Found 14 article(s) for author 'Global Economy'

China’s Malign Secrecy

China’s Malign Secrecy. Ricardo Hausmann, January 2, 2019, Opinion, “In principle, China’s massive savings, infrastructure know-how, and willingness to lend could be great for developing economies. Alas, as many countries have learned the hard way, Chinese development finance often delivers a corruption-filled sugar high to the economy, followed by a nasty financial (and sometimes political) hangover.Link

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The Crisis Next Time: What We Should Have Learned From 2008

The Crisis Next Time: What We Should Have Learned From 2008. Carmen Reinhart, November/December 2018, Paper, “At the turn of this century, most economists in the developed world believed that major economic disasters were a thing of the past, or at least relegated to volatile emerging markets. Financial systems in rich countries, the thinking went, were too sophisticated to simply collapse. Markets were capable of regulating themselves. Policymakers had tamed the business cycle. Recessions would remain short, shallow, and rare.Link

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Search and Information Frictions on Global E-Commerce Platforms: Evidence from Aliexpress

Search and Information Frictions on Global E-Commerce Platforms: Evidence from Aliexpress. Jie Bai, 2018, Paper, “Global e-commerce platforms provide a promising avenue that connects sellers and buyers from different parts of the world. In this project, we begin by documenting a few new stylized facts about exporter dynamics on global e-commerce platforms using data from Aliexpress. These facts indicate substantial search and information frictions in this market, due to the large number of market participants and significant ex-ante heterogeneity in quality. These imply that initial demand shocks could have a persistent impact on growth and performance can be quite path-dependent.Link

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Challenges Ahead

Challenges Ahead. Ricardo Hausmann, 2018, Book Chapter, “Sovereign debt ratios in advanced and emerging economies have grown to near record highs, while in low-income countries, debt levels have been gradually building since the debt relief of the early 2000s. As global monetary conditions tighten, the burden of debt will grow, and rollover risks will increase. And with a more fragmented creditor base, timely and orderly restructurings may become harder to achieve. This chapter will explore these challenges and consider which policies might enhance crisis prevention and strengthen crisis resolution. It will also consider the extent to which these objectives can be pursued by individual countries, and where multilateral action may be required to improve the international architecture.Link

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What Happens After China Surpasses the U.S. Economy. Bloomberg Opinion Radio

What Happens After China Surpasses the U.S. Economy. Bloomberg Opinion Radio. Noah Feldman, September 7, 2018, Audio, “Hosted by June Grasso. Guests: Sarah Halzack, Bloomberg Opinion columnist: “Nike’s Kaepernick Campaign Is Worth the Risk.” Joe Nocera, Bloomberg Opinion columnist: “Weakened Unions Explain the Lack of Wage Gains.” Daniel Moss, Bloomberg View economics editor and columnist: “What Happens After China Surpasses the U.S. Economy.” Noah Feldman, Professor at Harvard Law and Bloomberg Opinion columnist: “In America, the Press Is Free to Bury the News.” Nathaniel Bullard, energy analyst and Bloomberg View columnist: “Electric Vehicles’ Day Will Come Suddenly.”Link

 

 

 

 

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The WTO has become dysfunctional

The WTO has become dysfunctional. Dani Rodrik, August 5, 2018, Opinion, “How will the world trade regime handle a large, increasingly powerful country such as China that apparently plays globalisation by different rules? This is the question that keeps US and European policymakers awake at night. The fever runs highest in the US, where the Trump administration has blamed China for engaging in economic aggression and has declared trade war in response. The US president’s methods may be frowned upon, but the view that omething has to be done about China’s trade and industrial practices is widespread among mainstream policy elites.Link

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What Do Trade Agreements Really Do?

What Do Trade Agreements Really Do? Dani Rodrik, February 2018, Paper, “As trade agreements have evolved and gone beyond import tariffs and quotas into regulatory rules and harmonization, they have become more difficult to fit into received economic theory. Nevertheless, most economists continue to regard trade agreements such as the Trans Pacific Partnership (TPP) favorably. The default view seems to be that these arrangements get us closer to free trade by reducing transaction costs associated with regulatory differences or explicit protectionism. An alternative perspective is that trade agreements are the result of rent-seeking, self-interested behavior on the part of politically well-connected firms – international banks, pharmaceutical companies, multinational firms.Link

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Trump And China Biggest Risks To Global Economy

Trump And China Biggest Risks To Global Economy. Kenneth Rogoff, January 24, 2018, Video, “The global economy is projected to grow at a stronger pace this year than the last, but that’s not without risks, according to Harvard Economist Kenneth Rogoff. And “one of them is coming to Davos.” The International Monetary Fund recently revised its global growth projections upward for 2018 after nine years of downgrades. But this outlook is subject to risks, he told BloombergQuint on the sidelines of the World Economic Forum at Davos, Switzerland. Besides U.S. President Donald Trump, risks coming in from China and a faster-than-expected pace of policy rate hikes by global central banks could jeopardise the “economic calm”.” Link

 

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Rethinking Macroeconomic Policy: International Economy Issues

Rethinking Macroeconomic Policy: International Economy Issues. Gita Gopinath, October 10, 2017, Paper, “In this paper I make the following ten remarks on the topics of exchange rate policy, capital flow management, protectionism, and global cooperation: 1) The gains to exchange rate flexibility are worse than you think; 2) The ‘Trilemma’ lives on; 3) The U.S. dollar exchange rate drives global trade prices and volumes; 4) Gross capital flows matter as much as net flows, and global banks have internationalized U.S. monetary policy. 5) Emerging markets tilt away from foreign currency to local currency debt reduces their exposure to global risk factors; 6) Low interest rate environments can lead to misallocation of resources and lower productivity; 7) The relationship between global imbalances, reserve accumulation, and currency manipulation is not well identified. 8) Uniform border taxes are not neutral; 9) Trade is not the main driver of earnings inequality, but at the same time policy has failed to address its redistributive consequences. 10) Global coordination of financial regulation is essential alongside country level macroprudential polices. Reserve accumulation and currency swap lines do not substitute for the lender of last resort role of the IMF.” Link

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