The impact of the global financial crisis on low-income countries
Berg, Andrew & Spatafora, Nikola. What effect did the global financial crisis have on low-income countries? This column examines data from the last forty years to help place 2007–2009 in perspective. It finds that the global crisis was largely transmitted to low-income countries through external demand shocks that were not tremendously large relative to historical volatility. […]
21st Century Regionalism: Filling the gap between 21st century trade and 20th century trade rules
Baldwin, Richard. The last time multilateral trade rules were updated, Bill Clinton was in his first term of office, data was shared by airmailing 1.4 megabyte HD floppy disks (few people had email), cellphones looked like bricks and calling costs were measured in dollars per minute. Trade mostly meant selling goods made in a factory […]
Οι δέκα αρχές των οικονομικών κατά τον Gregory Mankiw: μια διαφορετική ανάγνωση…(vid.)
Τι κρύβεται πίσω από το κόστος ευκαιρίας; Πόσο, πραγματικά, ευτυχισμένοι είμαστε όταν επιλέγουμε την κατανάλωση ενός αγαθού έναντι ενός άλλου; Επιλέγουμε, πάντα, τα αγαθά που καταναλώνουμε με κριτήριο την οριακή χρησιμότητα; Υπάρχει περίπτωση η συμπεριφορά μας να μην επηρεάζεται από κίνητρα; Αν το εμπόριο βελτιώνει την ευημερία μας και ο μηχανισμός της αγοράς είναι αρκετός […]
Hobble and Muddle
El-Erian, Mohamed. Colleagues from around the world recently gathered at PIMCO’s headquarters in California for our annual Secular Forum, when we leave behind high-frequency issues for a few days and, instead, debate what the next 3-5 years hold for the global economy. The perspective is global, informed by the insights of outside speakers, and the […]
Some Simple Deficit Reduction Arithmetic
Mansouri, Kash. Here’s a short lesson about something that every policy-maker should have learned in Macro 101, but apparently has been forgotten by many of them. Suppose we are in a country that is running a large budget deficit but, for whatever reason, decides that it needs to dramatically reduce it. Take your pick of […]
More Inflation or More Revaluation
Lora, Eduardo & Powell, Andrew. In the wake of the international price shock, Latin American economies are between a rock and a hard place. In January of this year, international food prices surpassed the mid-2008 peak with similar consequences: popular revolts in undemocratic countries, and many speeches but few concrete actions in developed countries. In Latin […]
Economists and Democracy
Rodriκ, Dani. I have been presenting my new book The Globalization Paradox to different groups of late. By now I am used to all types of comments from the audience. But at a recent book-launch event, the economist assigned to discuss the book surprised me with an unexpected criticism. “Rodrik wants to make the world […]
Φρίντριχ Χάγιεκ vs.Τζων Μέυναρντ Κέυνς (Ι): ένα τραγούδι για την κρίση (vid.)
Φαντάζεστε να ζούσαν ο Φρίντριχ Χάγιεκ και ο Τζων Μέυναρντ Κέυνς και να αντιπαρατίθενταν για την τρέχουσα οικονομική κρίση, τα αίτια και τους μηχανισμούς και τις πολιτικές εξόδου από αυτήν; Ποιός νομίζετε ότι θα ήταν ο νικητής; Θα υπήρχε άραγε νικητής; Πηγή: http://econstories.tv/
Φρίντριχ Χάγιεκ vs.Τζων Μέυναρντ Κέυνς (ΙΙ): ένα τραγούδι για τους κύκλους (vid.)
Φαντάζεστε, λίγο πριν από ένα συνέδριο με θέμα την οικονομική κρίση, ο Φρίντριχ Χάγιεκ και ο Τζων Μέυναρντ Κέυνς να έβγαιναν για ένα ποτό και να συζητούσαν, ή μάλλον, να τραγουδούσαν για τα αίτια του οικονομικού κύκλου στις σύγχρονες οικονομίες; Η συνέχεια στις οθόνες σας… Πηγή: http://econstories.tv/
The illusion of bank capital
Zamil, Raihan. How much capital should banks hold to cover their risk? This column argues that the preoccupation with capital rules misses a more fundamental concern. No amount of feasible regulatory capital can be an appropriate substitute for robust asset selection and valuation standards of banks. How much capital should banks hold to cover their […]