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Results 751–800
of 1,033 found.
The Politics of Economic Stupidity
by Joseph Stiglitz of Project Syndicate,
In 2014, the world economy remained stuck in the same rut that it has been in since emerging from the 2008 global financial crisis. But we know how to escape our current malaise, which suggests that the big problem facing the world in 2015 is political, not economic.
A New Ceiling for Oil Prices
Most analysts still view $50 as a floor for the price of oil ? or even a springboard. But, though the futures market suggests expectations of a fairly quick rebound to $70 or $80, economics and history suggest that today?s price should be viewed as a probable ceiling for a much lower trading range.
Bracing for Stagnation
by Raghuram Rajan of Project Syndicate,
As 2015 begins, the global economy remains weak. With few signs that this year will bring any improvement, policymakers would be wise to understand the factors underlying the global economy?s anemic performance and the implications of continued feebleness.
What Are We Betting On?
The world has collectively placed a huge bet on three fundamental outcomes: a shift toward more inclusive global growth, the avoidance of policy mistakes, and the prevention of market accidents. But all three developments are highly uncertain ? and bets on them are exceedingly risky.
Europe at War
by George Soros of Project Syndicate,
Assisting Ukraine to defend itself against Russian aggression would have a stimulative effect not only on Ukraine, but also on Europe. That is why the EU ought to be even more committed to helping Ukraine than it is to imposing sanctions on Russia.
Europe?s Lapse of Reason
by Joseph Stiglitz of Project Syndicate,
If Europe does not change its ways ? if it does not reform the eurozone and repeal austerity ? a popular backlash will become inevitable. Though Greece may stay the course following its early election later this month, democracy will not permit the economic madness to continue.
Paul Krugman and the Obama Recovery
by Jeffrey Sachs of Project Syndicate,
The Nobel laureate economist is a great economic theorist and a great polemicist. But he should replace his polemical hat with his analytical one and reflect more deeply on recent experience: rather than throwing the US back into recession, deficit reduction has been accompanied by recovery, job creation, and lower unemployment.
Stability and Prosperity in Monetary Union
by Mario Draghi of Project Syndicate,
There is a common misconception that the eurozone is a monetary union without a political union. In fact, monetary union is possible only because of the substantial integration already achieved among European Union countries and sharing a single currency deepens that integration.
Do Economic Sanctions Work?
by Kenneth Rogoff of Project Syndicate,
With Western economic sanctions against Russia, Iran, and Cuba in the news, it is a good time to take stock of the debate on just how well such measures work. The short answer is that economic sanctions usually have only modest effects, even if they can be an essential means of demonstrating moral resolve.
Where Will All the Workers Go?
by Nouriel Roubini of Project Syndicate,
In the years ahead, technological improvements in robotics and automation will boost productivity and efficiency, implying significant economic gains for companies. Yet, unless the proper policies to nurture job growth are put in place, it remains uncertain whether demand for labor will continue to grow as technology marches forward.
The Fed Sets Another Trap
by Stephen Roach of Project Syndicate,
The US Federal Reserve is headed down a familiar and highly dangerous path. Steeped in denial over its past mistakes, the Fed is pursuing the same incremental policy approach that helped set the stage for the financial crisis of 2008-2009.
Inequality and the American Child
by Joseph Stiglitz of Project Syndicate,
Though an average American childhood may not be the worst in the world, the disparity between the country's wealth and the condition of its children is unparalleled. And, without compensatory measures, unequal opportunities translate into unequal lifelong outcomes by the time children reach the age of five.
A Year of Divergence
In the coming year, the global economy will be characterized by widening discrepancies in economic growth and policies. As these divergences become increasingly difficult to reconcile, policymakers will either have to overcome the obstacles that have so far impeded effective action or allow their economies to become destabilized.
Can Japan Reboot?
by Kenneth Rogoff of Project Syndicate,
Shinzo Abes recent policy decisions to increase monetary stimulus dramatically, to postpone a consumption-tax increase, and to call a snap election in mid-December have returned Japan to the forefront of an intense policy debate. The question is simple: How can aging advanced economies revive growth after a financial crisis?
The Return of Currency Wars
by Nouriel Roubini of Project Syndicate,
The recent decision by the Bank of Japan to increase the scope of its quantitative easing is a signal that another round of currency wars may be under way. The cause of the latest currency turmoil is clear: In an environment of public and private deleveraging, monetary policy has become the only available tool to boost demand.
Chinas Monetary-Policy Surprise
by Stephen Roach of Project Syndicate,
In economic policy, as in most other areas, actions speak louder than words. By cutting its policy benchmark interest rates, the Peoples Bank of China has underscored the tactical focus of Chinese governments stabilization policy: it aims to set a floor of around 7% on GDP growth.
Ebola and Inequality
by Joseph Stiglitz of Project Syndicate,
The Ebola crisis reminds us, once again, of the downside of globalization. And, though governments may not do a perfect job in addressing such crises, one of the reasons that they have not done as well as we would hope is that we have underfunded the relevant agencies at the national and global level.
Celebrity Central Bankers
by Kenneth Rogoff of Project Syndicate,
Major central banks growth and inflation forecasts in the years since the financial crisis have consistently overestimated both growth and inflation and by wide margins. So why do the comments of major economies central bankers command outsize attention?
The Single-Engine Global Economy
by Nouriel Roubini of Project Syndicate,
The global economy is like a jetliner that needs all of its engines operational to take off and steer clear of clouds and storms. Unfortunately, only one of its four engines is functioning properly, the pilots must navigate menacing storm clouds, and fights are breaking out among the passengers.
Last Chance for Japan?
by Stephen Roach of Project Syndicate,
Notwithstanding all of the fanfare surrounding Abenomics, Japans economy remains moribund. But if Japan pays greater attention to likely shifts in the Chinese and US economies, it could be one the greatest beneficiaries of their coming rebalancing.
The Inequality Trifecta
Perhaps the most striking disconnect at the annual IMF/World Bank meetings was the disparity between participants’ interest in discussions of inequality and the ongoing lack of a formal action plan for governments to address it. This represents a profound failure of policy imagination – one that must urgently be addressed.
Venezuelas Spectacular Underperformance
Venezuela is a major oil-exporting economy that is so badly mismanaged that real (inflation-adjusted) per capita GDP today is 2% lower than it was in 1970, despite a ten-fold increase in oil prices. Perhaps that is why its president is lashing out at academics who have the temerity to point that out.
The Age of Vulnerability
by Joseph Stiglitz of Project Syndicate,
While many countries succeeded in moving people out of poverty, the welfare of a growing number is precarious. An economic system that fails to deliver gains for most of its citizens, and in which a rising share of the population faces increasing insecurity, is, in a fundamental sense, a failed economic system.
China’s Inscrutable Contraction
by Kenneth Rogoff of Project Syndicate,
As China shifts to a more domestic-demand driven, services-oriented economy, a transition to slower trend growth is both inevitable and desirable. But the challenges are immense, and no one should take a soft landing for granted.
Debeaking the Vultures
In the midst of the ongoing dispute between Argentina and the vulture funds that hold its bonds, a broad consensus has emerged concerning the need for sovereign-debt restructuring mechanisms. Otherwise, US court rulings in the vultures' favor will give free rein to those who would sabotage future restructurings.
Markets’ Rational Complacency
by Nouriel Roubini of Project Syndicate,
A century ago, financial markets priced in a very low probability that a major conflict would occur, blissfully ignoring the risks that led to World War I until late in the summer of 1914. Back then, markets were poor at correctly pricing low-probability, high-impact tail risks; they still are.
The Fed Trap
by Stephen Roach of Project Syndicate,
The US Federal Reserve is grappling with the disparity between its unconventional policy's success in preventing economic disaster and its failure to foster a robust recovery. Given that this disconnect has fueled financial-market excesses, the exit will be all the more problematic especially for the market-fixated Fed.
Europes Austerity Zombies
by Joseph Stiglitz of Project Syndicate,
If the facts dont fit the theory, change the theory, goes the old adage. But too often it is easier to keep the theory and change the facts or so German Chancellor Angela Merkel and other pro-austerity European leaders appear to believe.
Parallels to 1937
by Robert Shiller of Project Syndicate,
The depression that followed the 1929 stock-market crash took a turn for the worse eight years later, and recovery came only with the enormous economic stimulus provided by World War II, a conflict that cost more than 60 million lives. The global situation today is not nearly so dire, but there are parallels, particularly to 1937.
The Exaggerated Death of Inflation
by Kenneth Rogoff of Project Syndicate,
Modern central banking has worked wonders to bring down inflation. Ultimately, however, a central banks anti-inflation policies can work only within the context of a macroeconomic and political framework that is consistent with price stability.
Democracy in the Twenty-First Century
by Joseph Stiglitz of Project Syndicate,
The economist Thomas Pikettys forecast of still higher levels of inequality does not reflect the inexorable laws of economics. Indeed, the main question today is not really about capital in the twenty-first century; it is about democracy in the twenty-first century.
Abenomics, European Style
by Nouriel Roubini of Project Syndicate,
Two years ago, Shinzo Abes election as Japans prime minister led to the advent of Abenomics, a three-part plan to rescue the economy from a treadmill of stagnation and deflation. It now appears that the European Central Bank has a similar plan in store for the eurozone.
Washington Recaptured
by Simon Johnson of Project Syndicate,
Two hundred years ago, Washington DC was captured by the British who then set fire to official buildings, including the White House, Treasury Department, and Congress. Today, it is a domestic interest group very large banks that has captured Washington, and the costs are likely to be far higher than they were in 1814.
The Stall-Speed Syndrome
by Stephen Roach of Project Syndicate,
As tempting as it may be to attribute developed economies' latest growth slowdown to idiosyncratic factors, weakening performance in the US, Europe, and Japan is not so easily dismissed. In all of these cases, the post-recession rebound has not been nearly large enough to alter the sluggish underlying trend.
The Fragmentation of Bretton Woods
In recent years, political support for economic multilateralism has eroded, undermining the effectiveness of the Bretton Woods institutions and disrupting the international monetary system. This is not only hampering the global economys ability to meet its potential; it is also contributing to geopolitical insecurity.
A Tear for Argentina
by Kenneth Rogoff of Project Syndicate,
Argentinas latest default poses unsettling questions for policymakers. Though the countrys periodic debt crises are often the result of self-destructive macroeconomic policies, the default has been triggered this time by a significant shift in the international sovereign-debt regime.
Russias Eurasian Vision
by Nouriel Roubini of Project Syndicate,
The escalating conflict in Ukraine between the Western-backed government and Russian-backed separatists has focused attention on the Kremlins long-term objectives. Though Russian President Vladimir Putins immediate goal may have been limited to retaining some influence in Ukrainian affairs, his longer-term ambition is much bolder.
The Sino-American Trust Deficit
by Stephen Roach of Project Syndicate,
The recently concluded Strategic and Economic Dialogue between the US and China was a major disappointment. Most significant, it failed to address an increasingly corrosive trust deficit that poses the most serious threat to Sino-American relations in 25 years.
Booming Until It Hurts?
by Robert Shiller of Project Syndicate,
In recent months, concern has intensified among the worlds financial experts and news media that overheated asset markets real estate, equities, and long-term bonds could lead to a major correction and another economic crisis. The general public seems unbothered, but the experts' concern is healthy.
The Three-Track Middle East
Rather than achieving internal convergence, the Middle East is now following at least three distinct paths, and already-large differences will persist and grow for a number of years to come. The main question is what will become of countries like Egypt, which can end up following the path of Syria or of the UAE.
Gouging the Gauchos
by Nouriel Roubini of Project Syndicate,
Like individuals and private firms that rely on bankruptcy procedures to reduce an excessive debt burden, countries sometimes need orderly debt restructuring or reduction. But the ongoing legal saga of Argentinas fight with holdout creditors shows that the international system for orderly sovereign-debt restructuring may be broken.
Results 751–800
of 1,033 found.
