Global Implications of the United States Trade Deficit Adjustment
... No country can run a large external deficit forever. As mentioned earlier, empirical studies have shown that among the OECD economies, a reversal usually occurs when current-account deficits reach about 5 per cent of GDP. Therefore, at about 4.5 per cent of GDP, many economists believe that the U.S. ...
... No country can run a large external deficit forever. As mentioned earlier, empirical studies have shown that among the OECD economies, a reversal usually occurs when current-account deficits reach about 5 per cent of GDP. Therefore, at about 4.5 per cent of GDP, many economists believe that the U.S. ...
banking crises
... raise the real value of external debt - sharp currency depreciations can lead to financial crises ...
... raise the real value of external debt - sharp currency depreciations can lead to financial crises ...
Transcultural Entanglements and Global Perspectives in the Pre
... history in general. Many of the papers pursued something like ‘transcultural conceptual history,’ most explicitly those of Höfert, Gruendler, Sorabji, and Wang, and it is here that the need for and promise of interdisciplinary and international cooperation became most apparent. The limitations of a ...
... history in general. Many of the papers pursued something like ‘transcultural conceptual history,’ most explicitly those of Höfert, Gruendler, Sorabji, and Wang, and it is here that the need for and promise of interdisciplinary and international cooperation became most apparent. The limitations of a ...
US: thinking about the next US recession - 1
... recessions of 1949, 1969-1970, and 1990-1991. In fact, monetary policy has by far been the most important cause of US recessions since 1945. And this was under normal circumstances, without nearzero policy rates and an excessive central balance sheet. In the current circumstances monetary policy mis ...
... recessions of 1949, 1969-1970, and 1990-1991. In fact, monetary policy has by far been the most important cause of US recessions since 1945. And this was under normal circumstances, without nearzero policy rates and an excessive central balance sheet. In the current circumstances monetary policy mis ...
directorate general economics
... Classical theory maintains that government should not interfere with the interaction between economic agents, because this would lead to a sub-optimal allocation of resources. This approach may apply also to situations of heightened uncertainty, to the extent that sooner or later the economy is expe ...
... Classical theory maintains that government should not interfere with the interaction between economic agents, because this would lead to a sub-optimal allocation of resources. This approach may apply also to situations of heightened uncertainty, to the extent that sooner or later the economy is expe ...
What does it imply for commodity markets?
... Russian Federation, and South Africa), four slowed or even contracted in 2015. China’s economy continued to slow, and its rebalancing away from commodityintensive activities toward services has weighed on global trade and commodity prices. Brazil and Russia, two large commodity exporters, are in dee ...
... Russian Federation, and South Africa), four slowed or even contracted in 2015. China’s economy continued to slow, and its rebalancing away from commodityintensive activities toward services has weighed on global trade and commodity prices. Brazil and Russia, two large commodity exporters, are in dee ...
PDF
... by these pejoratives is market liberalism, and this is the term that will be used in this chapter. Market liberalism created the preconditions for the Global Financial Crisis (GFC) and, repackaged as ‘austerity’, ensured that the crisis became a sustained depression engulfing most of the developed w ...
... by these pejoratives is market liberalism, and this is the term that will be used in this chapter. Market liberalism created the preconditions for the Global Financial Crisis (GFC) and, repackaged as ‘austerity’, ensured that the crisis became a sustained depression engulfing most of the developed w ...
China and the Global Economy: The Persistence of Export
... dollar assets in an attempt to keep the domestic exchange rate from appreciating, they looked for a little extra return. Being conservative, they had to invest their dollars in debt, and the implicit protection that Fannie and Freddie’s [the two big quasi-public housing finance agencies in the US] d ...
... dollar assets in an attempt to keep the domestic exchange rate from appreciating, they looked for a little extra return. Being conservative, they had to invest their dollars in debt, and the implicit protection that Fannie and Freddie’s [the two big quasi-public housing finance agencies in the US] d ...
New Growth Models: Challenges and steps to achieving patterns of
... assets where the core principal is that income from the endowment should not decrease its real value over time. In other terms, it is an investment model with a long time horizon and a zero or very low discount rate. Our purpose as a Council is modest in relation to these large challenges. It is to ...
... assets where the core principal is that income from the endowment should not decrease its real value over time. In other terms, it is an investment model with a long time horizon and a zero or very low discount rate. Our purpose as a Council is modest in relation to these large challenges. It is to ...
QETA CALENDAR 2014
... into crisis. Meanwhile, the World Bank's figures show one of the world's lowest fertility rates of 1.39 births per woman, leading to rapid population decline. Rising health and pension costs will inevitably pile more pressure onto the indebted state.. Read more ▶ World Economy Should the G20 have a ...
... into crisis. Meanwhile, the World Bank's figures show one of the world's lowest fertility rates of 1.39 births per woman, leading to rapid population decline. Rising health and pension costs will inevitably pile more pressure onto the indebted state.. Read more ▶ World Economy Should the G20 have a ...
View/Open
... (although building material prices increased, food, clothing, transportation, household durable prices remained relatively flat over the 1990 - 2008 period). The growth in countries' net saving surplus-deficit coincided with an increased globalization of world capital markets and growth in gross glo ...
... (although building material prices increased, food, clothing, transportation, household durable prices remained relatively flat over the 1990 - 2008 period). The growth in countries' net saving surplus-deficit coincided with an increased globalization of world capital markets and growth in gross glo ...
The Economic Crisis and Contemporary Capitalism Prabhat Patnaik
... called it. An initial rise in asset prices gives rise to expectations of a further rise, which makes wealth-holders demand more of the asset and hence causes an actual further increase. And so the process goes on creating a speculative bubble. Of course the decision to demand more of an asset depend ...
... called it. An initial rise in asset prices gives rise to expectations of a further rise, which makes wealth-holders demand more of the asset and hence causes an actual further increase. And so the process goes on creating a speculative bubble. Of course the decision to demand more of an asset depend ...
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Number [XX] , 01 January 2006
... Increasing deflationary risks in the south eurozone is especially relevant for the ECB policy outlook. The combination of high debts, low real growth and deflation will make it very hard to rebalance these economies. Spain already surprised by dipping into deflationary territory in the latest readin ...
... Increasing deflationary risks in the south eurozone is especially relevant for the ECB policy outlook. The combination of high debts, low real growth and deflation will make it very hard to rebalance these economies. Spain already surprised by dipping into deflationary territory in the latest readin ...
The economics Queen has soured (It is time to Change)
... of the physical universe, whose properties it imported into rational choice. Economics emulated the mathematical methods of optimization and equilibrium behavior and overarched these methods between microeconomics and macroeconomics in the areas of economic growth, public choice theory and rational ...
... of the physical universe, whose properties it imported into rational choice. Economics emulated the mathematical methods of optimization and equilibrium behavior and overarched these methods between microeconomics and macroeconomics in the areas of economic growth, public choice theory and rational ...
[email protected]
... The estimation results for the indicators and selected sub-periods are presented in Table 1. In this table those meetings of the FOMC in which a decision to change the target rate have been considered as a shock or an observation. Thus, we have 64 observations. The sub-periods have been delineated b ...
... The estimation results for the indicators and selected sub-periods are presented in Table 1. In this table those meetings of the FOMC in which a decision to change the target rate have been considered as a shock or an observation. Thus, we have 64 observations. The sub-periods have been delineated b ...
UNIVERSITY OF VERMONT DEPARTMENT OF ECONOMICS
... Macroeconomics examines the behavior of the economy as a whole – at the national level. Today’s economic climate underscores the relevance of studying macroeconomics. High unemployment in the US and in other countries, debates about deficits and debt, rising inequality, and ecological degradation al ...
... Macroeconomics examines the behavior of the economy as a whole – at the national level. Today’s economic climate underscores the relevance of studying macroeconomics. High unemployment in the US and in other countries, debates about deficits and debt, rising inequality, and ecological degradation al ...
Book Reviews
... years, a remarkable achievement given the normal tendency of government to expand. Wessel also makes the assertion that “when Reagan turned the presidency over to George H. W. Bush, the deficit was 2.8 percent of GDP—and rising.” This is laughably wrong, as he could have ascertained by looking at th ...
... years, a remarkable achievement given the normal tendency of government to expand. Wessel also makes the assertion that “when Reagan turned the presidency over to George H. W. Bush, the deficit was 2.8 percent of GDP—and rising.” This is laughably wrong, as he could have ascertained by looking at th ...
NBER WORKING PAPER SERIES STABILIZATION POLICIES IN THE WORLD ECONOMY: Jeffrey Sachs
... materials inputs after 1970, following two decades of falling real input prices. The oil price increases (in 1973-74, 1979-80) were the most stunning, hut by no ...
... materials inputs after 1970, following two decades of falling real input prices. The oil price increases (in 1973-74, 1979-80) were the most stunning, hut by no ...
Trends and Leadership Challenges in the Evolution of the Global
... Unsurprisingly, China and emerging economies are mainly responsible for the increase in global trade. As a whole, South America recorded the highest increase in exports performance, with an annual 10 percent in the period 2005-2011. Led by a labour-intensive manufacturing sector for export markets ( ...
... Unsurprisingly, China and emerging economies are mainly responsible for the increase in global trade. As a whole, South America recorded the highest increase in exports performance, with an annual 10 percent in the period 2005-2011. Led by a labour-intensive manufacturing sector for export markets ( ...
THE POLITICAL ECONOMY OF GLOBAL ECONOMIC DISGOVERNANCE Luiz Carlos Bresser-Pereira
... made by Keynes. The fact, however, is that we witnessed its demise in 1971, when the dollar floated. Since then, country after country, with the exception of some Asian economies, liberalized in several degrees their international flows and engaged in some sort of exchange rate floating. With the fl ...
... made by Keynes. The fact, however, is that we witnessed its demise in 1971, when the dollar floated. Since then, country after country, with the exception of some Asian economies, liberalized in several degrees their international flows and engaged in some sort of exchange rate floating. With the fl ...
Global Imbalances, Peak Oil, and the Next Global Economic Crisis
... As the US households and corporations increase savings to repair their balance sheets, if the US were to keep running large current account deficits, the US government sector would have to run very large deficits. If the US current account deficit returns to about 5 percent of GDP and the US private ...
... As the US households and corporations increase savings to repair their balance sheets, if the US were to keep running large current account deficits, the US government sector would have to run very large deficits. If the US current account deficit returns to about 5 percent of GDP and the US private ...
PDF Download
... “dynamic inconsistency,” in which economic agents could not believe that the government and policy makers would adopt consistent policy-making attitudes in the future. It is said that asset prices (as of 2003) may not yet have hit bottom 14 years after the beginning of their steep fall. One reason f ...
... “dynamic inconsistency,” in which economic agents could not believe that the government and policy makers would adopt consistent policy-making attitudes in the future. It is said that asset prices (as of 2003) may not yet have hit bottom 14 years after the beginning of their steep fall. One reason f ...
What Priorities and Strategy Should the G-20 Adopt for
... growth between 1880-2005 based on 5 sub-periods. They show that Turkey’s GDP per capita has fluctuated around a value of 25% of Western Europe + US levels during this period. They note that that there are also three “puzzles” for Turkey’s ...
... growth between 1880-2005 based on 5 sub-periods. They show that Turkey’s GDP per capita has fluctuated around a value of 25% of Western Europe + US levels during this period. They note that that there are also three “puzzles” for Turkey’s ...
Rational and Irrational Bubbles
... In the light of recent experience, it should not require much effort to convince yourself that it takes considerable time, years, to establish that a productivity change is permanent, longer still to be confident whether the change is a one-time change in level, distributed over time, or a permanent ...
... In the light of recent experience, it should not require much effort to convince yourself that it takes considerable time, years, to establish that a productivity change is permanent, longer still to be confident whether the change is a one-time change in level, distributed over time, or a permanent ...
Nouriel Roubini
Nouriel Roubini (born March 29, 1958) is an American economist. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics, an economic consultancy firm.The child of Iranian Jews, he was born in Turkey and grew up in Italy. After receiving a BA in political economics at Bocconi University, Milan and a doctorate in international economics at Harvard University, he became an academic at Yale and a practising economist at the International Monetary Fund (IMF), the Federal Reserve, World Bank, and Bank of Israel. Much of his early research focused on emerging markets. During the administration of President Bill Clinton, he was a senior economist for the Council of Economic Advisers, later moving to the United States Treasury Department as a senior adviser to Timothy Geithner, who in 2009 became Treasury Secretary.