Reflections on the new ‘Secular Stagnation hypothesis’
Lawrence Summers. The notion that Europe and other advanced economies are suffering secular stagnation is gaining traction. This column by Larry Summers – first published in the Vox eBook “Secular Stagnation: Facts, Causes and Cures” – explains the idea. It argues that a decline in the full-employment real interest rate coupled with low inflation could […]
Regulating capital flows at both ends
Atish R Ghosh, Mahvash Saeed Qureshi, Naotaka Sugawara. Capital flows to emerging markets have been very volatile since the global financial crisis. This has kindled debates on whether – and how – to better manage cross-border capital flows. In this column, the authors examine the role of capital account restrictions in both source and recipient […]