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Results 901–950
of 1,033 found.
What is Italy Saying?
by Joseph Stiglitz of Project Syndicate,
The outcome of the Italian elections should send a clear message to Europe's leaders: the austerity policies that they have pursued are being rejected by voters. Indeed, it will take a decade or more to recover the losses that austerity has wrought.
Ten QE Questions
by Nouriel Roubini of Project Syndicate,
Most observers regard unconventional monetary policies such as quantitative easing as necessary to jump-start growth in today's anemic economies. But questions about the effectiveness and risks of such policies have begun to multiply as well.
America's Strategy Vacuum
by Stephen Roach of Project Syndicate,
As the quintessential laissez-faire system, the US outsources strategy to the invisible hand of the market, with the government locked into a reactive approach to unexpected problems. Thus, both monetary and fiscal policy have been focused on cleaning up after a crisis rather than on how to avoid another one.
Complacency in a Leaderless World
by Joseph Stiglitz of Project Syndicate,
In the last 25 years, we have moved from a world dominated by two superpowers to one dominated by one, and now to a leaderless, multi-polar world. While we may talk about the G-7, or G-8, or G-20, the more apt description is G-0. We will have to learn how to live, and thrive, in this new world.
Blaming the Fed
by Kenneth Rogoff of Project Syndicate,
Critics of the Federal Reserve are having a field day with embarrassing revelations of its risk assessments on the eve of the financial crisis. But, while it is legitimate to criticize individual policymakers, their poor judgment does not impugn the entire institution.
China's Last Soft Landing?
by Stephen Roach of Project Syndicate,
On the surface, the Chinese economy's resilience has been impressive the first to recover, as Chinese leaders always want to remind the rest of the world. But, beneath the surface, the economy risks losing its capacity for resilience unless the authorities accelerate the transition to a more consumer-led economy.
Beggar Thy Currency Or Thy Self?
One need not be an economist to figure out that, while all currencies can depreciate against something else (like gold, land, and other real assets), by definition they cannot all depreciate against each other. Yet, when push comes to shove, country after country is being dragged into a negative dynamic of competitive depreciation.
The Economic Fundamentals of 2013
by Nouriel Roubini of Project Syndicate,
The global economy this year will exhibit some similarities with conditions prevailing in 2012 no surprise there. But there will be some important differences, as fiscal austerity spreads to more advanced economies, the risk of a hard landing in China rises, and the threat of war in the Middle East grows.
A Metaphor for Obama
by Robert Shiller of Project Syndicate,
As Barack Obama begins his second presidential term, he needs a simple way to express his vision and policies for the US economy a metaphor around which support for his policies might crystallize, thereby boosting his administration's political effectiveness. So, what makes a successful metaphor work?
A Year on the Brink
by Joseph Stiglitz of Project Syndicate,
The two main surprises in 2012 were the slowdown in emerging markets, which was slightly sharper and more widespread than anticipated, and Europe's embrace of some truly remarkable reforms though still far short of what is needed. Looking to 2013, the biggest global economic risks are there and in the US.
The Political Economy of 2013
Watching America's national leaders scramble in the closing days of 2012 to avoid a "fiscal cliff" that would plunge the economy into recession was yet another illustration of an inconvenient truth: messy politics remains a major driver of global economic developments. This will become even more evident worldwide in 2013.
The Unstarvable Beast
by Kenneth Rogoff of Project Syndicate,
As US President in the 1980's, the conservative icon Ronald Reagan described his approach to fiscal policy as "starve the beast": cutting taxes will eventually force people to accept less government spending. So why has the cost of government not only in the US continued to rise inexorably?
Shinzo Abe's Monetary-Policy Delusions
by Stephen Roach of Project Syndicate,
The politicization of central banking worldwide continues unabated. The resurrection of Shinzo Abe and Japan's Liberal Democratic Party pillars of the political system that has left the Japanese economy mired in two lost decades and counting is just the latest case in point.
Farewell to Inflation Targeting?
In a four-day period in mid-December, three seemingly unrelated developments suggested that modern central banking is in the midst of an historic change. To the extent that this shift gains momentum which appears likely it will affect economic performance, the functioning of markets, and asset-price valuations.
Financial Reform's Breakthrough Year
by Simon Johnson of Project Syndicate,
Although the global financial crisis is now more than four years old, and the Dodd-Frank financial reforms were adopted in the US back in 2010, not much has changed about how Wall Street operates except that the large firms have become bigger and more powerful. But there are reasons to expect real change in 2013.
The Eurozone's Delayed Reckoning
by Nouriel Roubini of Project Syndicate,
The tail risks of a Greek exit from the eurozone or a massive loss of market access in Italy and Spain have been reduced for 2013. But the fundamental crisis of the eurozone has not been resolved, and another year of muddling through could revive these risks in a more virulent form in 2014 and beyond.
Europes Economic War of Attrition
During the war of attrition that followed Egypt's defeat in the June 1967 war with Israel, underlying tensions festered. While the parallels with today's European debt crisis are far from perfect the threat is economic rather than military there is a real sense of no peace and no war.
China's Dream Team
by Stephen Roach of Project Syndicate,
China's recent leadership transition was widely depicted as a triumph for conservative hard-liners and a setback for the cause of reform a characterization that has deepened the gloominess that pervades Western perceptions of China. In fact, nothing could be further from the truth.
America's Fiscal Cliff Dwellers
by Simon Johnson of Project Syndicate,
America's looming "fiscal cliff" is actually more of a "slope," with the full effect of the tax increases and spending cuts felt only gradually. But the choice of words matters, given the hysteria that has been whipped up in recent months, primarily by people who want to decimate America's social-insurance programs.
The Year of Betting Conservatively
by Nouriel Roubini of Project Syndicate,
As consumers, firms, and investors become more cautious and risk-averse, the equity-market rally of the second half of 2012 has crested. And, given the seriousness of the downside risks to growth, the correction could be a bellwether of worse to come for the global economy and financial markets in 2013.
A Man Without a Plan
by Robert Shiller of Project Syndicate,
During the US presidential campaign, Mitt Romney accused Barack Obama of having no "plan to get the economy going." But Romney had no such plan, either, and the electorate was wise to resist the temptation to wishful thinking that his proposals represented.
What's Troubling India?
by Kenneth Rogoff of Project Syndicate,
Just a couple of years ago, India was developing a reputation as an attractive investment location, with heads of state virtually tripping over one another to meet business leaders in Mumbai and pave the way for further trade and investment. Now their interest has faded, along with India's macroeconomic numbers.
The Other Financial Crisis
Two variants of financial crisis are continuing to wreak havoc on Western economies: the sovereign debt crisis, involving governments; and a less visible one at the level of small and medium-size businesses and households. Until both are addressed properly, the West will remain burdened by sluggish growth.
A Europe of Solidarity, Not Only Discipline
by George Soros of Project Syndicate,
The decision at the EU summit in June to form a banking union, and the ECB's commitment to unlimited intervention in the sovereign-bond market, could be a turning point for Europe were these steps reinforced with additional measures. Unfortunately, the EU's unfolding tragedy characteristically feeds on such glimmers of hope.
A New Low for China Bashing
by Stephen Roach of Project Syndicate,
As America's election season nears the finish line, the debate always seems to come unhinged. Nowhere is that more evident than in the fixation on China singled out by both President Barack Obama and his Republican challenger, Mitt Romney, as a major source of pressure bearing down on American workers and their families.
Hard to be Easing
by Nouriel Roubini of Project Syndicate,
The US Federal Reserves third round of quantitative easing, or QE3, has many observers arguing that the effects on risky assets could be greater than in previous rounds. But, despite the Feds commitment to aggressive monetary easing, QE3's effects on the real economy and on US equities could well be smaller and more fleeting.
Monetary Mystification
by Joseph Stiglitz of Project Syndicate,
Central banks on both sides of the Atlantic took extraordinary monetary-policy measures in September, sending stock markets soaring. But politicians and markets in both Europe and America are mistaken if they believe that monetary policy can restore economic growth and boost employment.
King Ludd is Still Dead
by Kenneth Rogoff of Project Syndicate,
Since the dawn of the industrial age, a recurrent fear has been that technological change will spawn mass unemployment. By and large, neoclassical economists' prediction that people would find other jobs, though possibly after a long period of painful adjustment, has been proven correct but for how much longer?
Macro Malpractice
by Stephen Roach of Project Syndicate,
As the global economy has gone from crisis to crisis in recent years, the cure has become part of the disease. In an era of zero interest rates and quantitative easing, untested medicine is being used to treat the wrong ailment, and the patients over-leveraged consumers have been forgotten.
Gaming US Fiscal Reform
The need to address America's fiscal situation has just been magnified by a warning from Moody's that the US could lose its top credit rating if Congress fails to make progress on medium-term fiscal reforms. But why didn't the imposition of a "fiscal cliff" in 2011 succeed in focusing US politicians' minds?
The Narrative Structure of Global Weakening
by Robert Shiller of Project Syndicate,
Recent indications of a weakening global economy have led many people to wonder how pervasive poor economic performance will be in the coming years. A fundamental problem in forecasting nowadays is that the ultimate causes of the slowdown are psychological and sociological, and relate to confidence and changing "animal spirits."
Fiddling at the Fire
by Nouriel Roubini of Project Syndicate,
Worldwide, political leaders are putting off the economic reforms needed to avoid a painful, if not catastrophic, endgame. But, as everyone kicks the can down the road, the can is getting heavier and, in the major emerging markets and advanced economies alike, is quickly approaching a brick wall.
Why Germany Should Lead or Leave
by George Soros of Project Syndicate,
If Europe is to escape its crisis, its leaders must awaken Germany to the misconceptions that are guiding its policies. At this point, that will not happen unless they persuade Germany to make a choice: become a benevolent hegemon or exit the eurozone.
Ending the Financial Arms Race
by Kenneth Rogoff of Project Syndicate,
As finance has become more complicated, regulators have tried to keep up by adopting ever more complicated rules. It is an arms race that underfunded government agencies have no chance to win, which means that it is time to change the nature of the contest.
Mitt Romneys Fair Share
by Joseph Stiglitz of Project Syndicate,
Mitt Romney may not be a tax evader, but he certainly is a tax avoider on a grand scale. But the problem is not just Romney; writ large, his level of tax avoidance makes it difficult to finance the public goods without which a modern economy cannot flourish and weakens the bonds of trust that hold a society together.
Back-to-School Letter to the US Congress
What if members of the US Congress, now returning from their summer recess, were to receive a "back to school" memorandum from concerned citizens? At a minimum, it should call on Congress and the president to converge on a multi-prong, multi-year policy initiative that makes simultaneous advances in six critical areas.
China is Okay
by Stephen Roach of Project Syndicate,
Concern is growing that China's economy could be headed for a hard landing. The Chinese stock market has fallen 20% over the past year, to levels last seen in 2009. Continued softness in recent data from purchasing managers sentiment and industrial output to retail sales and exports has heightened the anxiety. Long the global economy's most powerful engine, China, many now fear, is running out of fuel.
Is Inflation Returning?
Inflation is now low in every industrial country, and the combination of high unemployment and slow GDP growth removes the usual sources of upward pressure on prices. Nevertheless, financial investors are increasingly worried that inflation will eventually begin to rise, owing to the large expansion of commercial bank reserves engineered by the United States Federal Reserve and the European Central Bank (ECB).
Early Retirement for the Eurozone?
by Nouriel Roubini of Project Syndicate,
Germany and the ECB are now relying on the hope that large-scale liquidity will buy time to allow the adjustments needed to restore growth and debt sustainability in the eurozone periphery. But, if a eurozone breakup can only be postponed, delaying the inevitable would merely make the endgame worse much worse.
How Long for Low Rates?
by Kenneth Rogoff of Project Syndicate,
Global investors are apparently willing to accept extraordinarily low interest rates, even though they do not appear to compensate for expected inflation. But, while interest rates could fall still further, over the longer term this situation is not stable and could unwind rapidly.
From Resource Curse to Blessing
by Joseph Stiglitz of Project Syndicate,
New discoveries of natural resources in several African countries including Ghana, Uganda, Tanzania, and Mozambique raise an important question: Will these windfalls be a blessing that brings prosperity and hope, or a political and economic curse, as has been the case in so many countries?
America's Other 30%
by Stephen Roach of Project Syndicate,
Consumption typically accounts for 70% of America's GDP. But the 70% is barely growing, and is unlikely to revive strongly at any point in the foreseeable future, which puts an enormous burden on the other 30% of the US economy to generate any sort of recovery.
America's Constrained Choice
By the time the next US presidential term starts in January 2013, the incumbent will have only limited room for maneuver on economic policy. The real choice concerns the social policies that should accompany a broadly similar set of economic measures; and, here, the differences between the candidates are highly consequential.
Bubbles without Markets
by Robert Shiller of Project Syndicate,
A speculative bubble is a social epidemic whose contagion is mediated by price movements. The speculative bubbles in the housing, equity, and commodity markets that preceded and accompanied the current global financial crisis are also its ultimate cause. But, before we conclude that we should rein in the markets, we need to consider the alternative.
American Pie in the Sky
by Nouriel Roubini of Project Syndicate,
For the last three years, the consensus has been that the US economy was on the verge of a robust and self-sustaining recovery that would restore above-potential growth. That turned out to be wrong, as a painful process of balance-sheet deleveraging implies that the recovery will remain, at best, below-trend for many years to come.
Results 901–950
of 1,033 found.
