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The Selected Issues paper investigates options for improving the efficiency of the Italian judicial system and closing the regional performance gap. Better courts would bring about macroeconomic benefits, including increased employment opportunities, and higher productivity, investment, and research and development. The Italian financial system faces several challenges in order to restore profitability under weak growth conditions and to adapt to a changing global environment. This chapter explores ways of improving profitability and the challenges of shifting from a bank-based financial system, common in EU countries, to a more ‘market-based’ system. Along with this shift comes a divers...
As the US and the European Union dealt with the fallout of the 2008 financial crisis, China moved quickly to create the Belt and Road Initiative (BRI) in 2013. The aim was to develop ports, rails, roads and more, in nations around the world. China now has contracts in over 148 countries and provides loans and workers to fulfill these projects, all with hidden agendas. The intent behind the initiative is to economically dominate the world in short time, assuring China’s goal of becoming the most powerful nation in the world. There is a growing mistrust of the BRI in recipient countries, between the elites and the populations at large. To combat the initiative, Europe is hoping to evolve a Global Gateway (GG) and President Biden is calling for a Build Back Better World (B3W) to attract a global network for developing nations with needed funds. Also outlined is the New EU–US sponsored Marshall Plan (NEMP), borrowing the best concepts from the original 1948 Marshall Plan, to assist in combating the statecraft of China.
As the United States and China mark their 40th anniversary of formal diplomatic relations in 2019, the world’s most important bilateral relationship is increasingly defined by mistrust, competition, and uncertainty. After four decades of deepening economic integration, the talk in Washington today is about the extent to which the two economies will “decouple” over the years ahead. We drew on several different academic disciplines to help us model how an economic conflict between the United States and China could escalate and eventually de-escalate. Despite the challenges inherent in modelling economic conflict, our model was validated to a surprising extent by both our simulations and ...
China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins ...
The 2008 financial crisis was the worst since the Great Depression and many voices argued that it would transform global financial governance. But half a decade later, how much has really changed? In The Status Quo Crisis, Helleiner surveys the landscape and argues that continuity has marked global financial governance more than dramatic transformation.
To explore opportunities for greater economic cooperation between the United States and Japan in third countries, the Center for Strategic and International Studies (CSIS) in Washington and the Asia Pacific Initiative (API) in Tokyo embarked on a joint research project using a case-study approach to examine four countries (Myanmar, Vietnam, India, and South Korea) and two institutional arrangements (regional trade architecture and the G7) where the United States and Japan have aligned interests. We found that shared interests and goals of the United States and Japan transcend today’s bilateral trade tensions, and despite China’s growing influence and assertive behavior there nevertheless remains a strong demand in the region for U.S. and Japanese leadership. Washington and Tokyo should therefore work to better coordinate their economic engagement in the region.
Cyprus experienced significant internal and external imbalances owing to the European financial crisis. The oversized and weak banking sector continued to be a threat to the sovereign. Greek debt restructuring, together with loan losses of both Cyprus and Greece, resulted in the two largest banks being declared insolvent. However, the authorities have taken unprecedented steps to address the country’s banking problems. Temporary administrative controls have been taken to preserve financial stability, while the Extended Fund Facility (EFF) arrangement has been aimed to stabilize the financial system and achieve fiscal sustainability.
A comparison of the Great Lockdown of 2020 underway with the Great Recession of 2009, reveals some regularities, yet many differences. Notably, the shock associated with the Great Recession arose out of economy-wide stress, particularly high-income countries, while in direct contrast, the Great Lockdown was borne outside of the global economic system, and seemingly is set to leave most countries severely affected, high and low-income countries alike. Both crises, however, have led to similar impacts to economies throughout the world, with significant contractions to economic growth, economic activity and employment. For global food and agriculture, the Great Recession unfolded as a combinati...
"Veggiesaurus Lex" tells the tale of a dinosaur named "Lex" as she learns why the food that she eats makes her feel sluggish and slow and that eating vegetables will give her that "get up and go."
In June 2008, Justin Yifu Lin was appointed Chief Economist of the World Bank, right before the eruption of the worst global financial and economic crisis since the Great Depression. Drawing on experience from his privileged position, Lin offers unique reflections on the cause of the crisis, why it was so serious and widespread, and its likely evolution. Arguing that conventional theories provide inadequate solutions, he proposes new initiatives for achieving global stability and avoiding the recurrence of similar crises in the future. He suggests that the crisis and the global imbalances both originated with the excess liquidity created by US financial deregulation and loose monetary policy, and recommends the creation of a global Marshall Plan and a new supranational global reserve currency. This thought-provoking book will appeal to academics, graduate students, policy makers, and anyone interested in the global economy.