The Long and Winding Road to Recovery
Blanchard, Olivier, Vinals, Jose & Cottarelli, Carlo. The global economy has bounced back strongly from the nadir of 2009, but growth is still uneven and recent data in key advanced economies have been disappointing. So where is the global economy headed? To be sure, the recovery was not expected to be smooth: historically, cleaning up […]
What if Greeks Decide They Don’t Want to Be Rescued?
Mattich, Alen. The European Union, European Central Bank and the International Monetary Fund are negotiating hard among themselves about how to structure debt relief for the Greek economy. The latest reports suggest they might have come up with a temporary deal among themselves. But what the EU, ECB and IMF want won’t matter unless they […]
Political institutions and the curse of natural resources
Cabrales, Antonio & Esther, Hauk. The natural-resource curse is now a staple in the development economist’s diet. Natural resources have tended to lead to lower economic growth, except in democratic countries or those with robust institutions. This column presents a political economy model to explain this phenomenon, focusing on the threat of revolutions. There is nothing […]