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Results 801–850
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Rethinking the Sino-American Relationship
by Stephen Roach of Project Syndicate,
In early July, senior US and Chinese officials will gather in Beijing for the sixth Strategic and Economic Dialogue. With bilateral frictions mounting on a number of fronts, the summit offers an opportunity for a serious reconsideration of the relationship between the worlds two most powerful countries.
Mexicos Breakout Moment?
Mexico has a good chance to realize its impressive structural-reform agenda. Doing so would give the rest of the world an important example of how such programs can be designed, implemented, and, most important, sustained until a critical mass of revitalized sectors and thus faster growth and greater prosperity is achieved.
The 4% Non-Solution
by Kenneth Rogoff of Project Syndicate,
The idea of permanently raising inflation targets to 4%, first proposed by IMF chief economist Olivier Blanchard, has been endorsed by a number of other academics, including, most recently, Paul Krugman. Unfortunately, the problem of ensuring a smooth and convincing transition to a new target is perhaps insurmountable.
Creating a Learning Society
For more than two centuries, innovation has been a critical driver of the global economy, with most of the productivity gains stemming not from major discoveries, but from small, incremental changes. This suggests that we should focus on how societies learn, and what can be done to promote learning including learning how to learn.
The Great Backlash
by Nouriel Roubini of Project Syndicate,
In the aftermath of the 2008 global financial crisis, policymakers success in preventing the Great Recession from turning into Great Depression II held in check demands for protectionist measures. But now the backlash against globalization has arrived, and we know from bitter experience what could come next.
China Sets America’s Mental Trap
by Stephen Roach of Project Syndicate,
It is often said that a crisis should never be wasted: Politicians, policymakers, and regulators should embrace the moment of deep distress and take on the heavy burden of structural repair. China seems to be doing that; America is not.
Europes Ukrainian Lifeline
by George Soros of Project Syndicate,
Europes voters recently expressed their dissatisfaction with the way the EU currently functions, while Ukraines people demonstrated their desire for association with the EU. European leaders and citizens should take this opportunity to consider what that means and how helping Ukraine can also help Europe.
Markets Federal Reserve Love Story
For many years market participants have been richly rewarded for falling in love quickly and decisively with policy measures adopted by the US Federal Reserve. More recently, however, some have become less comfortable, warning that the codependence is encouraging excessive risk-taking and, in some cases, bubbly valuations.
Where Is the Inequality Problem?
by Kenneth Rogoff of Project Syndicate,
Though Thomas Piketty is right that returns to capital in rich countries have increased in the last few decades, he is too dismissive of the wide-ranging debate among economists concerning the causes. More important, when it comes to reducing inequality between rich and poor countries, capitalism has had an impressive three decades.
The Return of the Renminbi Rant
by Stephen Roach of Project Syndicate,
China?s currency, the renminbi, has been weakening in recent months, resurrecting familiar US charges of official manipulation and beggar-thy-neighbor mercantilism. But this timeworn charge ? politically inspired and grounded in bad economics ? diverts attention from far more important issues affecting the US-China economic relationship.
Global Ground Zero in Asia
by Nouriel Roubini of Project Syndicate,
The most pressing geopolitical issue of our time is not the prospect of conflict between Israel and Iran over nuclear proliferation or rising tensions between Russia and the West over Ukraine. It is the challenge of managing China's rise and ensuring that peace and prosperity prevail in Asia.
The Democratic Disruption of Finance
There seems to be no limit to the exciting possibilities that come from combining technical innovations, the Internet, and social media. What is less appreciated is the extent to which the same phenomenon is starting to play out in finance, via a democratization process that could transform the institutional landscape.
A Surplus of Controversy
by Kenneth Rogoff of Project Syndicate,
When the US Treasury recently added its voice to critics of Germany?s chronic trade surplus, it underscored the deep disagreement over what, if anything, should be done about it. It is a highly contentious debate, often informed more by ideology than facts.
Cementing Europe?s Recovery
Europe?s renewed sense of hope and confidence, however encouraging, is not yet sufficient to produce appreciable gains for current and future generations. A few things need to happen over the next several weeks and months if Europe is to minimize the risk of another prolonged period of under-performance and financial risk.
Reforming China?s State-Market Balance
by Joseph Stiglitz of Project Syndicate,
Many of China?s problems today stem from too much market and too little government. Or, to put it another way, while the government is clearly doing some things that it should not, it is also not doing some things that it should.
The End of Chinese Central Planning
by Stephen Roach of Project Syndicate,
Since Deng Xiaoping?s reforms of the early 1980?s, senior Chinese policymakers have paid less and less attention to central planners? numerical growth targets. Now they are close to taking the final step in the long journey to a market-based economy, by adopting a flexible framework in which GDP growth currently does not come first.
The Global Economy?s Tale Risks
by Robert Shiller of Project Syndicate,
Fluctuations in the world?s economies are largely due to the stories we hear and tell about them. In Japan, "Abenomics" has created a powerful narrative of positive change, whereas the stories being told in other advanced countries are far scarier.
The Innovation Enigma
by Joseph Stiglitz of Project Syndicate,
Around the world, there is enormous enthusiasm for the type of technological innovation symbolized by Silicon Valley, with many attempting to replicate the ingenuity that they regard as Americas true comparative advantage. But there is a puzzle: it is difficult to detect the benefits of this innovation in GDP statistics.
Wallets Wide Shut
With profitability at or near record levels, cash holdings by the corporate sector in Europe and the US have reached an all-time high - and are earning very little at todays near-zero interest rates. But, for at least six reasons, firms are not investing in capacity and creating the jobs that these economies need.
Emerging-Market Risk and Reward
by Nouriel Roubini of Project Syndicate,
Industrialization, urbanization, and the rise of a middle-class consumer society were supposed to boost emerging-market countries' long-term economic and sociopolitical stability. But in many countries recently wracked by political unrest, it is the urban middle classes that have been manning the barricades.
Stagnation by Design
by Joseph Stiglitz of Project Syndicate,
The difficulties that many rich countries now face are not the result of the inexorable laws of economics, to which people simply must adjust, as they would to a natural disaster. On the contrary, the decline in most households income over the past three decades, particularly in the US, is the result of flawed policies.
How Fragile are Emerging Markets?
by Kenneth Rogoff of Project Syndicate,
Emerging-market equities and exchange rates are again under severe downward pressure, but are the underlying economies really as fragile as global traders seem to fear? The short answer, for a few, is probably "yes," but, for most, "not quite yet."
A Happier Ending for IMF Reform?
Despite an elegant solution that involved no new commitments of resources, the US Congress last month refused to take up a long-delayed funding proposal for the IMF. But there is also a silver lining here, because disappointment can be turned into renewed opportunity.
The Trouble with Emerging Markets
by Nouriel Roubini of Project Syndicate,
The financial turmoil that hit emerging-market economies in the spring of last year, following the Federal Reserves "taper tantrum" over its quantitative-easing policy, has returned with a vengeance. But the immediate trigger for these pressures should not be confused with deeper causes: Many emerging markets are in real trouble.
America's False Dawn
by Stephen Roach of Project Syndicate,
Financial markets and the so-called Davos consensus are in broad agreement that something close to a classic cyclical revival in the US economy may finally be at hand. But, while the celebration may seem warranted at first glance, the champagne should be kept on ice.
The Financial Fire Next Time
by Robert Shiller of Project Syndicate,
Just as most people are more interested in stories about fires than they are in the chemistry of fire retardants, they are more interested in stories about financial crashes than they are in the measures needed to prevent them. That is not exactly a recipe for a happy ending.
Rehab World
by Niall Ferguson of Project Syndicate,
The late English chanteuse Amy Winehouse sang, "They tried to make me go to rehab, but I said No, no, no." Perhaps 2013 should be known as the year of Winehouse economics, with the singers being the worlds most important central banks, led by the Federal Reserve.
Foreign-Aid Follies
by Kenneth Rogoff of Project Syndicate,
The huge gap between the world’s richest and poorest countries remains one of the great moral dilemmas for the West. It also poses one of the toughest questions for development economics: Do we really know how to help countries overcome poverty?
The World Economy's Shifting Challenges
by George Soros of Project Syndicate,
As 2013 comes to a close, efforts to revive growth in the worlds most influential economies are exerting competing pressures on the global economy. Perhaps not surprisingly, while Europe and the US will continue to play an important global role, developments in Asia will determine the worldwide outlook in 2014 and beyond.
Slow Growth and Short Tails
by Nouriel Roubini of Project Syndicate,
The global economy will grow faster in 2014 than it did in 2013, while tail risks will be lower. But, with the possible exception of the US, growth will remain anemic in advanced economies, and emerging-market fragility - including Chinas uncertain efforts at economic rebalancing - could become a drag on global growth.
China's Policy Disharmony
by Stephen Roach of Project Syndicate,
China was hardly lacking in policy pronouncements in the final months of 2013. Given the likely tradeoffs between strategy and tactics - that is, between long-term reforms and short-term growth - can Chinese policymakers really accomplish all of their objectives?
What's the Problem With Advanced Economies?
by Kenneth Rogoff of Project Syndicate,
Is todays slow growth in advanced economies a continuation of long-term secular decline, or does it reflect the normal aftermath of a deep systemic financial crisis? Fortunately, we do not need to answer that question definitively in order to boost the pace of economic recovery.
An Agenda to Save the Euro
by Joseph Stiglitz of Project Syndicate,
It has been three years since the outbreak of the euro crisis, and only an inveterate optimist would say that the worst is definitely over. It is not, and it wont be unless and until the eurozones structure is fundamentally reformed.
Bringing the Chinese Consumer to Life
by Stephen Roach of Project Syndicate,
There is good reason to believe that Chinas recently completed Third Plenum will come to be regarded as a pivotal point in the countrys development. At long last, Chinas senior leadership has endorsed a raft of reforms that could impel the economys shift from reliance on exports to consumption-led growth.
The Uncertain Future of Central Bank Supremacy
Advanced countries’ central banks were among the first to warn that their ability to compensate for other policymakers’ inaction is neither endless nor risk-free. The trouble is that few outsiders seem to be listening, much less preparing to confront the limits of monetary policy’s effectiveness.
Is Economics a Science?
by Robert Shiller of Project Syndicate,
Though economics presents its own methodological problems, the basic challenges facing researchers are not fundamentally different from those faced by researchers in other fields. As economics develops, it will broaden its methods and sources of evidence, the science will become stronger, and the charlatans will be exposed.
Bubbles in the Broth
by Nouriel Roubini of Project Syndicate,
As below-trend GDP growth and high unemployment continue to afflict most advanced economies, their central banks have served up an alphabet soup of unconventional monetary policy measures. But, with asset prices continuing to rise, many countries may have more helpings than they can stand.
Why Wealth Taxes Are Not Enough
by Kenneth Rogoff of Project Syndicate,
The IMF is right on grounds of both fairness and efficiency to raise the idea of temporary wealth taxes in many countries. But, as appealing as such taxes may seem at first sight, a closer look reveals that the revenues are lower, and the costs higher, than calculations used to promote them would imply.
China's Wake-Up Call from Washington
by Stephen Roach of Project Syndicate,
With 90 days left to bridge the ideological and partisan divide before another crisis erupts, the fuse on America’s debt bomb is getting shorter and shorter. As a dysfunctional US government peers into the abyss, China America’s largest foreign creditor has much at stake.
Civilizing the Marketplace of Ideas
by Niall Ferguson of Project Syndicate,
Like any market, the marketplace of ideas needs regulation: in particular, its participants should be bound by norms of honesty, humility, and civility. Unfortunately, even our most influential intellectuals refuse to adhere to these principles.
Results 801–850
of 1,033 found.
