Economic Research Forum (ERF)

Patrick Bolton

Author

Patrick Bolton
Barbara and David Zalaznick Professor of Business, Columbia University

Patrick Bolton is the Barbara and David Zalaznick Professor of Business at Columbia University. He is a Co-Director of the Center for Contracts and Economic Organization at the Columbia Law School, a past President of the American Finance Association, a Fellow of the Econometric Society (elected 1993), the American Academy of Arts and Sciences (elected 2009), and a Corresponding Fellow of the British Academy (elected 2013). He is also a Research Associate of the National Bureau of Economic Research, a Research Fellow of the Center for Economic Policy Research, and a Fellow of the European Corporate Governance Institute. His areas of interest are in Contract Theory, Corporate Finance, Corporate Governance, Banking, Sovereign Debt, Political Economy, Law and Economics and Sustainable Investing. He has written a leading graduate textbook on Contract Theory with Mathias Dewatripont, MIT Press (2005); edited The Economics of Contracts, Edward Elgar Publishing Inc. (2008); co-edited, Credit Markets for the Poor with Howard Rosenthal, Russell Sage Foundation (2005); and Sovereign Wealth Funds and Long-Term Investing, with Frederic Samama and Joseph E. Stiglitz, Columbia University Press (2011).

Content by this Author

In defence of regional development banks in the Covid-19 era

Ensuring that developing countries remain able to access credit markets is vital for promoting growth and recovery post-pandemic. This column argues that efforts by major economies to support regional development banks and preserve their financial standing will help to limit the cost of rebuilding after the crisis. In turn, this will help to preserve international capital markets in the short and medium run.

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The political economy of stalled structural reforms in MENA

There is a persistent pattern to the structural reforms that are required to underpin economic progress in the countries of the Middle East and North Africa: ambitious strategies are announced and partially implemented, but ultimately they are diluted or reversed. This column argues that the repeated stalling of reform is not primarily a failure of economic design. Rather, it reflects deep-seated political economy constraints rooted in rent dependence, elite bargaining and weak institutional credibility. Without addressing these underlying dynamics, reform efforts are likely to remain symbolic rather than transformative.

Untapped talent, unrealised growth: jobs and women in the MENAAP region

Only around one in five women of working age participate in the labour markets of the Middle East, North Africa, Afghanistan and Pakistan. As this column explains, the region can no longer afford to leave half its human capital underused. Expanding women’s labour force participation is central to growth and resilience in the face of looming demographic change.

Closing the gender gap in political participation in MENA

Women across the Middle East and North Africa participate less than men in politics – not only in political parties and elections, but also in petitions, boycotts, protests and strikes. This column reports evidence from ten countries showing that differences in education, employment and political attitudes explain part of this disparity, yet a significant gender gap remains.

Labour demand and informal employment in Egypt’s manufacturing sector

Egypt’s manufacturing sector faces a dual challenge of weak job creation and persistent informality. Drawing on survey evidence on business behaviour and labour market dynamics, this column explains why job creation is limited and informal work remains such an integral part of how firms organise production. The generation of more formal jobs requires a comprehensive policy approach, one that goes beyond enforcement of labour regulations to reshape the economic environment in which firms and workers make decisions.




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