-insurance are risk-protection behaviors that interact with the insurance purchasing decision. This model has been adopted extensively in the health economics literature of cancer prevention and control. As Kenkel ( 20 ) pointed out, self-protection can be viewed as primary prevention because it captures behaviors to lower the risk of cancer, whereas self-insurance is considered secondary prevention because it reflects behaviors that increase the effect of cancer treatment through early detection from screening.

From the supply side, the decision to provide screening is facilitated or hindered by factors such as providers’ knowledge of associated benefits and harms, financial incentives, documentation requirements for reimbursement, and the availability of screening-related health-care workforce and capital equipment in local markets. Supplier-induced demand, a phenomenon in which financially motivated physicians influence patient demand for care against physicians’ interpretation of the best interest of the patient, has been documented in the health economics literature ( 26-28 ). Although supplier-induced demand may explain screening behavior among individuals who do not meet the screening eligibility criteria (eg, lung cancer screening among nonsmokers younger than age 50 years), no empirical studies to date have examined this phenomenon in the context of cancer screening.

Cancer screening trials are rare in the United States because the large sample size and long duration of follow-up required to establish clinically and statistically meaningful inference make these trials exceedingly costly and time consuming. Moreover, such trials inform the efficacy of a specific screening modality, such as the efficacy of LDCT for lung cancer screening demonstrated by the National Lung Screening Trial ( 29 ), but provide little guidance on how to incorporate the new modality into existing real-world screening programs. Because of this, much of the information on the effectiveness of screening interventions is based on data from large observational studies, where participants are not randomized to different screening protocols but are followed in their real-world care patterns. However, results from observational studies often had lower-quality rating than randomized controlled trials based on the Grading of Recommendations, Development and Evaluation framework for the assessment of the quality of evidence because of concerns such as participation bias, confounding bias, measurement errors in exposure or outcome variables, and loss of follow-up in observational studies ( 30 , 31 ). For example, the systematic review article that was used in the development of breast cancer screening guidelines by the ACS identified 8 randomized clinical trials and 35 observational studies (13 case-control and 22 cohort studies) that provided evidence on the association between mammography and breast cancer mortality ( 32 ). However, the quality rating for 18 of these 35 observational studies was moderate, and the other 17 studies were rated as low quality based on the Grading of Recommendations, Development and Evaluation guidelines. Simulation models in decision science offer a set of analytical tools to assess the effectiveness and cost-effectiveness of screening strategies as such assessment cannot be done relying solely on trials or observational studies. The basic design of any screening strategy will hinge on 4 parameters: screening eligibility criteria, time to start, time to stop, and the frequency of screening. The combination of these parameters creates a large number of screening strategies for policy makers to consider. Microsimulation modeling offers a powerful analytical method capable of addressing a wide range of policy issues including optimal screening strategies, the effectiveness and cost-effectiveness of alternative screening strategies within different population subgroups, and the relative contributions of screening vs treatment in observed cancer mortality reduction. Findings from microsimulation models have been used to assist the USPSTF and the ACS in their development of screening guidelines for breast, colorectal, cervical, and lung cancer ( 33-36 ). Many of these models were developed by modeling teams participating in the Cancer Intervention and Surveillance Modeling Network, a research consortium funded by the National Cancer Institute (NCI) since 2000 ( 37 , 38 ).

Two unique features characterize the current state of the science of health economics research in cancer screening. First, variations in the policy environment, such as the Affordable Care Act (ACA) ( 39 ), and screening guidelines from the USPSTF, ACS, or other professional societies, as well as payers’ or providers’ voluntary participation in alternative payment models such as the Oncology Care Model ( 40 ) allow researchers to employ natural experiment study designs to assess factors associated with changes in the uptake of screening. Second, microsimulation models are frequently used to design screening strategies and evaluate the effectiveness and cost-effectiveness of these strategies. These features create rich research opportunities as well as challenges for cancer health economics research. Opportunities for investigators include emerging research topics arising from recent changes in policy or clinical environment, data sources providing information for economic studies of cancer screening, the potential this new field offers for methodological research, and development of integrated training programs. Each research opportunity and the associated challenges are discussed below and summarized in Table 1 .

Research opportunities and challenges of health economics research in cancer screening

Emerging Research Topic 1: Placing Policies Governing Cancer Screening in a Local Context

Under the ACA, 2 provisions most relevant to cancer screening are 1) the prevention provision that mandates health insurance plans, including for the self-insured and Medicaid, to waive cost-sharing requirements for preventive services with a grade A or B recommendation from the USPSTF; and 2) state Medicaid expansion and the creation of insurance exchanges. The timing of ACA enactment as well as states’ participation in Medicaid expansion created natural experiments that allow for examination of how health policies affected screening uptake. Natural experiments refer to a quasi-experimental study design in which an intervention beyond the control of researchers divides the population into affected (exposed) and nonaffected (unexposed) groups, so that the impact of the intervention can be estimated through the natural variation in exposure to the intervention ( 41 ). Consistent with the methods and analyses of causal relationships that can be estimated within natural experiments pioneered by the 2021 Nobel Prize winners in economics ( 42 ), a well-designed natural experiment study allows researchers to make causal inferences using observational data. In the case of Medicaid expansion, although ACA expands Medicaid eligibility to individuals with an annual income lower than 138% of federal poverty line, a US Supreme Court’s ruling in 2012 allows states to opt out of the Medicaid expansion provision ( 43 ), thus, creating a policy scenario for natural experiment study design. Aside from the Medicaid expansion, state mandates can also influence screening behaviors. For example, state breast density notification laws were found to be associated with a modest increase in supplemental breast imaging and biopsy ( 44 ). In addition, the changes in the recommendations from updated cancer screening guidelines offer further opportunities to examine the impact of guidelines on screening utilization ( 45 ). It should be noted, however, that neither ACA nor state mandates dictate Medicare coverage policy on cancer screening.

Although numerous health economic studies have assessed the impact of national or state mandates or guidelines on cancer screening, there is still the need to drill down to local markets and better understand demand- and supply-side factors that could hinder policy initiatives to promote screening or guideline adherence. For example, capacity constraints in mammography facilities may explain geographic variation in the rate of breast cancer screening across counties ( 46 ). Knowledge of local area factors can inform policy makers about modifiable factors and lead to policy remedies unique to their local environment. Obtaining up-to-date and detailed information on demand- and supply-side factors at geographic units smaller than the state can be challenging given data access limitations, dissemination patterns, and higher variability because of smaller sample sizes. Moreover, measuring the causal effects of screening guidelines using existing economic models of behavior provides opportunities and challenges. For example, successfully addressing the selection effects associated with guideline-based recommendations, including changes to guidelines, is required to produce unbiased estimates of the benefits and harms associated with screening ( 47 , 48 ). The full array of potential benefits and costs of screening, including but not limited to the long-term health benefits from early cancer detection as well as the stress and anxiety associated with false-positive test results, are often difficult to measure, whether in monetary terms or as patient-reported outcomes ( 49 ). Moreover, the costs that individuals bear—including out-of-pocket expenses for initial screening and follow-up procedures, as well as the time costs associated with engaging in the screening process—can have a significant impact on uptake, in ways that ultimately exacerbate disparities in cancer-related outcomes ( 50 , 51 ).

Emerging Research Topic 2: “Choosing Wisely” in the Context of Cancer Screening

The discussion around cancer screening has shifted from a presumption that screening is always beneficial to a more careful evaluation of the harm-benefit tradeoffs. Discussions about the implications for overdiagnosis are now common in screening guidelines. Health economics research contributes to the assessment of over-, under-, or misuse of screening technologies by examining screening patterns observed in real-world practice settings and investigating whether these patterns were driven by economic factors and may lead to adverse economic outcomes. Observational studies have documented the overuse of colonoscopy and mammography in older populations ( 52 , 53 ) and possible misuse of technologies (ie, chest x-ray) for lung cancer screening ( 54 ), although none of these studies have explored the concept of supplier-induced demand in their analyses.

Knowledge gained from modeling studies can be used to design implementation strategies to promote high-value screening practices while de-implementing low-value ones. For example, microsimulation models can help project the magnitude of harms of screening and estimate the associated costs across a variety of screening strategies in a comparative fashion. Many microsimulation analyses have traditionally focused on an ideal practice environment (eg, full adherence of screening followed by guideline concordant treatment dissemination). Although helpful in informing clinical practice guidelines, such framing has limited use in guiding policy actions toward value-based practice. Modifications of modeling parameters to better integrate the model with actual clinical practice to create several what-if scenarios would then provide important insights to inform policy makers about the health and economic outcomes associated with alternative screening practices.

Emerging Research Topic 3: Identify Vulnerable Subpopulations for Targeted Screening Efforts

Vulnerable subpopulations to consider in terms of cancer screening include but are not limited to individuals facing access barriers to screening and those at high risk of cancer. Extensive literature has documented factors associated with lower uptake of screening, including demographic characteristics, socioeconomic status, social determinates of health, health belief and literacy, and locality ( 55-58 ). For high-risk individuals, screening guidelines for the average-risk general public are likely insufficient to mitigate their cancer risk. Earlier screening initiation age, screening at more frequent intervals, or a different screening modality is often needed.

On the topic of cancer screening disparities, an important contribution of cancer health economics is empirical research examining the impact of policies designed to remove or reduce financial barriers to screening. Among the most studied screening programs are those supported through Medicaid and the National Breast and Cervical Cancer Early Detection Program ( 59-64 ). The ACA adds yet another dimension in appraising the policy impacts of such safety net programs ( 39 , 65 ). Interventions such as patient navigation services are found to be effective in increasing screening uptake among minorities ( 66 ). In addition, embedding race-specific recommendations in cancer screening guidelines offers another opportunity to reduce disparities through clinical practice guidelines. Examples can be found in the 2017 colorectal cancer screening guideline from the US Multi-Society Task Force on Colorectal Cancer, in which the recommended starting age of screening was lowered to 45 years for African Americans while keeping the starting age at 50 years for non-African Americans ( 16 ). New policies and updates of screening guidelines create many opportunities for cancer health economics research, though they also bring analytical challenges as they can amplify or impede effects achieved by previous policies or guidelines.

As science improves our knowledge of cancer risk factors, the natural question is whether a new screening strategy may be needed for the high-risk subgroups. Modeling studies are well suited to assess the effectiveness and cost-effectiveness of risk-stratified screening strategies. Findings from these studies provide important information to guide policies and clinical practice. An example of the contribution of modeling studies is the use of magnetic resonance imaging (MRI) for women with BRCA1 and 2 mutation ( 67 ). The lifetime risk of breast cancer for BRCA1 and 2 mutation carriers is 45%-65%, which is substantially higher than the 12.5% lifetime risk in women at average risk for breast cancer. Compared with mammography, MRI has higher sensitivity, making it an attractive screening modality for high-risk women. However, MRI is approximately 10 times more expensive than mammography, which raises a concern on costs of screening with MRI. This modeling study helps clinicians and payors assess the role of MRI in screening high-risk women by comparing the cost-effectiveness of MRI with mammography vs mammography alone in breast cancer screening for BRCA1 and 2 carriers. A major challenge for policy makers and guideline developers is to determine the risk threshold that justifies the use of more expensive screening strategies so as to maximize allocation efficiency. Information on the prevalence of risk factors, their classifications and associated cancer mortality, and the performance characteristics of screening modalities for different risk groups is critical but not always available.

Data Sources to Understand Uptake, Participation, Outcomes, Effectiveness, and Costs Associated With Screening

Surveys . Studies estimating cancer screening rates in the United States have often relied on self-report data from respondents to 2 national surveys: the NHIS and the BRFSS. The NHIS has been a useful source to estimate rates of breast, colorectal, cervical, and prostate cancer screening at national or census region levels, and the BRFSS has been informative for making state-level inferences about utilization trends. Data from these national surveys are publicly available and free of charge. Using these data to track screening use over time is challenging because information on each cancer screening is not consistently collected in each year of NHIS or in every state in the BRFSS. For example, before the information of lung cancer screening was collected in the 2020 NHIS, the most recent estimate of the rate of lung cancer screening available from the NHIS was from the Sample Adult Cancer file in the 2015 data ( 68 ). Although more recent estimates of lung cancer screening are available from the 2020 BRFSS, only 5 states collected this information ( 69 ). Additionally, these health surveys, although conducted annually, produce cross-sectional population estimates but do not allow longitudinal follow-up of screening-eligible cohorts. Also, cancer screening information from these surveys may be subject to biases associated with self-reported data, specifically those related to potential sampling bias and misclassification of diagnostic vs screening scans. Some issues raised above can be mitigated using the NHIS data linked to other data sources. For example, the linkage of NHIS to Medicare and Medicaid claims will allow researchers to verify the self-reported cancer screening information in the NHIS with screening-related billing records in claims data. In addition, one can use Medical Expenditure Panel Survey data linked to the NHIS to obtain screening information in the year prior to the survey year of the NHIS to expand the cross-sectional data to a 2-year longitudinal panel.

Insurance Claims . Alternatively, one can obtain more recent estimates from administrative claims data using Current Procedural Terminology codes associated with specific screening modality. This approach, however, faces several challenges. First, other than the all-payer claims data available in a handful of states, claims data are typically tied to specific insurance plans, making it impossible to generate population-based estimates at the national level, given the fragmentation of the US health-care system. Second, several screening modalities (eg, breast MRI) share the same Current Procedural Terminology code regardless of whether the procedure was performed for screening or diagnostic purposes, which could lead to overestimation of screening rates. Lastly, certain screening eligibility criteria, such as smoking history or pack-years for lung cancer screening, cannot be ascertained from claims data.

Screening Registries and Health-care Systems . Data from screening registries and health-care systems, although collected on broader age-eligible screening populations for multiple purposes, have proven useful for health economics research in cancer screening. Examples include integrated health-care systems such as Kaiser Permanente ( 70-72 ); the Health Care Systems Research Network, a consortium of managed care systems with standardized electronic health record (EHR) data that has expanded from the Cancer Research Network ( 73 ); the Breast Cancer Surveillance Consortium, funded by the NCI since 1996, comprising breast cancer screening registries with linked data on risk factors, screening utilization, and long-term outcomes ( 74 ); and the NCI-sponsored Population-based Research to Optimize the Screening Process (PROSPR) network ( 75 ). PROSPR data include curated EHR, tumor characteristics, vital status, and claims and enrollment data from employer-sponsored, Medicare fee-for-service, Medicare Advantage, Medicaid (including dual eligible), and self-pay ACA compliant plans for adults both within and outside of screening-eligible ages. PROSPR data provide rich information for economic and comparative effectiveness research specific to cancer-related screening, diagnosis, costs, and outcomes ( 76 ). The PROSPR DataShare initiative will allow researchers, including those who are not part of the PROSPR network, to request access to subsets of PROSPR public use and de-identified datasets and to propose additional data collection activities that use the PROSPR infrastructure.

Methodological Research Opportunity

Cancer health economics encompasses a rich environment for methodological research and training opportunities. As noted, the economic analysis of cancer screening interventions is (or should be) grounded in the principles of microeconomics and related econometric analyses and in decision science, which guides the creation of models to capture the causal relationships as well as the benefits and costs of alternative screening strategies and to arrive at a recommended approach. Many health economics studies assessing the impact of regulations or guidelines on cancer screening have applied quasi-experimental study designs made feasible by changes in the policy environment. Econometric methods such as interrupted time series or difference-in-differences analysis, the method of moments, propensity score-based estimation, and instrumental variable approaches are common in health economics studies of cancer screening ( 77-80 ). Although discussing and comparing between these methods are beyond the scope of this paper, we recommend the articles by Wooldridge ( 81 ), Johnson et al. ( 82 ), Wing et al. ( 83 ), and Finkelstein et al. ( 84 ) for readers interested in learning more about these methods. In addition, new methods such as emulation of clinical trials have been proposed ( 85 ). Empirical studies need to carefully evaluate whether the conditions required for specific methods are met (eg, the parallel trend assumption for the difference-in-differences method), explore alternative methods when failing to meet these conditions, and investigate sources of potential endogeneity to make credible causal inference.

It is worth exploring opportunities to design and conduct randomized studies to allow robust evaluation of intervention effect on screening uptake. These studies, however, will require substantial resources. Examples of this effort include the Patient Navigation Research Program funded by the NCI and the Centers for Medicare and Medicaid Services Patient Navigation Demonstration Project ( 86 , 87 ). Partnering with implementation science researchers at the design phase is an efficient way to reduce barriers to implementation and streamline the transformation of evidence into practice. Although not directly addressed here, costs, cost-effectiveness, and value of implementation analysis inform decision makers about the cost implications of various implementation strategies and offer key insights on potential financial barriers to implementation. Information from cost as well as value of implementation analysis is especially important in understanding why an effective and cost-effectiveness intervention failed to be implemented in community settings ( 88 , 89 ). The partnership between health economists and implementation scientists facilitates the incorporation of economic information in the trial design and data collection.

Modeling studies of health economics of cancer screening have focused heavily on cost-effectiveness analysis. A valid model for cancer screening should address 2 biases statistically: lead time bias and length bias ( 90 ). Lead time is the amount of time by which cancer diagnosis has been advanced by screening, and lead time bias refers to the artificial addition to survival time for screen-detected cancer cases. Length bias reflects another artificial survival benefit of screening-detected cancers because slow-growing tumors are most likely to be detected by screening at fixed intervals. Although it is important to correct these biases, detailed data describing cancer natural history needed to make such correction do not typically exist. Wherever possible, models should also be validated against cancer statistics data, including incidence and/or mortality over time, to ensure that they correctly capture the disease progression. To evaluate the cost-effectiveness of screening strategies, it is also critically important but challenging to obtain accurate cost estimates for each modeling parameter that has a cost implication. With a lifetime horizon, these models need to capture costs of screening and the associated downstream events (eg, diagnostic workups), as well as costs of cancer treatment, supportive care, and end-of-life care. Potential data sources to generate cost estimates include insurance claims data, hospital billing records, and medical expenditures surveys. Researchers should be mindful regarding the representativeness and generalizability of these sources and make proper adjustments when necessary. Examples include adjusting costs from multiple years to the same year of currency (eg, 2021 US dollars), employing cost-to-charge ratios when only charges data are available, and applying multipliers for costs estimated from Medicare data to reflect higher costs observed in nonelderly patients because of more aggressive treatment patterns as well as higher reimbursement rates in private insurance ( 91 , 92 ).

Opportunity to Develop an Integrated Training Program

Applied microeconomics and decision science have traditionally been taught in different degree programs. Graduate programs in economics, including those focused on health economics, are generally designed to provide solid training in microeconomic theory, statistics, econometrics, and depending on the program, health-care system organization. But there is likely substantial variation in exposure to causal inference problems arising expressly in health-care and to cost-effectiveness analysis, behavioral economics, decision analysis, and microsimulation modeling. These latter skills and perspectives are especially relevant to cancer screening analysis. Training in the decision sciences prepares students for simulation studies but may or may not provide instruction on the conduct and interpretation of observational studies. Robust training in statistics, econometrics, behavioral economics, decision analysis, and simulation modeling is needed to prepare students to conduct, analyze, or interpret observational studies as well as policy-related clinical trials ( 93 ). More generally, there is a need to develop a well-rounded, comprehensive, and integrated curriculum to train the next generation of cancer health economics researchers for cancer prevention and control research. The curriculum should be cross-disciplinary and cover the theoretical foundations and a wide range of analytical skill sets required for health economics research in cancer screening, as well as the ability to articulate the clinical and policy relevance of research findings.

We have identified a variety of opportunities, challenges, and unmet needs for conducting health economics research specific to cancer screening, including studies focusing on economic outcomes associated with screening and on supply, demand, and delivery of cancer screening services. Recent analyses by the Centers for Disease Control and Prevention researchers estimated that large numbers of deaths from cancer could be prevented through increased use of evidence-based screening and at relatively low cost ( 94 , 95 ). These findings highlight the importance and significance of screening-related health economics research. We have identified a set of recommendations and next steps to further develop this critical area of research.

First, there is a need for improved governmental and private sector policies and platforms that support increased data linkages within and across key data sources to improve research opportunities while maintaining patient privacy and confidentiality. As noted above, the fragmented nature of the US health-care delivery system often leads to silos of datasets that are specific to individuals’ insurer (eg, Medicare, Medicaid, or commercial insurers). However, to validly evaluate barriers to optimal uptake and outcomes of guideline-based screening, especially among disparate populations, key data linkages need to be improved. These linkages include EHR-based encounters and insurance claims that capture screening choices and their results (false negatives, true negatives, false positives, or true positives), along with patient-level linkages to cancer registry and vital status data. The data linkages also need to capture multilevel factors (patient, provider, facility, health-care system, societal, and geospatial) that can affect the screening process.

Second, and in support of the above, we need to promote continued funding and access to large-scale registries and cohorts like PROSPR and the Breast Cancer Surveillance Consortium, which are designed for screening research and offer research, collaboration opportunities. As noted above, NCI and the PROSPR entities are making progress via the PROSPR DataShare initiative, but additional large-scale public use data sources are needed.

Third, promotion of additional targeted training grants for cancer screening research, especially for PhDs is needed. Currently, training grant opportunities heavily focus on investigators with a MD degree. Training grants for new PhDs in population-based cancer research are extremely limited and do not exist for midcareer PhDs. Key to the expansion of this field is grants that support junior and minority researchers, along with policies that encourage cross-disciplinary training in health econometric methods, development and use of microsimulation models, the economic theoretical foundation of screening, and demand and supply issues related to cancer prevention and screening resource use and costs.

Lastly, policies and funding initiatives are needed more than ever to support and promote collaborations between health economics researchers, modelers, data partners, implementation scientists, policy makers, and stakeholders, including especially cancer patients, survivors, and their families. Currently, PROSPR and Cancer Intervention and Surveillance Modeling Network consortium scientists are actively pursuing key data collaborations. However, overt initiatives that support these types of collaborations and that can be expanded to include researchers from NCI-funded Implementation Science Centers in Cancer Control and researchers pursuing screening-related patient-engagement initiatives supported by the Patient Centered Outcomes Research Institute could facilitate the creation of a variety of impactful multilevel economic evaluations of cancer screening.

Dr Shih is supported by NIH/NCI (R01CA207216 and R01CA225646). Dr Stout is supported by NIH/NCI (R01CA207373 and U01CA2539110). Dr Ramsey is supported by NIH/NHLBI UG1 CA189974 (PI: Blanke) and P30 CA015704 (PI: Lynch). Dr Ritzwoller is supported by NIH/NCI (5UM1CA2219395 and P50CA244688).

Role of the funders: The funders had no role in the design of the study; the collection, analysis, and interpretation of the data; the writing of the manuscript; and the decision to submit the manuscript for publication.

Disclosures: The views expressed here are those of the authors and do not necessarily represent any official position of the National Cancer Institute or the National Institutes of Health. Dr Shih received consulting fees, travel, and accommodations for serving on a grants review panel for Pfizer Inc and an advisory board for AstraZeneca in 2019. Dr Ramsey reports employment from Flatiron Health and consulting/advising for Bayer Corporation; Bristol-Myers Squibb; AstraZeneca; Merck & Company; GRAIL; Pfizer; Seattle Genetics; Biovica; and Genentech. Dr Ramsey also reports research funding from Bayer Corporation; Bristol-Myers Squibb; and Microsoft Corporation; and travel, accommodations, expenses from Bayer Schering Pharma; Bristol-Myers Squibb; Flatiron Health; Bayer; and GRAIL.

Author contributions: Shih provided administrative support and acted as the overall guarantor. The authors made the following contributions: Conceptualization: Shih, Sabik, Stout, Ritzwoller; Writing, Original Draft: Shih, Sabik, Stout, Ritzwoller; Writing, Review & Editing: Shih, Sabik, Stout, Halpern, Lipscomb, Ramsey, Ritzwoller.

Not applicable.

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Freund KM , Battaglia TA , Calhoun E , et al. ; for the Patient Navigation Research Program Group. National cancer institute patient navigation research program: methods, protocol, and measures . Cancer . 2008 ; 113 ( 12 ): 3391 – 3399 .

Karikari-Martin P , Mitchell JB , Bir A , et al.  Evaluation of the Cancer Prevention and Treatment Demonstration for Ethnic and Racial Minorities, Final Report to Congress; 2012 . https://innovation.cms.gov/files/reports/cptd-final.pdf. Accessed October 10, 2021.

Fenwick E , Claxton K , Sculpher M. The value of implementation and the value of information: combined and uneven development . Med Decis Making . 2008 ; 28 ( 1 ): 21 – 32 .

Wagner TH , Yoon J , Jacobs JC , et al.  Estimating costs of an implementation intervention . Med Decis Making . 2020 ; 40 ( 8 ): 959 – 967 .

Duffy SW , Nagtegaal ID , Wallis M , et al.  Correcting for lead time and length bias in estimating the effect of screen detection on cancer survival . Am J Epidemiol . 2008 ; 168 ( 1 ): 98 – 104 .

Fireman BH , Quesenberry CP , Somkin CP , et al.  Cost of care for cancer in a health maintenance organization . Health Care Financ Rev . 1997 ; 18 ( 4 ): 51 – 76 .

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List of Free Economics Project Topics and Research Materials PDF 2024

• Health Indices And Nigeria Economic Growth.
• Effect Of Coronavirus On Global Economy
• The Impact of Naira Redesign on Foreign Exchange Rate in Nigeria
• Investigation Of The Impact Of Government Education Spending On Economic Growth.
• The Effect Of Corona Virus On The Nigeria Economy
• The Role Of Economic Policy In The Diversification In Nigeria Economy.
• Cbn’s Naira Redesign: Its Impact and Benefits
• The Impact Of Money Supply On Economic Growth In Nigeria.
• Effect Of Covid-19 Pandemic On Power Sector Recovery, And Market Growth Plan In Nigeria
• The Factors Affecting Economic Development.
• Mode Of Entry Omultinational Corporation And Their Performance In The Nigerian Market.
• The Impact Of Financial Development On Economic Growth In Nigeria.
• The Impact Of Industrial Sector On Economic Growth Of Nigeria .
• The Efficiency Of Monetary Policy In Contribution Inflation In Nigeria.
• The Role Of Revenue Mobilization On Economic Growth And Development In Nigeria.
• Effect Of Recession On Nigeria Economic Growth And Development.
• The Analysis Of Oil Price Shock In Nigeria (1970-2014).
• The Effect Of Unemployment On Youths In Nigeria Society .
• Gender Issues And The Challenges Of Rural Development In Nigeria.
• Effect Of Cashless Policy On The Nigerian Economy .
• Effect Of Population Growth On Demand For Imported Consumable Goods In Nigeria’S Economy (1981-2014).
• Effect Of Savings On Interest Rate In Nigeria (1981-2013).
• Exchange Rate And Nigeria Balance Of Payment (1982 – 2014).
• Government Expenditure And Economic Growth In Nigeria (1981 – 2015).
• Impact Of Exchange Rate Instability On Foreign Direct Investment In Nigeria (1981-2014).
• Impact Of Export Earnings On The Economic Growth Of Nigeria (1981-2013).
• Impact Of External Trade On Nigeria’S Economic Growth (1980-2013).
• Impact Of Financial Sector Development On Economic Growth Of Nigeria (1980 – 2014).
• Impact Of Government Expenditure On Nigeria’S Economic Growth (1981-2013).
• Impact Of Industrialization On Economic Growth In Nigeria.
• Relationship Between Unemployment And Inflation In Nigeria (1980-2012) .
• Impact Of E-Commerce On Business Performance In A Business To Business Environment.
• Assessing Of Economic-Variables On The Performance Of Bond Market In Nigeria.
• Role Of Informal Sector In Employment Generation In Nigeria.
• Impact Of Foreign Goods On Nigerian Consumers.
• The Impact Of Micro Financial Institutions On The Growth On Small And Medium Scale Business.
• Aviation Industry And Implication For Economic Development In Nigeria.
• The Role Of Capital Market On Economic Growth In Nigeria 1985-2014.
• The Role Of Agricultural Sector On Economic Growth And Development In Nigeria _.
• The National Economic Empowerment And Development Strategy (Needs) And The Development Of Capital Market.
• The Impact Of Nigerian Stock Exchange On The Development Of Nigerian Economy.
• The Impact Of Manufacturing Sector On The Nigerian Economic Development.
• The Impact Of Macroeconomic Policy On The Growth And Development Of Small Scale Industry In Nigeria.
• The Impact Of Macro-Economic Policy On Rural Sector In Nigeria.
• The Impact Of Human Capital On Economic Growth.
• The Impact Of Entrepreneurship In The Economic Development Of The Nigeria Economy.
• The Efficacy Of Interate Rate Deregulation On Savings Mobilization In The Nigerian Economy.
• The Effect Of Recapitalization Of Banks On The Nigerian Economy.
• The Effect Of Foreign Direct Investment On The Economy Growth Of Nigeria.
• Roles Of Local Government In Economic Development.
• Effects Of Tax Evasion And Aviodance On Economy Of Nigeria.
• The Role Of Manufacturing Sector On Economic Growth And Development In Nigeria.
• Infrastructural Spending And Economic Growth In Nigeria (1980-2015).
• Impact Of Population Growth On Unemployment In Nigeria: An Empirical Analysis.
• Economic Recession And Human Capital Development In Nigeria.
• Economic Data Usage And The Performance Of Small And Medium Scale Enterprises In Nigeria.
• An Evaluation Of Monetary Policy In Nigeria And Its Impact On Economic Growth (1984 – 2015).
• The Impact Of The Economic Recession On Nigeria In The Socio-Economic Context.
• Tourism And Economic Growth In Nigeria (1996-2016).
• The Impact Of Trade Liberalization On Poverty Alevation In Nigeria.
• The Impact Of Power Generation On Economic Growth.
• The Impact Of Government Expenditure On Economic Growth (1981 – 2016).
• The Impact Of Foreign Direct Investment On Economic Growth And Development (1990-2016).
• The Impact Of Fiscal Policy On Economic Performance In Nigeria (1981-2016).
• Impact Of Insurance Companies On Economic Growth In Nigeria (1986-2016).
• Impact Of Exchange Rate Volatility And Export In Nigeria (1986 -2016).
• Energy Consumption And Economic Growth In Nigeria (1986-2016).
• Contribution Of Small And Medium Scale Enterprises To Economic Development Of Nigeria.
• An Assessment Of The Impact Of Industrialization On Economic Growth And Development In Nigeria (1981 – 2016).
• The Impacts Of Oil Price Volatility On Nigeria Economy (2000-2016).
• Effect Of Budget Implementation On The Economic Growth Of Nigeria.
• Cashless Policy And Economic Growth Evidence From Nigeria.
• Effect Of Public Debt On Economic Growth In Nigeria (2000 – 2015).
• Impact Of Unemployment And Inflation On The Economy Of Nigeria.
• The Impact Of Government Expenditure On Inflation In Nigeria.
• The Impact Of Human Capital On Economic Growth In Nigeria (1981-2016).
• Foreign Direct Investment And Poverty Reduction In Nigeria (Regression Analysis Using Ols) .
• The Impact Of Educational Reforms And Economic Development.
• Comparative Analysis Of Investment Funding In Nigeria Oil And Agricultural Sector.
• Effect Of Taxation On Economic Development In Nigeria.
• The Impact Of Petroleum On Economy Of Nigeria.
• Problems Of Nigeria Public Services.
• Pipelines Vandalisation: Implication On Economic Development In Nigeria.
• Assessment Of The Effect Of Vat On Consumption Behavior.
• Application Of Matrices To Real Life Problems.
• The Effects Of Capital Formulation On Economic Growth In Nigeria, (1980-2010).
• The Impact Of Stock Exchange On Capital Accumulation In Nigeria: An Empirical Analysis 1980-2010.
• Times Series Analysis.
• Deterministic Inventory Model And Its Application To Mouka Foam Industry.
• Chi-Square Test Of Independence Of Students’ Performance In Ume And Post-Ume .
• Government Expenditure And Agricultural Production In Nigeria (1970 – 2010).
• Impact Of External Debt On Economic Growth In Nigeria.
• Impact Of Population Growth On Unemployment In Nigeria (2000-2017).
• Effects Of Fiscal And Monetary Policies On Economic Growth (1990-2017).
• Effectiveness Of Monetary Policy In Stimulating Economic Growth In Nigeria.
• Impact Of Exchange Rate Fluctuation On Economic Growth In Nigeria (2000-2015).
• The Impact Of Exchange Rate Variations On Aggregate Demands In Nigeria (1979 – 2008).
• Globalization And Its Impact On Economic Growth Of The Nigerian Economy (1986 – 2008).
• National Savings And Economic Growth In Nigeria (1980 – 2007).
• Impact Of Population Growth On The Nigeria Economy (1980 -2006).
• Determinants Of Investment In Nigeria.
• The Impact Of Agricultural Development On Nigeria Economic Growth, 1980– 2007.
• Feasibility Studies A Requirement For Starting A New Cooperative Business In Nigeria.
• Marketing Agricultural Products Through Consumers Cooperative Societies.
• The Role Of International Agencies In Increasing Agricultural Production In Nigeria.
• A Study On Co-Operative Thrift And Loan Society.
• The Role Of Non-Governmental Organizations (Ngo) In Community Development.
• Co-Operative Federations: Opportunity And Threats In A Capitalist Economy.
• Effective Administration Of Credit In Co-Operative Credit Enterprise.
• Reducing Unemployment Through Co-Operative Movement.
• Role Of Government In Co-Operative Development.
• The Importance Of Studying Economics Of Co-Operation As A Qualifying Subject.
• The Problems Associated With Co-Operative Auditing.
• The Analysis Of Loan Administration In Financial Institution In The Nigeria Economy.
• The Effectiveness Of Monetary Policy As A Tools For Controlling Inflation In Nigeria (1980-2004).
• The Impact Of Cooperative Organization.
• The Importance Of Improving Agriculture Production Through Co-Operative Societies.
• The Importance Of Studying Co-Operative Economics And Management.
• The Importance Of Studying Principles And Economics Of Co-Operative As A Qualifying Subject .
• The Role Of Nardb In The Financing Of Agricultural Co-Operatives Society In Nigeria.
• The Study Of The Impact Of The Origin In The Development Of Crop In Nigeria.
• The Survey Of The Factors Affecting The Growth Of Co-Operative Society.
• Unemployment And Co-Operative Societies.
• A Study Of An Analysis Of The Occupational Schedules For Secretaries.
• A Study Of Effects Of Poor Office Environment On The Secretary’S Job Performance.
• A Study Of The Negative Impact Of Technological Development On The Secretary In A Modern Office.
• A Study Of The Role And Performance Effectiveness Of Professional Secretaries.
• Financing Of Co-Operative.
• Large Scale Production Of Rice And Beans And Economic Growth.
• Leadership Role And Cooperative Promotion.
• Local Production And It Impact In Nigeria Economy.
• Assessment Of The Implication Of Electronic Banking In Nigeria Banks.
• Audit Tenure And Quality Of Financial Reporting In Nigeria.
• Determinants Of Corporate Social Responsibility Disclosures In Nigerian Quoted Companies.
• Firm Age And Profitability: Evidence From Nigeria.
• Globalization And Stock Market Growth In Nigeria.
• Tax Reforms Act And The Nigerian Economic Development.
• The Effect Of Exchange Rate On Balance Of Payment In Nigeria.
• The Structure Of The Nigerian Capital Market And Its Impact On Economic Development.
• Determinants Of Household Savings In Nigeria.
• Effects Of Public Injection/ Expenditure Towards Human Capital Development And Economic Growth.
• Effect Of Exchange Rate Fluctuation On Imported Goods In Nigeria.
• Capital Market And Economic Growth In An Emerging Economy: Evidence From Nigeria.
• Development Policies And Programmes In Nigeria.
• Evaluation Of Stock And Control System.
• Financial Sector Development In Nigeria And Economic Performance.
• Impact Of Population Growth On The Unemployment Level In Nigeria (1981-2013).
• Monetary Policy As A Tool Of Government Intervention In The Stabilization Of Price Of The Economy.
• Poverty Incidences In Nigeria: Causes And Consequences (1980-2008).
• The Capital Market As A Tool For Economic Development.
• The Effect Of Devaluation Of Naira In Nigeria Economy.
• The Effect Of Privatization Of Government Parastatals On Nigerian Economy.
• The Effectiveness Of Monetary Policy As An Instrument For Economic Development.
• The Efficiency Of Capital Market In The Economic Development Of Nigeria.
• The Growth Of Capital Market And Its Consequences On A Developing Economy.
• Impact Of Effective Tax Administration On Nigeria Economy.
• The Impact Of Stock Exchange Market On Industrial Sector In Nigeria Act Of Effective Tax Administration On Nigeria Economy.
• The Role Of Fiscal Policy In The Nigeria Economic Growth.
• The Role Of Monetary Policy In The Control Of Inflation In Nigeria With Reference To Central Bank Of Nigeria (Cbn).
• Impact Of Commercial Bank On Economic Growth And Development Of The Country .
• Relationship Between Electricity Consumption And The Economic Growth In Nigeria.
• Determination Of Money Supply In Nigeria.
• Human Capital Development And The Economic Growth In Nigeria.
• Global Economic Recession: Its Impact On The Banking Industry In Nigeria .
• The Role Of Small And Meduim Scale Enterprises (Smes) In An Economy.
• The Relevance Of Accounting To Management Decision Making Process In Tertiary Institution.
• The Effect Of Trade And Finance On Economic Growth And Development In Nigeria .
• Effect Of Foreign Direct Investment On Economy Growth Of Nigeria.
• The Determinants And Measurements Of Poverty In Nigerian Economy.
• The Contributory Role Of Nigerian Deposit Insurance Corporation In Economic Growth In Nigeria.
• Small Scale Industry In Nigeria: The Financing Question
• Impact Of Inflation On Investment And Economic Growth In Nigeria.
• Global Financial Crises And Capital Flows: Evidence From West African Monetary Zone.
• Capital Market, A Tool For Economic Growth In Nigeria.
• An Appraisal Of The Impact Of The Global Financial Crisis On The Nigerian Economy.
• Human Capital Development And Economic Growth: Evidence From Nigeria.
• The Efficacy Of Interest Rate Deregulation On Savings Mobilization In The Nigerian Economy.
• The Role Of Monetary Policy In The Management Of Inflation In Nigeria.
• The Role Of Capital Market On Development Of Nigeria Economy.
• The Role Of Agricultural Sector On Economic Growth And Development In Nigeria.
• The Impact Of Trade Liberalization On Manufacturing Sector In Nigeria.
• Taxation As A Tool Of Fiscal Policy In Nigeria.
• The Impact Of Monetary Policy On Investment In Nigerian Economy.
• Impact Of Inflation Trend On Exchange Rate.
• The Impact Of Government Expenditure On Poverty Alleviation.
• The Impact Of Globalization On Growth And Poverty Alleviation In Developing Countries.
• The Impact Of Foreign Private Investment On Nigerian Economy.
• The Impact Of Foreign Exchange Management On The Nigerian Economy.
• The Impact Of Financial Liberalization On Monetary Policy In Nigeria.
• The Impact Of Exchange Rate On Export Of Agricultural Product In Nigeria.
• Impact Of Effective Financing Of Small Scale Industries On The National Economic Development.
• The Impact Of Deregulation Of Oil Industry On Small Scale Enterprises In Nigeria.
• The Effects Of Deregulation Of Telecommunication In Nigerian Economy.
• The Effectiveness Of Monetary Policy In Achieving Price Stability In Nigerian Economy.
• Effect Of Recapitalization Of Banks On Nigerian Economy.
• The Effect Of Exchange Rate Policies On The Nigerian Manufacturing Sector An Empirical Analysis.
• Effect Of Capitalization On The Financial Institution In Nigeria.
• The Economy Impact Of The Deregulation Of The Telecommunication Industry In Nigeria.
• The Contribution Of The Communication Sector To Economic Development In Nigeria.
• Tax And The Economic Performance In Nigeria.
• Personal Income Taxation Incidence In Nigeria Economy: Implication And Effect On The Employees.
• The Depreciation Of Naira On Nigerian Economy: Causes, Effects And Remedy.
• Monetary Policy As An Instrument Of Development In Nigeria
• Monetary Policy As A Tool Of Achieving Price Stability In The Nigeria Economy.
• Monetary Policy And Exchange Rate In Nigeria.
• Monetary Policy And The Banking Performance In Nigeria.
• Microfinance: A Tool For Facilitating The Growth Of Small And Medium Enterprises In Nigeria.
• Micro Finance As An Effective Tool For Poverty Alleviation In Nigeria.
• Internal Control Process As An Effective Tool For Management.
• Impact Of Microfinance Institution On Entrepreneurial Development In Nigeria.
• Impact Of Macroeconomic Policy On Poverty Alleviation In Nigeria.
• Impact Of Leadership Styles On Employee’S Performance.
• Impact Of Interest Rate Deregulation Regime On The Nigerian Economy’S Real (Industrial) Sector.
• Impact Of Export Processing Zone On Economic Integration Of West African Countries .
• The Impact Of Banking Reforms On Small And Medium Scale Enterprises (Smes).
• Health Indices And Nigeria Economic Growth (An Econometric Analysis).
• Government Expenditure And Economic Growth In Nigeria: A Disaggregated Analysis.
• Food Security: A Strategy For Poverty Alleviation In Nigeria.
• Fiscal Policy And Agricultural Development In Nigeria.
• Financial Deepening And Economic Growth In Nigeria.
• Export Market Penetration Of Nigerian Products: The Myths And Realities.
• Effects Of Tax Evasion And Avoidance On Economy Of Nigeria.
• The Impact Of Infrastructure On Economic Growth In Nigeria.
• Dynamics Of Motivation In An Organization.
• Balance Of Payment Determination: The Monetary Approach.
• Impact Of Small And Medium Scale Enterprises On Nigeria Economy Development.
• An Econometric Analysis Of The Impact Of Fiscal Policy On Nigeria Economy.
• An Econometric Analysis Of The Impact Of Corruption On Nigeria Economy.
• An Appraisal Of The Role Of Capital Market In The Privatization Of Public Enterprises.
• An Appraisal Of Stock Pricing In Nigerian Capital Market.
• The Role Of Non-Oil Export On Economic Development Of Nigeria.
• The Role Of Human Capital Development In Economic Development.
• The Impact Of Monetary Policy On Agric Finance In Nigeria Economy.
• The Impact Of Micro-Finance Scheme On Petty Trader
• The Impact Of Information Technology On Banking Operations.
• The Impact Of Capital Market Financing On Economic Development Of Nigeria.
• The Effectiveness Of Monetary Policy In Nigeria.
• The Effectiveness Of Macroeconomic Policies In Promoting Economic Growth In Nigeria.
• The Effect Of Stabilization Policies On Nigerian Economy.
• Effect Of Interest Rate On Investment And Money Demand In Nigerian Economy.
• The Effect Of Exchange Rate And Inflation On Foreign Direct Investment And Its Relationship With Economic Growth In Nigeria.
• Challenges And Prospects Of Poverty Alleviation Programmes.
• Tax Administration In Nigeria, Problem And Prospects.
• Sustainable Environment And Economic Growth In Nigeria.
• Price, Exchange Rate Volatility And Nigeria Agricultural Trade Flows- A Dynamic Analysis.
• Impact Of Micro Credit Scheme On Poverty Alleviation Policy In Nigeria.
• Impact Of Mergers And Acquisition On Bank Growth And Effectiveness.
• Impact Of Information Communication Technology On The Development Of Rural Area In Nigeria.
• Impact Of Foreign Direct Investment (Fdi) On The Economic Growth Of Developing Economies .
• Effective Market Capitalization And The Nigeria Stock Market Growth.
• Effect Of Exchange Rate Management Policies On Developing Economies .
• Economics Of Communication Transformation.
• Economic Analysis Of The Determinants Of Exchange Rate In Nigeria.
• Developing The Agricultural Sector To Boost Rural Economy In Nigeria.
• Impact Of Capital Market On Nigerian Economy.
• Capital Accumulation And Economic Transformation: A Development Strategy For Nigeria Economy.
• An Econometric Analysis Of The Impact Of Urbanization And Unemployment On The Development Of Nigerian Economy.
• An Assessment On The Effectiveness Of Monetary Policy On Economic Stabilization.
• Impact Of Human Capital On Economic Growth.
• The Impact Of Devaluation Of Naira On Nigeria’S Balance Of Payments.
• The Economic Effect Of Advanced Free Fraud In Banking System In Nigeria.
• The Contributions Of Small Business Enterprises To The Growth And Development Of Nigeria’S Economy.
• An Appraisal Of The Effectiveness Of Macroeconomic Policies In Promoting Economic Growth In Nigeria.
• An Examination Of The Role Cooperation Thrift And Credit Societies To The Development Of Urban Area .
• Terrorism And Its Challenges To National Development.
• The Role Of Economic And Financial Crimes Commission In The Management, Control And Eradication Of Crime.
• Impact Of Housing Cooperative Societies On Economic Growth.
• Assessment Of The Impact Of Manufacturing Sector On Economic Growth In Nigeria (1980-2015).
• Analysis Of Twin Deficit And Manufacturing Sector Of Nigerian Economy(1981 – 2015).
• Analysis Of Human Capital Formation And Economic Development In Nigeria (1981-2015).
• An Appraisal Of The Impact Of Deposit Money Banks On The Agricultural Sector (1980 – 2015).
• Agricultural Development Drivers And Economic Growth Of Nigeria (1970-2015).
• Share Price Volatility And Economic Growth Of Nigeria (1987-2016).
• Review Of The Course Contents Of Bus 213 (Co-Operative Development).
• Effect Of Government Policies Towards The Development Of Co-Operative Societies .
• The Viability Of Cooperative Insurance In Nigeria.
• The Role Of Women In Rural Development Through Co-Operative Societies.
• Cooperative As An Instrument For Poverty Alleviation.
• An Appraisal Of The Activities And Management Methods.
• Co-Operative Education And Training In Tertiary Institutions In Nigeria.
• Effective Administration Of Credit In Cooperative Enterprises.
• The Role Of Agricultural Co-Operative Societies In Food Production.
• The Importance Of Studing Economics Of Co-Operative Business Enterprises As A Qualifying Subject For The Award Of Ond In Co-Operative Economic And Management.
• Enhancing The Performance Of Co-Operative Societies Through The Application Of Co-Operative Principe And Legislations.
• The Role Of Co-Operative Societies In Rural Development.
• Cooperative Societies And Economic Development.
• How To Organise A Viable Cooperative Society.
• Feasibility Studies And Cooperative Formation Investment Drive.
• The Role Of Co-Operative In Economic Development Of Nigeria.
• The Role Of Marketing Co-Operatives In Economic Development Of Nigeria.
• Co-Operative Aid To Women Empowerment.
• The Application Of The Marketing Concept In The Marketing Of Agricultural Products .
• A Study On Cooperative Thrift And Loan Society.
• C.A. In The Last 11/2 Decade, Activities Progress And Constraints.
• Reducing Unemployment Through Co-Operative Societies.
• A Critical Assessment Of The Importance Of Studying Co-Operative Laws And Rules As A Qualifying Course.
• A Study Of The Activities Of I.C.A.
• An Examination Of The Role Of Co-Operative Thrift And Credit Societies In Agricultural Financing.
• How To Organize A Viable Co-Operative Society As A Qualifying Course.
• The Importance Of Studing Economics Of Co-Operation As A Qualifying Subject .
• The Formation/Registration Of A Co-Operative Societies.
• Cooperative Education/Training And Effective Management Of Co-Operative Business Enterprises.
• The Role Of Women In Co-Operative Development.
• Co-Operative And Poverty Alleviation.
• How To Organize A Viable Cooperative Society.
• Effective Adminstration Of Credit In Co-Operative Credit Enterprise.
• The Role Of Women In Rural Development Through Cooperative Societies.
• The Impact Of Cooperative Business Organization In Socio-Economic Development.
• Co-Operative And Economic Development.
• Co-Operative Societies And Rural Development.
• The Application Of The Marketing Concept In The Marketing Of Agricultural (Poultry) Products.
• The Role Of Banks In Financing Agricultural Co-Operatives Societies In Nigeria.
• The Importance Of Studing Economics Of Co-Operation As A Qualifying Subject For The Award Of O.N. D In Business Studies.
• The Factors That Can Influence The Establishment Of Cooperative.
• The Role Of Federal Government In Cooperative Financing.
• The Role Of Cooperative Society In The Provision Of Agro Processing Equipment And Facilities In The Rural Areas.
• The Role Of Consumer Cooperative In The Economic Development Of Nigeria
• The Positive Impact Of Consumer Co-Operative Towards Revamping The Nigeria Economy.
• The Impact Of Small And Medium Scale Industries On The Economic Growth Of Nigeria (1986 – 2010).
• The Impact Of Population Growth On The Nigerian Economy (1987-2017).
• The Impact Of Industrial Output On The Economy Of Nigeria (1987-2017).
• The Impact Of Inadequate Capital On The Development Of Cooperatives .
• The Impact Of External Debt On Nigerian Economy (1985-2011).
• The Growth Of Nigerian Economy And Unemployment (1987-2017).
• The Effect Of External Debt On Economic Growth Of Nigeria.
• The Contributions Of Cooperative Societies To The Economic Development.
• The Constraints And Impacts Of Credit Co-Operative In Organizations.
• Strategies For Effective Management Of Cooperative Business Organization.
• Population Growth And Economic Development In Nigeria (1987-2017).
• Inequality And Taxation In Nigeria (1987-2017).
• Impact Of Government Expenditure On Nigerian Economic Growth (1987-2017)
• Information And Communication Skills Needed By Business Studies Teachers.
• The Impact Of Tax On Government Capital Expenditure And Economic Growth.
• The Impact Of Industrialization On Economic Growth.
• The Impact Of Human Capital On Economic Growth In Nigeria.
• Securities And Exchange Market And The Nigerian Economy; Adaptive Expectation Hypothesis 1990-2015.
• Impact Of Savings On Financial Development Of Nigeria.
• Empirical Investigation Of The Impact Of Government Education Spending On Economic Growth (1981-2012).
• Evaluation Of The Performance Of Nigerian Stock Exchange In The Economic Development Of Nigeria.
• The Impact Of Government Expenditure On Economic Growth In Nigeria (1980-2016).
• Oil Price And Exchange Rate Volatility In Nigeria.
• The Role Of Health On Economic Growth In Sub-Saharan Africa (1990-2011).
• The Impact Of Unemployment On Economic Growth In Nigeria. (1982-2010).
• The Impact Of Transportation On The Nigerian Economy (1980 – 2010).
• The Impact Of Salary Increase On Inflation In Nigeria.
• The Impact Of Public Spending On Poverty Reduction In Nigeria (1980-2011).
• The Impact Of Privatization And Commercialization On The Nigerian Economy.
• The Impact Of Population Growth On The Nigerian Economy (1980-2010).
• The Impact Of Oil Revenue On The Economic Growth In Nigeria (1980-2010).
• The Impact Of Microfinance On Entrepreneurship Development In Nigeria.
• The Impact Of Labour Market Crisis On Developing Economics The Nigeria Experience [1980- 2010].
• The Impact Of Inflation On The Manufacturing Sector Of The Nigerian Economy (1981-2011).
• The Impact Of Industrialization On Nigeria’S Economic Development.
• The Impact Of Government Expenditure On Economic Growth In Nigeria (1980-2010).
• The Impact Of Globalization On The Industrial Growth Of Nigeria (1980 – 2010).
• The Impact Of Female Labour Force On The Economic Growth Of Nigeria (1980-2010).
• The Effect Of External Development On The Nigeria Economic Growth (1989-2010).
• The Contributions Of Insurance Industry To Gross Domestic Product (Gdp) In Nigeria (1985-2010).
• The Contribution Of Bank Of Industry (Boi) To Industrial Deveopment In Nigeria (1980-2010).
• The Analysis Of The Impact Of Unemployment And Inflation On Balance Of Payment In Nigeria (1980-2010).
• The Role Of Infrastructure Development On National Economic Growth.
• The Performance Of Monetary Policy In The Nigerian Economy (1980-2010).
• The Impact Of Nonoil Export On Economic Growth In Nigeria 1986-2010.
• The Impact Of Monetary Policy Measures As An Instrument Of Economic Stabilization In Nigeria (1980 – 2010).
• Population Growth And Economic Development In Nigeria (1981-2011).
• Foreign Direct Investment And It’S Impact On The Development Of Nigerian Economy (1990-2010).
• Exchange Rate Stability And Export Performance.
• Determinants Of Investment In Nigeria (1985-2011).
• Budget Deficit And Current Account Balance In Nigeria (1986-2010).
• Anaylsis Of The Impact Of Tariffs On Economic Growth In Ngeria (1980-2010) .
• Analysis Of Credit Facilities To Small Scale Farmers (A Study Of Small-Scale Farmers.
• An Assessment Of The Impact Of Manufacturing Sector On Economic Growth In Nigeria (1981-2010).
• An Assessment Of The Impact Of Foreign Direct Investment On Nigerian Ecconmic Growth (1990-2011).
• The Role Of Commercial Banks In Economic Growth In Nigeria.
• The Impact Of Stock Market Performance On The Growth Of Nigerian Economy.
• The Impact Of Money Supply On Economic Growth In Nigeria (1970-2007).
• The Impact Of Exchange Rate Variations On Aggregate Demand In Nigera (1979 -2008).
• The Determinants Of Balance Of Payment In Nigeria (1983 – 2007).
• Impact Of Bank Credits On The Performance Of The Manufacturing Sector In Nigeria.
• Determinants Of Savings In Nigeria (1980 – 2007).
• An Econometric Analysis Of The Effects Of Monetary Policy On Nigerian Economy.
• Structural Analysis Of The Nigerian Financial System In The Post Liberalization Era And Its Impact On Economic Growth.
• Signal Extraction From The Bond Market And Inflation Forecasting In Nigeria.
• Impact Of Treasury Bills Returns On Financial Intermediation In Nigeria.
• Impact Of Capital Market Performance On Economic Growth In Nigeria.
• Impact Of Capital Market Development On Economic Growth In Nigeria.
• Government Health Care Financing And Workforce Productivity: Empirical Evidence From Nigeria.
• Effects Of Unemployment And Inflation On Economic Growth In Nigeria, 1986-2012.
• Budget Deficit And Its Impact On The Nigerian Economic Growth And Development.
• The Impact Of Interest Rate Liberalization On Investment In Nigeria.
• The Impact Of Inflation On Private Consumption Expenditure And Economic Growth In Nigeria.
• The Impact Of Financial Reforms On Money Demand And Economic Growth In Nigeria.
• The Effects Of Budget Deficits On Selected Macroeconomic Variables.
• The Effect Of Population Factors On Aggregate Energy Use And Carbon Emission In Nigeria.
• Relative Impact Of Financial Sector Reforms On Agricultural And Manufacturing Sector Growth In Nigeria.
• Institutional Quality And Stock Market Development In Nigeria.
• Demographic And Economic Determinants Of The Variations In Infant Mortality In Nigeria.
• Analysis Of Stock Prices And Exchange Rate Interactions In Nigeria.
• The Impact Of Financial Liberalization On The Performance Of Deposit Money Banks (Dmbs) In Nigeria, 1975-2013.
• Effect Of Exchange Rate And Inflation On Nigeria’S Economic Growth.
• The Impact Of Family Planning Campaign On Ibagwa Couples.
• The Impact Of An Investigation Into The Problems And Prospects Of Running Separate Homes By Married Couples.
• The Challenges Of Entrepreneurship In Home And Rural Economics Education.
• The Impact Of Government Expenditure (Subsidy) On The Consumption Of Petroleum Products In Nigeria.
• The Impact Of Financial Sector Reforms On The Nigerian Banking Sector (1980 – 2010).
• An Econometric Analysis Of The Impact Of Globalization On The Nigerian National Savings (1980-2005).
• An Empirical Investigation Of The Influence Of Taxation On The Nigerian Economy (1980 – 2006).
• Good Or Bad? – The Influence Of Fdi On Productivity Growth An Industry-Level Analysis.
• The Role Of Small And Medium Sized Enterprises For Economic Growth.
• The Impact Of Deregulation Of The Economy Of Nigerian Commercial Banks
• The Role Of Financial Institutions In Agricultural Development (1990-2010).
• The Impact Of Capital Market On The Economic Growth Of Nigeria.
• Sustainable Industrial Growth And Economic Development In Nigeria 1990 -2015.
• Effect Of 2012 Flood Disaster On The Socio-Economic Characteristics Of Cassava Farmers In Etsako East Local Government Area, Edo State.
• The Effect Of Crypto Currencies On The Value Of The Nigerian Naira.
• A Small Foreign Exchange Market With A Long-Term Peg: Barbados.
• A Small Estimated Euro Area Model With Rational Expectations And Nominal Rigidities. A Reevaluation Of The Effect Of Human Capital Accumulation On Economic Growth: Using Natural Disasters As An Instrument.
• A Re-Examination Of The Demand For Money In Fiji.
• A Proposed Monetary Regime For Small Commodity-Exporters: Peg The Export Price (“Pep”).
• A Note On Forecasting Exchange Rates Using A Cluster Technique.
• A Market-Oriented Strategy For Small And Medium-Scale Enterprises.
• A Further Empirical Investigation To The Concept Of Money Demand In Nigeria.
• A Development Comparative Approach To Capital Flight: The Case Of The Middle East And North Africa, 1970-2002.
• A Composite Logistic Regression Approach For Ordinal Panel Data Regression.
• A Comparative Analysis Of Recent Export Performances.
• Essays On Open Economy, Inflation, And Labour Markets.
• An Assessment Of Globalization And Economic Development.
• Exchange Rate Fluctuation And Export Performance In Nigeria.
• The Roles Of Revenue Mobilization In Economic And Development.
• The Contribution Of Marble Mining Company To The Economic Development From 1969 To Resent.
• The Effect Of Thrift And Society On Enhancing Members Living Standard.
• The Effect Of Fluctuating Foreign Exchange Rate On Nigeria Currency..
• The Impact Of The Capital Market On The Economic Growth In Nigeria (1988-2011).
• Monetary And Fiscal Polices As Efficient Tools For Economic Stability With Specific To Central Bank Of Nigeria (Awka-Branch).
• The Development Of Enterpreneurship In A Depressed Economy .
• The Effect Of Cocoa Farming On The Economy Of Nigeria.
• Investigation On The Study Of Financial Meltdown And The Reforms In The Nigerian Banking Sector.
• The Impact Of Microfinance Bank On Economic Growth Of Nigeria.
• Impact Of Shariah Governance On Cbn Guidelines On Non Interest Banking.
• The Effect And Policy Analysis Of Global Financial Crisis On Nigeria Economy.
• Impact Of Global Financial Crisis On Nigerian Stock Market.
• The Challenges Of The Global Economic Crisis And Nigeria’S Financial Markets’ Stability.
• An Appraisal Of The Administration Of Personal Income Taxation.
• Population Pressure And Food Production In Nigeria.
• Biodiesel As A Renewable Source Of Power.
• An Analytical Study Of Expenditure Control Measures In Government Owned And Private Hospitals.
• An Empirical Analysis On The Impact Of Stock Market On The Nigerian Economic Development (1986-2013).
• An Assessment Of The Impact Of Foreign Direct Investment On Nigerian Economic Growth And Development (1990-2014).
• An Empirical Study Of The Impact Of Manufacturing Sector On The Economic Growth Of Nigeria (1981 – 2010).
• The Impact Of Industrialization On Economic Growth And Development In Nigeria.
• An Empirical Analysis Of The Impact Of Bank Money Deposits On The Manufacturing Sector In Nigeria (1980-2012).
• An Assessment Of The Impact Of Government Expenditure On Economic Growth Of Nigeria (1980–2011).
• An Analysis On The Impact Of The Private Sector On The Economic Growth And Development Of Nigeria (1970–2014).
• An Investigative Study On The Impact Of Napep On Entrepreneurship Development In Nigeria.
• An Assessment Of The Economic Implications Of The Privatization Of The Power Sector In Nigeria.
• An Assessment Of The Impact Of Wto Rules On The Developing Countries Trade.
• Impact Of Bvn On Financial Security In Nigeria Banks.
• The Effect Of Instructional Strategy In Incorporating Local Practices On Secondary School Students’ Interest And Achievement In Chemistry.
• Tax Reforms And Revenue Generation In Nigeria; A Longitudinal Analysis.
• The Effect Of Treasury Single Account On The Economy Of Nigeria.
• The Effect Of Treasury Single Account On Fraud Detection And Prevention In Nigeria.
• The Effect Of Treasury Single Account On The Level Of Fraud In Nigeria.
• Capital Market Structure Development.
• Effect Of Tax Avoidance And Evasion To The Economic Development Of Nigeria.
• Role Of Continuous Assessment In Teaching And Learning Of Economics.
• Effect Of Socio Economic Background Of Adolescent Students On The Academic Achievement In Senior Secondary School.
• Market Structure And Development.
• Factors Militating Against The Introduction Of Computer Education In Secondary Schools.
• The Effect Of Change In Political Administration On Budget And Budget Planning.
• Regulatory Quality, Economic Growth And Development In Nigeria.
• Determinant Of Leverage In Listed Service Companies In Nigeria.
• The Determinants Of Investment In The Nigerian Economy (The Nigerian).
• Determinants Of Savings In Nigeria.
• The Effect Of Budget And Budgetary Control On Organizational Efficiency.
• The Role Of Small Business In Poverty Alleviation.
• A Critical Analysis Of The Effect Of Domestic Debt On The Nigerian Economy.
• The Role Of Financial Intermediation On The Capital Market And Economic Development.
• The Impact Of Taxation On Economic Development In Nigeria (2003 – 2012).
• The Impact Of Debt Burden On Economic Growth Of Nigeria.
• The Effect Of Central Securities Clearing System (Cscs) On The Nigeria Capital Market.
• Government Taxes And Economic Growth.
• Effect Of Financial Meltdown On The Performance Of The Nigerian Capital Market.
• Companies Income Tax And The Nigeria Economy: Challenges And Prospects.
• A Study On The Impact Of Firm Profitability On Csr Activities By Firms In Nigeria.
• Stock Market Capitalization And Financial Openess In The Nigerian Economy.
• Bank’S Credit And Advances And The Performance Of The Nigerian Economy.
• The Impact Of Interest Rate On Housing Finance In Nigeria.
• A Comparative Study On Expenditure Control Methods In Government And Private Hospitals.
• An Empirical Analysis Of The Impact Of Government Expenditure On Economic Growth Of Nigeria (1980-2011).
• An Empirical Analysis Of The Impact Of Monetary Policy On Economic Development In Nigeria (1985–2011).
• An Investigation On The Contributions Of Microfinance Banking Institution To Capital Formation In Nigeria (1992-2010).
• Measure Of The Impact Of Information Communication Technology (Ict) On Economic Development.
• The Impact Of Agricultural Development On Nigeria Economic Growth, 1980– 2014.
• A Comparative Study On The Oil Sector And The Agricultural Sector; The Nigerian Experience On Balance Of Payment (1981-2011).
• The Relative Impact Of Oil And Non-Oil Exports On Economic Growth In Nigeria: 1983-2011.
• Effect Of Multiple Taxation On The Survival Of Small Scale Enterprises.

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Female labor force participation

Across the globe, women face inferior income opportunities compared with men. Women are less likely to work for income or actively seek work. The global labor force participation rate for women is just over 50% compared to 80% for men. Women are less likely to work in formal employment and have fewer opportunities for business expansion or career progression. When women do work, they earn less. Emerging evidence from recent household survey data suggests that these gender gaps are heightened due to the COVID-19 pandemic.

Women’s work and GDP

Women’s work is posited to be related to development through the process of economic transformation.

Levels of female labor force participation are high for the poorest economies generally, where agriculture is the dominant sector and women often participate in small-holder agricultural work. Women’s participation in the workforce is lower in middle-income economies which have much smaller shares of agricultural activities. Finally, among high-income economies, female labor force participation is again higher, accompanied by a shift towards a service sector-based economy and higher education levels among women.

This describes the posited  U-shaped relationship  between development (proxied by GDP per capita) and female labor force participation where women’s work participation is high for the poorest economies, lower for middle income economies, and then rises again among high income economies.

This theory of the U-shape is observed globally across economies of different income levels. But this global picture may be misleading. As more recent studies have found, this pattern does not hold within regions or when looking within a specific economy over time as their income levels rise.

In no region do we observe a U-shape pattern in female participation and GDP per capita over the past three decades.

Structural transformation, declining fertility, and increasing female education in many parts of the world have not resulted in significant increases in women’s participation as was theorized. Rather, rigid historic, economic, and social structures and norms factor into stagnant female labor force participation.

Historical view of women’s participation and GDP

Taking a historical view of female participation and GDP, we ask another question: Do lower income economies today have levels of participation that mirror levels that high-income economies had decades earlier?

The answer is no.

This suggests that the relationship of female labor force participation to GDP for lower-income economies today is different than was the case decades past. This could be driven by numerous factors -- changing social norms, demographics, technology, urbanization, to name a few possible drivers.

Gendered patterns in type of employment

Gender equality is not just about equal access to jobs but also equal access for men and women to good jobs. The type of work that women do can be very different from the type of work that men do. Here we divide work into two broad categories: vulnerable work and wage work.

The Gender gap in vulnerable and wage work by GDP per capita

Vulnerable employment is closely related to GDP per capita. Economies with high rates of vulnerable employment are low-income contexts with a large agricultural sector. In these economies, women tend to make up the higher share of the vulnerably employed. As economy income levels rise, the gender gap also flips, with men being more likely to be in vulnerable work when they have a job than women.

From COVID-19 crisis to recovery

The COVID-19 crisis has exacerbated these gender gaps in employment. Although comprehensive official statistics from labor force surveys are not yet available for all economies,  emerging studies  have consistently documented that working women are taking a harder hit from the crisis. Different patterns by sector and vulnerable work do not explain this. That is, this result is not driven by the sectors in which women work or their higher rates of vulnerable work—within specific work categories, women fared worse than men in terms of COVID-19 impacts on jobs.

Among other explanations is that women have borne the brunt of the increase in the demand for care work (especially for children). A strong and inclusive recovery will require efforts which address this and other underlying drivers of gender gaps in employment opportunities.

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McKinsey Global Private Markets Review 2024: Private markets in a slower era

At a glance, macroeconomic challenges continued.

McKinsey Global Private Markets Review 2024: Private markets: A slower era

If 2022 was a tale of two halves, with robust fundraising and deal activity in the first six months followed by a slowdown in the second half, then 2023 might be considered a tale of one whole. Macroeconomic headwinds persisted throughout the year, with rising financing costs, and an uncertain growth outlook taking a toll on private markets. Full-year fundraising continued to decline from 2021’s lofty peak, weighed down by the “denominator effect” that persisted in part due to a less active deal market. Managers largely held onto assets to avoid selling in a lower-multiple environment, fueling an activity-dampening cycle in which distribution-starved limited partners (LPs) reined in new commitments.

About the authors

This article is a summary of a larger report, available as a PDF, that is a collaborative effort by Fredrik Dahlqvist , Alastair Green , Paul Maia, Alexandra Nee , David Quigley , Aditya Sanghvi , Connor Mangan, John Spivey, Rahel Schneider, and Brian Vickery , representing views from McKinsey’s Private Equity & Principal Investors Practice.

Performance in most private asset classes remained below historical averages for a second consecutive year. Decade-long tailwinds from low and falling interest rates and consistently expanding multiples seem to be things of the past. As private market managers look to boost performance in this new era of investing, a deeper focus on revenue growth and margin expansion will be needed now more than ever.

Perspectives on a slower era in private markets

Global fundraising contracted.

Fundraising fell 22 percent across private market asset classes globally to just over $1 trillion, as of year-end reported data—the lowest total since 2017. Fundraising in North America, a rare bright spot in 2022, declined in line with global totals, while in Europe, fundraising proved most resilient, falling just 3 percent. In Asia, fundraising fell precipitously and now sits 72 percent below the region’s 2018 peak.

Despite difficult fundraising conditions, headwinds did not affect all strategies or managers equally. Private equity (PE) buyout strategies posted their best fundraising year ever, and larger managers and vehicles also fared well, continuing the prior year’s trend toward greater fundraising concentration.

The numerator effect persisted

Despite a marked recovery in the denominator—the 1,000 largest US retirement funds grew 7 percent in the year ending September 2023, after falling 14 percent the prior year, for example 1 “U.S. retirement plans recover half of 2022 losses amid no-show recession,” Pensions and Investments , February 12, 2024. —many LPs remain overexposed to private markets relative to their target allocations. LPs started 2023 overweight: according to analysis from CEM Benchmarking, average allocations across PE, infrastructure, and real estate were at or above target allocations as of the beginning of the year. And the numerator grew throughout the year, as a lack of exits and rebounding valuations drove net asset values (NAVs) higher. While not all LPs strictly follow asset allocation targets, our analysis in partnership with global private markets firm StepStone Group suggests that an overallocation of just one percentage point can reduce planned commitments by as much as 10 to 12 percent per year for five years or more.

Despite these headwinds, recent surveys indicate that LPs remain broadly committed to private markets. In fact, the majority plan to maintain or increase allocations over the medium to long term.

Investors fled to known names and larger funds

Fundraising concentration reached its highest level in over a decade, as investors continued to shift new commitments in favor of the largest fund managers. The 25 most successful fundraisers collected 41 percent of aggregate commitments to closed-end funds (with the top five managers accounting for nearly half that total). Closed-end fundraising totals may understate the extent of concentration in the industry overall, as the largest managers also tend to be more successful in raising non-institutional capital.

While the largest funds grew even larger—the largest vehicles on record were raised in buyout, real estate, infrastructure, and private debt in 2023—smaller and newer funds struggled. Fewer than 1,700 funds of less than $1 billion were closed during the year, half as many as closed in 2022 and the fewest of any year since 2012. New manager formation also fell to the lowest level since 2012, with just 651 new firms launched in 2023.

Whether recent fundraising concentration and a spate of M&A activity signals the beginning of oft-rumored consolidation in the private markets remains uncertain, as a similar pattern developed in each of the last two fundraising downturns before giving way to renewed entrepreneurialism among general partners (GPs) and commitment diversification among LPs. Compared with how things played out in the last two downturns, perhaps this movie really is different, or perhaps we’re watching a trilogy reusing a familiar plotline.

Dry powder inventory spiked (again)

Private markets assets under management totaled $13.1 trillion as of June 30, 2023, and have grown nearly 20 percent per annum since 2018. Dry powder reserves—the amount of capital committed but not yet deployed—increased to $3.7 trillion, marking the ninth consecutive year of growth. Dry powder inventory—the amount of capital available to GPs expressed as a multiple of annual deployment—increased for the second consecutive year in PE, as new commitments continued to outpace deal activity. Inventory sat at 1.6 years in 2023, up markedly from the 0.9 years recorded at the end of 2021 but still within the historical range. NAV grew as well, largely driven by the reluctance of managers to exit positions and crystallize returns in a depressed multiple environment.

Private equity strategies diverged

Buyout and venture capital, the two largest PE sub-asset classes, charted wildly different courses over the past 18 months. Buyout notched its highest fundraising year ever in 2023, and its performance improved, with funds posting a (still paltry) 5 percent net internal rate of return through September 30. And although buyout deal volumes declined by 19 percent, 2023 was still the third-most-active year on record. In contrast, venture capital (VC) fundraising declined by nearly 60 percent, equaling its lowest total since 2015, and deal volume fell by 36 percent to the lowest level since 2019. VC funds returned –3 percent through September, posting negative returns for seven consecutive quarters. VC was the fastest-growing—as well as the highest-performing—PE strategy by a significant margin from 2010 to 2022, but investors appear to be reevaluating their approach in the current environment.

Private equity entry multiples contracted

PE buyout entry multiples declined by roughly one turn from 11.9 to 11.0 times EBITDA, slightly outpacing the decline in public market multiples (down from 12.1 to 11.3 times EBITDA), through the first nine months of 2023. For nearly a decade leading up to 2022, managers consistently sold assets into a higher-multiple environment than that in which they had bought those assets, providing a substantial performance tailwind for the industry. Nowhere has this been truer than in technology. After experiencing more than eight turns of multiple expansion from 2009 to 2021 (the most of any sector), technology multiples have declined by nearly three turns in the past two years, 50 percent more than in any other sector. Overall, roughly two-thirds of the total return for buyout deals that were entered in 2010 or later and exited in 2021 or before can be attributed to market multiple expansion and leverage. Now, with falling multiples and higher financing costs, revenue growth and margin expansion are taking center stage for GPs.

Real estate receded

Demand uncertainty, slowing rent growth, and elevated financing costs drove cap rates higher and made price discovery challenging, all of which weighed on deal volume, fundraising, and investment performance. Global closed-end fundraising declined 34 percent year over year, and funds returned −4 percent in the first nine months of the year, losing money for the first time since the 2007–08 global financial crisis. Capital shifted away from core and core-plus strategies as investors sought liquidity via redemptions in open-end vehicles, from which net outflows reached their highest level in at least two decades. Opportunistic strategies benefited from this shift, with investors focusing on capital appreciation over income generation in a market where alternative sources of yield have grown more attractive. Rising interest rates widened bid–ask spreads and impaired deal volume across food groups, including in what were formerly hot sectors: multifamily and industrial.

Private debt pays dividends

Debt again proved to be the most resilient private asset class against a turbulent market backdrop. Fundraising declined just 13 percent, largely driven by lower commitments to direct lending strategies, for which a slower PE deal environment has made capital deployment challenging. The asset class also posted the highest returns among all private asset classes through September 30. Many private debt securities are tied to floating rates, which enhance returns in a rising-rate environment. Thus far, managers appear to have successfully navigated the rising incidence of default and distress exhibited across the broader leveraged-lending market. Although direct lending deal volume declined from 2022, private lenders financed an all-time high 59 percent of leveraged buyout transactions last year and are now expanding into additional strategies to drive the next era of growth.

Infrastructure took a detour

After several years of robust growth and strong performance, infrastructure and natural resources fundraising declined by 53 percent to the lowest total since 2013. Supply-side timing is partially to blame: five of the seven largest infrastructure managers closed a flagship vehicle in 2021 or 2022, and none of those five held a final close last year. As in real estate, investors shied away from core and core-plus investments in a higher-yield environment. Yet there are reasons to believe infrastructure’s growth will bounce back. Limited partners (LPs) surveyed by McKinsey remain bullish on their deployment to the asset class, and at least a dozen vehicles targeting more than $10 billion were actively fundraising as of the end of 2023. Multiple recent acquisitions of large infrastructure GPs by global multi-asset-class managers also indicate marketwide conviction in the asset class’s potential.

Private markets still have work to do on diversity

Private markets firms are slowly improving their representation of females (up two percentage points over the prior year) and ethnic and racial minorities (up one percentage point). On some diversity metrics, including entry-level representation of women, private markets now compare favorably with corporate America. Yet broad-based parity remains elusive and too slow in the making. Ethnic, racial, and gender imbalances are particularly stark across more influential investing roles and senior positions. In fact, McKinsey’s research  reveals that at the current pace, it would take several decades for private markets firms to reach gender parity at senior levels. Increasing representation across all levels will require managers to take fresh approaches to hiring, retention, and promotion.

Artificial intelligence generating excitement

The transformative potential of generative AI was perhaps 2023’s hottest topic (beyond Taylor Swift). Private markets players are excited about the potential for the technology to optimize their approach to thesis generation, deal sourcing, investment due diligence, and portfolio performance, among other areas. While the technology is still nascent and few GPs can boast scaled implementations, pilot programs are already in flight across the industry, particularly within portfolio companies. Adoption seems nearly certain to accelerate throughout 2024.

Private markets in a slower era

If private markets investors entered 2023 hoping for a return to the heady days of 2021, they likely left the year disappointed. Many of the headwinds that emerged in the latter half of 2022 persisted throughout the year, pressuring fundraising, dealmaking, and performance. Inflation moderated somewhat over the course of the year but remained stubbornly elevated by recent historical standards. Interest rates started high and rose higher, increasing the cost of financing. A reinvigorated public equity market recovered most of 2022’s losses but did little to resolve the valuation uncertainty private market investors have faced for the past 18 months.

Within private markets, the denominator effect remained in play, despite the public market recovery, as the numerator continued to expand. An activity-dampening cycle emerged: higher cost of capital and lower multiples limited the ability or willingness of general partners (GPs) to exit positions; fewer exits, coupled with continuing capital calls, pushed LP allocations higher, thereby limiting their ability or willingness to make new commitments. These conditions weighed on managers’ ability to fundraise. Based on data reported as of year-end 2023, private markets fundraising fell 22 percent from the prior year to just over $1 trillion, the largest such drop since 2009 (Exhibit 1).

The impact of the fundraising environment was not felt equally among GPs. Continuing a trend that emerged in 2022, and consistent with prior downturns in fundraising, LPs favored larger vehicles and the scaled GPs that typically manage them. Smaller and newer managers struggled, and the number of sub–$1 billion vehicles and new firm launches each declined to its lowest level in more than a decade.

Despite the decline in fundraising, private markets assets under management (AUM) continued to grow, increasing 12 percent to $13.1 trillion as of June 30, 2023. 2023 fundraising was still the sixth-highest annual haul on record, pushing dry powder higher, while the slowdown in deal making limited distributions.

Investment performance across private market asset classes fell short of historical averages. Private equity (PE) got back in the black but generated the lowest annual performance in the past 15 years, excluding 2022. Closed-end real estate produced negative returns for the first time since 2009, as capitalization (cap) rates expanded across sectors and rent growth dissipated in formerly hot sectors, including multifamily and industrial. The performance of infrastructure funds was less than half of its long-term average and even further below the double-digit returns generated in 2021 and 2022. Private debt was the standout performer (if there was one), outperforming all other private asset classes and illustrating the asset class’s countercyclical appeal.

Private equity down but not out

Higher financing costs, lower multiples, and an uncertain macroeconomic environment created a challenging backdrop for private equity managers in 2023. Fundraising declined for the second year in a row, falling 15 percent to $649 billion, as LPs grappled with the denominator effect and a slowdown in distributions. Managers were on the fundraising trail longer to raise this capital: funds that closed in 2023 were open for a record-high average of 20.1 months, notably longer than 18.7 months in 2022 and 14.1 months in 2018. VC and growth equity strategies led the decline, dropping to their lowest level of cumulative capital raised since 2015. Fundraising in Asia fell for the fourth year of the last five, with the greatest decline in China.

Despite the difficult fundraising context, a subset of strategies and managers prevailed. Buyout managers collectively had their best fundraising year on record, raising more than $400 billion. Fundraising in Europe surged by more than 50 percent, resulting in the region’s biggest haul ever. The largest managers raised an outsized share of the total for a second consecutive year, making 2023 the most concentrated fundraising year of the last decade (Exhibit 2).

Despite the drop in aggregate fundraising, PE assets under management increased 8 percent to $8.2 trillion. Only a small part of this growth was performance driven: PE funds produced a net IRR of just 2.5 percent through September 30, 2023. Buyouts and growth equity generated positive returns, while VC lost money. PE performance, dating back to the beginning of 2022, remains negative, highlighting the difficulty of generating attractive investment returns in a higher interest rate and lower multiple environment. As PE managers devise value creation strategies to improve performance, their focus includes ensuring operating efficiency and profitability of their portfolio companies.

Deal activity volume and count fell sharply, by 21 percent and 24 percent, respectively, which continued the slower pace set in the second half of 2022. Sponsors largely opted to hold assets longer rather than lock in underwhelming returns. While higher financing costs and valuation mismatches weighed on overall deal activity, certain types of M&A gained share. Add-on deals, for example, accounted for a record 46 percent of total buyout deal volume last year.

Real estate recedes

For real estate, 2023 was a year of transition, characterized by a litany of new and familiar challenges. Pandemic-driven demand issues continued, while elevated financing costs, expanding cap rates, and valuation uncertainty weighed on commercial real estate deal volumes, fundraising, and investment performance.

Managers faced one of the toughest fundraising environments in many years. Global closed-end fundraising declined 34 percent to $125 billion. While fundraising challenges were widespread, they were not ubiquitous across strategies. Dollars continued to shift to large, multi-asset class platforms, with the top five managers accounting for 37 percent of aggregate closed-end real estate fundraising. In April, the largest real estate fund ever raised closed on a record $30 billion.

Capital shifted away from core and core-plus strategies as investors sought liquidity through redemptions in open-end vehicles and reduced gross contributions to the lowest level since 2009. Opportunistic strategies benefited from this shift, as investors turned their attention toward capital appreciation over income generation in a market where alternative sources of yield have grown more attractive.

In the United States, for instance, open-end funds, as represented by the National Council of Real Estate Investment Fiduciaries Fund Index—Open-End Equity (NFI-OE), recorded $13 billion in net outflows in 2023, reversing the trend of positive net inflows throughout the 2010s. The negative flows mainly reflected $9 billion in core outflows, with core-plus funds accounting for the remaining outflows, which reversed a 20-year run of net inflows.

As a result, the NAV in US open-end funds fell roughly 16 percent year over year. Meanwhile, global assets under management in closed-end funds reached a new peak of $1.7 trillion as of June 2023, growing 14 percent between June 2022 and June 2023.

Real estate underperformed historical averages in 2023, as previously high-performing multifamily and industrial sectors joined office in producing negative returns caused by slowing demand growth and cap rate expansion. Closed-end funds generated a pooled net IRR of −3.5 percent in the first nine months of 2023, losing money for the first time since the global financial crisis. The lone bright spot among major sectors was hospitality, which—thanks to a rush of postpandemic travel—returned 10.3 percent in 2023. 2 Based on NCREIFs NPI index. Hotels represent 1 percent of total properties in the index. As a whole, the average pooled lifetime net IRRs for closed-end real estate funds from 2011–20 vintages remained around historical levels (9.8 percent).

Global deal volume declined 47 percent in 2023 to reach a ten-year low of $650 billion, driven by widening bid–ask spreads amid valuation uncertainty and higher costs of financing (Exhibit 3). 3 CBRE, Real Capital Analytics Deal flow in the office sector remained depressed, partly as a result of continued uncertainty in the demand for space in a hybrid working world.

During a turbulent year for private markets, private debt was a relative bright spot, topping private markets asset classes in terms of fundraising growth, AUM growth, and performance.

Fundraising for private debt declined just 13 percent year over year, nearly ten percentage points less than the private markets overall. Despite the decline in fundraising, AUM surged 27 percent to $1.7 trillion. And private debt posted the highest investment returns of any private asset class through the first three quarters of 2023.

Private debt’s risk/return characteristics are well suited to the current environment. With interest rates at their highest in more than a decade, current yields in the asset class have grown more attractive on both an absolute and relative basis, particularly if higher rates sustain and put downward pressure on equity returns (Exhibit 4). The built-in security derived from debt’s privileged position in the capital structure, moreover, appeals to investors that are wary of market volatility and valuation uncertainty.

Direct lending continued to be the largest strategy in 2023, with fundraising for the mostly-senior-debt strategy accounting for almost half of the asset class’s total haul (despite declining from the previous year). Separately, mezzanine debt fundraising hit a new high, thanks to the closings of three of the largest funds ever raised in the strategy.

Over the longer term, growth in private debt has largely been driven by institutional investors rotating out of traditional fixed income in favor of private alternatives. Despite this growth in commitments, LPs remain underweight in this asset class relative to their targets. In fact, the allocation gap has only grown wider in recent years, a sharp contrast to other private asset classes, for which LPs’ current allocations exceed their targets on average. According to data from CEM Benchmarking, the private debt allocation gap now stands at 1.4 percent, which means that, in aggregate, investors must commit hundreds of billions in net new capital to the asset class just to reach current targets.

Private debt was not completely immune to the macroeconomic conditions last year, however. Fundraising declined for the second consecutive year and now sits 23 percent below 2021’s peak. Furthermore, though private lenders took share in 2023 from other capital sources, overall deal volumes also declined for the second year in a row. The drop was largely driven by a less active PE deal environment: private debt is predominantly used to finance PE-backed companies, though managers are increasingly diversifying their origination capabilities to include a broad new range of companies and asset types.

Infrastructure and natural resources take a detour

For infrastructure and natural resources fundraising, 2023 was an exceptionally challenging year. Aggregate capital raised declined 53 percent year over year to $82 billion, the lowest annual total since 2013. The size of the drop is particularly surprising in light of infrastructure’s recent momentum. The asset class had set fundraising records in four of the previous five years, and infrastructure is often considered an attractive investment in uncertain markets.

While there is little doubt that the broader fundraising headwinds discussed elsewhere in this report affected infrastructure and natural resources fundraising last year, dynamics specific to the asset class were at play as well. One issue was supply-side timing: nine of the ten largest infrastructure GPs did not close a flagship fund in 2023. Second was the migration of investor dollars away from core and core-plus investments, which have historically accounted for the bulk of infrastructure fundraising, in a higher rate environment.

The asset class had some notable bright spots last year. Fundraising for higher-returning opportunistic strategies more than doubled the prior year’s total (Exhibit 5). AUM grew 18 percent, reaching a new high of $1.5 trillion. Infrastructure funds returned a net IRR of 3.4 percent in 2023; this was below historical averages but still the second-best return among private asset classes. And as was the case in other asset classes, investors concentrated commitments in larger funds and managers in 2023, including in the largest infrastructure fund ever raised.

The outlook for the asset class, moreover, remains positive. Funds targeting a record amount of capital were in the market at year-end, providing a robust foundation for fundraising in 2024 and 2025. A recent spate of infrastructure GP acquisitions signal multi-asset managers’ long-term conviction in the asset class, despite short-term headwinds. Global megatrends like decarbonization and digitization, as well as revolutions in energy and mobility, have spurred new infrastructure investment opportunities around the world, particularly for value-oriented investors that are willing to take on more risk.

Private markets make measured progress in DEI

Diversity, equity, and inclusion (DEI) has become an important part of the fundraising, talent, and investing landscape for private market participants. Encouragingly, incremental progress has been made in recent years, including more diverse talent being brought to entry-level positions, investing roles, and investment committees. The scope of DEI metrics provided to institutional investors during fundraising has also increased in recent years: more than half of PE firms now provide data across investing teams, portfolio company boards, and portfolio company management (versus investment team data only). 4 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023.

In 2023, McKinsey surveyed 66 global private markets firms that collectively employ more than 60,000 people for the second annual State of diversity in global private markets report. 5 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023. The research offers insight into the representation of women and ethnic and racial minorities in private investing as of year-end 2022. In this chapter, we discuss where the numbers stand and how firms can bring a more diverse set of perspectives to the table.

The statistics indicate signs of modest advancement. Overall representation of women in private markets increased two percentage points to 35 percent, and ethnic and racial minorities increased one percentage point to 30 percent (Exhibit 6). Entry-level positions have nearly reached gender parity, with female representation at 48 percent. The share of women holding C-suite roles globally increased 3 percentage points, while the share of people from ethnic and racial minorities in investment committees increased 9 percentage points. There is growing evidence that external hiring is gradually helping close the diversity gap, especially at senior levels. For example, 33 percent of external hires at the managing director level were ethnic or racial minorities, higher than their existing representation level (19 percent).

Yet, the scope of the challenge remains substantial. Women and minorities continue to be underrepresented in senior positions and investing roles. They also experience uneven rates of progress due to lower promotion and higher attrition rates, particularly at smaller firms. Firms are also navigating an increasingly polarized workplace today, with additional scrutiny and a growing number of lawsuits against corporate diversity and inclusion programs, particularly in the US, which threatens to impact the industry’s pace of progress.

Fredrik Dahlqvist is a senior partner in McKinsey’s Stockholm office; Alastair Green  is a senior partner in the Washington, DC, office, where Paul Maia and Alexandra Nee  are partners; David Quigley  is a senior partner in the New York office, where Connor Mangan is an associate partner and Aditya Sanghvi  is a senior partner; Rahel Schneider is an associate partner in the Bay Area office; John Spivey is a partner in the Charlotte office; and Brian Vickery  is a partner in the Boston office.

The authors wish to thank Jonathan Christy, Louis Dufau, Vaibhav Gujral, Graham Healy-Day, Laura Johnson, Ryan Luby, Tripp Norton, Alastair Rami, Henri Torbey, and Alex Wolkomir for their contributions

The authors would also like to thank CEM Benchmarking and the StepStone Group for their partnership in this year's report.

This article was edited by Arshiya Khullar, an editor in the Gurugram office.

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