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Higher education: returns are high but we need to fund it better

Harry A. Patrinos's picture
University students at a laboratory.

Photo: Nafise Motlaq / World Bank


This week I was invited to speak at The Economist’s Higher Education Forum in New York to share my thoughts on how higher education can be expanded. I believe that we need a fair and sustainable cost-recovery model at the university level using future earnings to finance current education.

Over the past two decades, there has been a tremendous increase in the number of university students and graduates worldwide, which should have led to decrease in the rate of return to investment to higher education – if supply outpaced demand, of course.  While there has been some decrease in overall rates of return, investment in education is still a highly profitable investment.  Global demand for high levels skills such as working with new information and problem-solving has kept the returns to schooling high in even the poorest countries of the world. In fact, the returns to higher education are higher in lower-income countries – except in the Middle East and North Africa due to rigid labor market regulations.

What Can the Asian Tigers and Latin Pumas Learn From Each Other?

Danny Leipziger's picture

The global landscape these days is not a pretty one: collapsing commodity prices, weak demand in the OECD economies and a pronounced slowdown in many emerging markets, unpredictable capital flows affecting exchange rates, and a noticeable slump in world trade. This is clearly not a good time to be a Minister of Finance!

 
This is the panorama that surrounds the IMF World Bank Annual Meetings in Lima, October 8-10. The weak global picture is heavy on diagnostics of what is troubling many developing countries, but less robust on the side of policy solutions. In Lima, this will be one of the key topics of discussion during a high-level debate on “Balancing sustainable growth and social equity”.

Going universal: 24 countries and the “how” of universal health coverage

Daniel Cotlear's picture



The launch of the Sustainable Development Goals (SDGs) at the recent U.N. General Assembly meetings brought especially welcome news: The future we want now officially includes universal health coverage (UHC), as defined under SDG 3, target 8.  We also heard, the same week, from a group of economists from 44 countries, who publicly stated that “UHC makes economic sense.”  It seems the tide has turned toward making essential health care available to all who need it, without creating financial hardship.

#Youthbiz: Thousands of Young Entrepreneurs Discuss Innovation, Growth and Jobs Creation with World Economic Leaders

Luis Viguria's picture

Young entrepreneurs from Latin America

Thousands of young entrepreneurs from 43 countries across the world took part in a series of online and onsite dialogues as part of the Road to Lima 2015 activities. The inclusion of youth in such an important process was possible thanks to the World Bank Group and the Young Americas Business Trust (YABT).

Energizing our green future

Mafalda Duarte's picture
The CIF is a leader in driving global investments in CSP


​As world leaders come together at the UN General Assembly to adopt new sustainable development goals, climate change activists gear up for Climate Week in New York City and the Pope brings his message to the United Nations, a shared vision of our future is coming into clear focus. 

If we are to eradicate poverty, we need to tackle climate change.  And since 2008, the $8.1 billion Climate Investment Funds (CIF) has been showing it is possible for countries to pursue sustainable development in a way that does just that.

Can providing information on school performance lead to improvement?

Harry A. Patrinos's picture

Also available in: Español | العربية

In high-income countries, learning outcomes have improved as a result of an intervention that increases transparency and accountability through the use of test scores.  In a previous blog, I mentioned examples of ‘high-stakes testing’ accountability systems, such as No Child Left Behind.  A high-stakes test has important consequences for the test taker, school, or school authorities. It carried important benefits if the test is passed, such as a diploma, extra resources to the school, or a positive citation. Some of these interventions also follow the “naming and shaming” of school leaders, which is done in England.

There is also evidence that suggests that even just providing information on test scores will lead to improvement.  This is the case in school choice systems such as in the Netherlands.

Part of the #Youthbiz movement? Share your story!

Valerie Lorena's picture

Also available in: Français | العربية
 



A boat trip from Port Elizabeth to Kingstown, in the Caribbean country of Saint Vincent and the Grenadines, is a one-hour trip that locals take several times a day. It was during one of these journeys that the boat of Kamara Jerome, a young Vincentian fisherman, ran out of gas six miles from Bequia City in what is termed locally as the "Bequia Channel." While waiting for help with strong wind gusts and the sun on his head, the idea of developing a boat that would run with wind and solar energy was born. Soon after, the idea became a prototype; a boat using green technology was on the water making 20-year-old Jerome a winner of international innovation competitions and a role model to other Caribbean youth. 
 
In Mexico, young engineer Daniel Gomez runs a multimillion bio-diesel company originally conceived as a research project for his high school chemistry class. Gomez and his partners - Guillermo Colunga, Antonio Lopez, and Mauricio Pareja - founded SOLBEN (Solutions in bio-energy in Spanish) in their early twenties. 
 
Although Daniel and Kamara have different educational backgrounds, they do share one important skill, the ability to identify a problem, develop an innovative solution, and take it to the market. In other words, being an entrepreneur, an alternative to be economically active, that seems to work and not only for a few.

Clean air as a poverty reduction priority

Ernesto Sanchez-Triana's picture
​Many parts of the development community have long embraced the following narrative: When nations are young and poor, they are willing to sacrifice natural resources—dirtying their water and their air—to promote economic growth and meet their population’s basic needs. Then, once these nations achieve a certain level of wealth, they become less concerned with accumulating material goods and more concerned with quality-of-life issues, and only at that point are they willing to spend money—or sacrifice growth—for benefits like clean air.

However, a recent resolution by the World Health Organization's (WHO) governing body shows that this narrative is beginning to change. 

Crowding in Technical and Financial Resources in Support of Forest Landscapes

Paula Caballero's picture
Mexico butterflies by Curt Carnemark / World Bank ​As financing for development talks wrapped up last week in Addis, many conversations revolved around the “how much” as well as on the “how” of achieving universal sustainable and inclusive development in the post 2015 context. Work in the natural resources arena has valuable lessons to offer. 

There is a growing consensus that a new approach is needed to meet the financial needs of developing countries to ensure sustainable, inclusive and resilient growth paths. We all know that Official Development Assistance (ODA) finance is limited and cannot address the massive investment needs of countries. In addition to increased domestic resource mobilization, the more effective engagement of a variety of players, especially from private sector, NGOs, and philanthropic organizations, will be key to close the finance gap. 

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