A Questionable Axiom Of Austerity
Dalton, Matthew. One of the most important stories of the European debt crisis is the worse-than-expected damage that austerity has inflicted on the Greek economy. Because economies around the European Union are taking less potent versions of the medicine prescribed for Greece, the missteps there offer some insight into what can be expected as austerity […]
The renminbi’s prospects as a global reserve currency
Prasad, Eswar. Is China’s currency destined to become the dominant global reserve currency? This column argues that despite not yet having a flexible exchange rate or open capital account, China’s government is pursuing ‘liberalisation with Chinese characteristics’. It argues that the renminbi will become a reserve currency within the next decade, eroding but not displacing […]
From Argentina to Athens?
El-Erian, Mohamed. Let me set the scene: an increasingly discredited economic policy approach gives rise to growing domestic social and political opposition, street protests and violence, disagreements among official creditors, and mounting concerns among private creditors about a disorderly default. In the midst of all of this, national leaders commit to more of the same […]