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Economic growth, inflation, and interest rates have declined in Asia, just as they have in the United States and Europe. This volume explores the relevance to several Asian economies of the diagnosis known as “secular stagnation.” Leading experts on the region discuss the fiscal and monetary policy challenges of reviving growth without generating domestic financial imbalances. The essays on innovation, demographics, spillovers, and various policy proposals are accompanied by case studies focusing on Japan, South Korea, China, India, and Indonesia.
Offering a comprehensive guide to financial shocks and crises, this book explores their increasing occurrence in current market economies, as well as their power to wrench the macroeconomy. The book discusses three critical questions: what causes financial shocks; which channels may exacerbate their impact; and what policies could help avoid them or limit their negative effect on the economy and society at large.
Since the global financial crisis in 2008, economics has dominated the news agenda, with issues such as migration, growth, trade and unemployment remaining hotly debated in the media. How to Report Economic News is an accessible introduction to our contemporary economic landscape and journalistic approaches to economic news coverage. Nicola Walton, an experienced financial journalist, presents a comprehensive guide to important economic indicators and how to report on them, as well as giving advice on identifying essential facts needed for any economic news story. The author also offers useful tips on journalistic writing that can help ensure articles are written clearly, concisely and with ...
China's extraordinarily rapid economic growth since 1978, driven by market-oriented reforms, has set world records and continued unabated, despite predictions of an inevitable slowdown. In The State Strikes Back: The End of Economic Reform in China?, renowned China scholar Nicholas R. Lardy argues that China's future growth prospects could be equally bright but are shadowed by the specter of resurgent state dominance, which has begun to diminish the vital role of the market and private firms in China's economy. Lardy's book arrives in timely fashion as a sequel to his pathbreaking Markets over Mao: The Rise of Private Business in China, published by PIIE in 2014. This book mobilizes new data...
Chapter 7 WILL REVAMPED FINANCIAL REGULATIONS WORK? -- Upgrading the Basel Rules -- Moving Toward a Euro Area Banking Union -- Taming the US Shadow Banks -- Charting the Post-Crisis Changes in the Financial System -- The Road Ahead -- Chapter 8 MAKING MACROECONOMICS MORE RELEVANT -- The Way We Were -- Expanding the Focus of Macroeconomics -- Strengthening Domestic Policy Cooperation -- A More Inclusive Approach to Macroeconomic Theory -- Toward a More Encompassing View of Macroeconomics -- Chapter 9 WHITHER EMU? -- The Institutional Response to the Euro Area Crisis -- What Makes a Good Currency Union? -- How Fast Is EMU Integrating? -- The Future of EMU -- FINAL THOUGHTS -- NOTES -- REFERENCES -- INDEX
This is an open access title available under the terms of a [CC BY 3.0 IGO] License. It is free to read, download and share on Elgaronline.com. Asia has shown the world what success in economic development looks like. From the amazing transformations of Japan, the Republic of Korea, and the other ‘tigers’ in the early 70s, to the more recent takeoffs of the People’s Republic of China (PRC), India, and the leading economies in Southeast Asia, the region has prospered at a startling pace. Technologies were adopted, productivity raised, and export markets conquered. Billions were lifted out of poverty. What was once a backwater is now a global engine of growth.
An incisive analysis of the state of the global economy and what the future holds. Surrounded by sluggish growth, high rates of unemployment, rising inequality, growing financial instability and increased social tensions, pessimism about our future abounds. Dr. Mohamed A. El-Erian, one of the world's most influential economic thinkers, explains lucidly the realities of the economic choices that we will soon face. The path that the global economy and markets are on is ending. But what comes thereafter is far from predestined. It critically depends on choices that we make as households and companies, and decisions that our political representatives take. The Only Game in Town details how the w...
This book clarifies the misconceptions and misinterpretations of the Chinese Path through historical and market logic. The author begins with a historical review of Chinese institutions from their cultural origins to their modern connotations: Chinese regard unity over individualism; Chinese are more cooperative, intrapersonal and defensive than competitive, invasive and expansive. The market economy is another factor that emphasizes the importance of a peaceful environment and stable system of international institutions so as to achieve sustainable development in China. In closing, the author provides an outlook on the role and responsibility of China as a great power towards developed countries, neighbors, new economic groups and developing countries. China’s development means much to the world.
‘I am 29 years old. I was born just before the Kyoto Protocol was signed, and since then global mean temperatures have risen by an estimated 0.2°C per decade . . . in my lifetime I am likely to experience a world that is 2°C warmer, perhaps as much as 4°C, and has more droughts, fires and floods.’ Sylvia Nissen Climate crisis is upon us. By choice or necessity, New Zealand will transition to a low-emissions future. But can this revolution be careful? Can it be attentive to the disruptions it inevitably creates? Or will carefulness simply delay and dilute the changes that future people require of us? This timely collection brings together eleven authors to explore the politics and practicalities of the low-emissions transition, touching on issues of justice, tikanga, trade-offs, finance, futurism, adaptation, and more.
This paper explores the catalytic impact of IMF lending to Low-Income Countries on Official Development Assistance (ODA) during 1990-2019. It disentangles the effect on the amounts of ODA on countries’ participation in IMF programs (“extensive margin”) and the size of the IMF-supported program (“intensive margin”). To address selection biases, we rely on the interaction of past IMF program participation and IMF liquidity as an instrument for program participation and employ the review of access limits as an instrument for the size of disbursements. We document that a one percentage point (pp) of GDP increase in IMF disbursements catalyzes additional ODA of 2.7 pp of GDP. In addition, we find that IMF disbursements catalyze ODA mostly from multilateral donors (1.3 pp of GDP) and to lesser extent from traditional bilateral donors (0.6 pp of GDP). Among multilateral donors, the strongest effect is on World Bank disbursements, followed by the EU. Finally, we document that catalytic effects on ODA have decreasing returns to large IMF disbursement amounts.