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Results 601–650
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The Easy Money Contagion
by Carmen Reinhart of Project Syndicate,
Monetary expansion is all the rage in the major economies, with central bank after central bank employing tools like quantitative easing and ultra-low – or even negative – interest rates to boost their economies’ competitiveness. Where does it end?
Reform or Divorce in Europe
by Joseph Stiglitz of Project Syndicate,
To say that the eurozone has not been performing well since the 2008 crisis would be an understatement. Unless its authorities make seven changes, its members will inevitably conclude that they are trapped in an untenable marriage.
America’s Looming Debt Decision
by Kenneth Rogoff of Project Syndicate,
The US government should not operate like a bank or a hedge fund, loading up on short-term debt to fund long-term projects. With net US government debt already running at 82% of national income, the fiscal costs of a fast upward shift in interest rates could be massive.
Europe’s Brexit Hangover
by Nouriel Roubini of Project Syndicate,
The market reaction to the Brexit shock has been relatively mild, because it was regional rather than global, with the impact concentrated in the UK and Europe. But the risk of European and global volatility may have been only briefly postponed.
What’s New About Today’s Low Interest Rates?
by Carmen Reinhart of Project Syndicate,
In an era when public debt write-offs are widely viewed as unacceptable and governments are often reluctant to write off private debts, sustained negative real returns are the slow-burn path to reducing debt. Absent a surprise inflation spurt, this will be a long process.
Growth in a Time of Disruption
by Michael Spence of Project Syndicate,
Developing countries are facing major obstacles – many of which they have little to no control over – to achieving sustained high growth rates. With reversal of these trends – from low advanced-economy growth to the rise of digital technologies like robotics – out of the question, adaptation is the only option.
The Global Economy’s Hesitation Blues
by Robert Shiller of Project Syndicate,
Economic slowdowns can often be characterized as periods of hesitation: consumers hesitate to buy a new house or car, thinking that the old house or car will do just fine for a while longer. Viewed from this perspective, how worried should we be about the effects of hesitation today?
Unburdening the Facebook Generation
The outcome of the UK’s Brexit referendum is but another reminder of a yawning generational divide that cuts across political affiliation, income levels, and race. Once again, young people have gotten the short end of the political stick – mainly because they couldn't be bothered to care about their own wellbeing.
The Promise of Regrexit
by George Soros of Project Syndicate,
Just as Brexit was a negative shock, the response to it – a massive swing in popular sentiment in favor of the European Union – has been a positive shock. Europe's leaders should seize the opportunity to save the EU by fundamentally reforming it.
From Brexit to the Future
by Joseph Stiglitz of Project Syndicate,
The EU is preparing to take a tough line with Britain, in order to deter other member states from following it out of the Union. But it is the neoliberal agenda that has prevailed for last four decades, benefiting only the top 1%, that is fueled voter anger on both sides of the Atlantic.
Globalization’s Political Fault Lines
by Nouriel Roubini of Project Syndicate,
The UK’s narrow vote to leave the EU is the proverbial canary in the coal mine, signaling a broad populist/nationalist backlash – at least in advanced economies – against globalization. But growing anti-establishment sentiment does not necessarily spell doom for a process that continues to yield net benefits for the global economy.
Brexit’s Blow To Globalization
by Carmen Reinhart of Project Syndicate,
Less than a decade after the 2008 financial crisis dealt a major blow to globalization, Brexit has just delivered another. With the world already facing anemic growth and low investment, any adequate damage-control plan must include prompt resolution of the new rules of the game for Britain and its relationship with the EU.
Brexit and the Future of Europe
by George Soros of Project Syndicate,
Brexit is likely to cause Britain's economy and people to suffer significantly in the short to medium term, owing to profound uncertainty over the terms of divorce and the future of the UK itself. But the implications for Europe could be far worse.
Britain’s Democratic Failure
by Kenneth Rogoff of Project Syndicate,
The real lunacy of the UK’s vote to leave the European Union was not that British leaders dared to ask their populace to weigh the benefits of membership against the immigration pressures it presents. Rather, it was the absurdly low bar for exit, requiring only a simple majority.
Brexit in Context
by Michael Spence of Project Syndicate,
At least some Britons, and many other EU citizens, still want future generations to come to think of themselves as Europeans. And they are right to think that the world would be a far better place with a united, democratic Europe as a major force for both stability and change.
Brexit’s Impact on the World Economy
The febrile behavior of financial markets ahead of the UK’s "Brexit" referendum on June 23 shows that the outcome will influence economic and political conditions around the world far more profoundly than Britain’s share of global GDP might suggest. In fact, for three reasons, a Brexit vote could catalyze another global crisis.
Learning from Namibia
by Joseph Stiglitz of Project Syndicate,
Sandwiched between Angola and South Africa, Namibia shows that even countries that start with serious disadvantages – extremes of racism, colonialism, inequality, and underdevelopment – can chart a path toward shared prosperity. Its achievement deserves international recognition – and emulation.
Latin America’s Rising Right
From changes in government in Argentina and Brazil to mid-course policy corrections in Chile, Latin American politics appears to be undergoing a rightward shift. But unless today’s political winners deliver notably higher and significantly more inclusive growth, their electorates are likely to move on.
The Overselling of Financial Transaction Taxes
by Kenneth Rogoff of Project Syndicate,
However November’s US presidential election turns out, one proposal that will likely live on is the introduction of a financial transaction tax. But a properly designed levy can be no more than a small part of a much larger strategy, whether for reforming the tax system or for regulating financial markets.
Populists and Productivity
by Nouriel Roubini of Project Syndicate,
According to the view prevailing in Silicon Valley and other global technology hubs, we are entering a new golden era of innovation, one that will radically increase productivity growth and improve the way we live and work. So why haven’t those gains appeared, and what might happen if they don’t?
The Limits of Oil’s Rebound
Since last August, when it became clear that the lifting of sanctions on Iran would unleash a massive increase in global oil supplies, $50 has proved to be a ceiling for the trading range of a barrel. But now that this level has been exceeded, will it again become a floor?
Reigniting Emerging-Economy Growth
by Michael Spence of Project Syndicate,
It is no secret that emerging economies are facing serious challenges, which have undermined their once-explosive growth and weakened their development prospects. Whether they return to the path of convergence with the advanced economies will largely depend on how they approach an increasingly complex economic environment.
Argentina’s Eternal Debt Problem
by Carmen Reinhart of Project Syndicate,
Argentina has emerged from nearly 15 years of the most litigious sovereign default in modern times, enabling the country to reenter the global financial system and build a more stable and prosperous future. It is an opportunity that Argentines must be careful not to squander.
America’s Saving Perils
by Stephen Roach of Project Syndicate,
American politicians love to blame China and trade deals as the major source of pressure on US jobs and wages. But when it comes to the trade deficits that are weakening America's middle class, the US made its own bed, in the form of a massive saving deficit.
Fighting the Next Global Financial Crisis
by Robert Shiller of Project Syndicate,
As long as we have an economic system that produces economic growth by rewarding inspired actors and investors, we will face the risk that the inspiration can be temporarily drowned out by sudden adverse talk and stories. That is why the most urgent regulations will always be time- and context-specific.
Saudi Arabia’s Bold Vision for Economic Diversification
The attention attracted by Saudi Arabia's new Vision 2030 economic agenda is not surprising. If the Kingdom can establish the institutions and incentives needed to transform its economy, other countries that face similar challenges, in the region and beyond, may be inspired to follow suit.
Monopoly’s New Era
by Joseph Stiglitz of Project Syndicate,
For 200 years, there have been two broad approaches to understanding what determines the distribution of income – and how the economy functions. It is important to understand both schools of thought, because rising inequality is forcing us to leave one and enter the other.
Central Banking’s Final Frontier?
As central bankers worldwide continue to struggle to boost growth, inflation, and unemployment, the real issue is not whether more powerful monetary instruments are still available. The question is whether using them is necessary – or even threatens to do more harm than good.
Emerging Markets Should Go for the Gold
by Kenneth Rogoff of Project Syndicate,
For some time, rich countries have argued that it is in everyone’s collective interest to demonetize gold. But there is a good case to be made that a shift in emerging markets toward accumulating gold would help the international financial system function more smoothly and benefit everyone.
The Global Growth Funk
by Nouriel Roubini of Project Syndicate,
The IMF and others have recently revised downward their forecasts for the global economy – yet again. Little wonder: The world economy has few bright spots, with both actual and potential output growth declining in advanced and emerging economies alike.
Managing Debt in an Overleveraged World
by Michael Spence of Project Syndicate,
In the years since the 2008 global financial crisis, austerity and balance-sheet repair have been the watchwords of the global economy. And yet today, more than ever, debt is fueling concern about growth prospects worldwide.
America’s Trade Deficit Begins at Home
by Stephen Roach of Project Syndicate,
Thanks to fear mongering on the US presidential campaign trail, the trade debate and its impact on American workers is being distorted at both ends of the political spectrum. What the candidates won’t tell voters is that the trade deficit and the pressures it places on hard-pressed middle-class workers stem from domestic policies.
Time for Debt Reduction in Greece
With Greece's cash balances severely stressed, another round of contentious discussions with its creditors has begun. The only way to escape this vicious cycle, and enable Greece finally to leave its troubles behind, is to stop kicking the can down the road and agree to a credible debt-reduction program.
The Post-Crisis Economy’s Long Debt Hangover
by Carmen Reinhart of Project Syndicate,
With the largest economies, nearly eight years after the global financial crisis, burdened by high and rising levels of public and private debts, it is baffling that comprehensive restructuring does not figure prominently among policymakers' options. Indeed, at last week's G-20 meeting, debt was the proverbial elephant in the room.
What’s Wrong With Negative Rates?
by Joseph Stiglitz of Project Syndicate,
One reason for the lingering effects of the 2008 financial crisis is central banks' continued reliance on a flawed economic model. As long as policymakers focus on interest rates instead of on the flow of credit, the problem of deficient aggregate demand is unlikely to be resolved.
Bringing Europe’s Migration Crisis Under Control
by George Soros of Project Syndicate,
The EU’s first expulsion of refugees has exposed the fundamental flaws in its new migration policy. While the forcible return of asylum-seekers to Turkey has caught the world’s attention, an equally troubling issue has hardly been discussed: the underfunding of Europe’s response to the crisis.
Anti-Trade America?
by Kenneth Rogoff of Project Syndicate,
The rise of anti-trade populism in the US presidential election campaign portends a dangerous retreat from the country's role in world affairs. In the name of reducing inequality at home, candidates in both parties would stymie the aspirations of hundreds of millions of people in the developing world to join the middle class.
Unconventional Monetary Policy on Stilts
by Nouriel Roubini of Project Syndicate,
With most advanced economies experiencing anemic recoveries from the 2008 financial crisis, their central banks have been forced to move from conventional monetary policy – reducing policy rates via open-market purchases of short-term government bonds – to a range of unconventional policies. And now they are poised to do so again.
The Brexit Muddle
In the UK, the question of whether to remain in the EU is dominating the media, boardroom discussions, and dinner conversations. While slogans and soundbites tend to capture most of the attention, deeper issues in play leave the outcome of the June 23 referendum subject to a high degree of uncertainty.
China’s Economic Identity Crisis
by Stephen Roach of Project Syndicate,
This year's China Development Forum highlighted the authorities' new emphasis on supply-side reforms. The problem is that this approach could overwhelm the shift to a consumer-led growth model that the country desperately needs.
China’s Incompatible Goals
by Carmen Reinhart of Project Syndicate,
China’s commitment to prop up its currency appears to be incompatible with its recent turn toward more accommodative monetary policies. The country will undoubtedly find it easier if it allows the renminbi to float sometime soon, rather than waiting until a full-fledged confidence crisis forces its hand.
Is Russia’s National Character Authoritarian?
by Robert Shiller of Project Syndicate,
Russia’s aggression against Ukraine and the public’s acquiescence in direct government control of news media have many people wondering if Russians are predisposed to authoritarianism. But survey evidence counsel caution about drawing conclusions about national character from isolated events.
The Fear Factor in Global Markets
by Kenneth Rogoff of Project Syndicate,
The phenomenal market volatility of the past year owes much to genuine risks and uncertainties about factors such as Chinese growth, European banks, and the oil glut. Yet, from a macroeconomic perspective, the fundamentals are just not that bad.
Is the Perfect Storm Over for Markets?
So far this year, financial markets around the world have been navigating a perfect storm – that is, a violent disruption fueled by an unusual amalgamation of smaller disturbances. The spike in volatility of financial markets is the direct result of three distinct factors.
China’s Volatile Growth
by Michael Spence of Project Syndicate,
Uncertainty about China’s economic prospects is roiling global markets – not least because so many questions are so difficult to answer. In fact, China’s trajectory has become almost impossible to anticipate, owing to the confusing – if not conflicting – signals being sent by policymakers.
Results 601–650
of 1,033 found.
