Economics & Convergence Archives

Economics & Convergence

The Hidden Titan: Why the American Rail Network is the Unsung Engine of Global Commerce

While attention often centres on congested highways and crowded airspace, a quieter system underpins the movement of goods across the United States. The country’s freight rail network, largely out of public view, remains one of the most efficient and high-capacity

Governance as Capital Protection: How UOB’s Board Architecture Reinforces Resilience in Singapore’s Banking System

For a systemically important bank, governance is not a compliance layer. It is a capital-protection system that determines how risk is contained, how incentives are shaped, and how confidence is preserved among depositors, investors, and regulators. UOB’s board architecture offers

‘Sanaenomics’: The Abenomics 2.0 Shift from Deflation to Security

The economic platform of Prime Minister Sanae Takaichi, quickly dubbed ‘Sanaenomics’, is not a radical break but a clear continuation and evolution of the policies pioneered by her mentor, Shinzō Abe. Where Abenomics was primarily an aggressive strategy to combat

The Janus-Faced Banker: Hjalmar Schacht and the Tragedy of German Economics

Hjalmar Schacht, a brilliant economist who rescued Germany from hyperinflation, ultimately became an enabler of Nazi atrocities. This profile explores the complexities of his legacy, examining his undeniable brilliance alongside his deeply troubling complicity with evil. Hjalmar Schacht is one

Otaviano Canuto: The Global War of Subsidies

US bids to limit tech imports and exports send a message of frustration and fear. Prior to her visit to China on April 4 — her second in nine months — Janet Yellen, US Secretary of the Treasury, sent a

Dollar Strains — Our Currency, Your Problem: Specialised Investment Research and Analysis from PGM Global Inc.

Unlike their DM counterparts, EM central banks have started to cut rates, in some cases aggressively, to offset weakening growth amid high inflation. The rate cuts and the weaker global growth outlook have hurt EM equities and local currency bonds.

Otaviano Canuto: Some Economies May Soon Face a Hard Landing

Weaker performance of emerging markets is expected in the immediate future. This year began with simultaneous signs of a slowdown in global economic growth and a reorientation toward tightening of monetary policies in advanced economies. In its latest Global Economic

Global Imbalances and the Pandemic

The International Monetary Fund’s tenth annual External Sector Report (ESR, August 2021) shows how current account deficits in the global economy widened in 2020 during the pandemic. On the other hand, the ESR also argues that overall, the misalignment between

World Bank on Sustainable Recovery: The Need for Long-Term Financing

The COVID-19 pandemic is affecting every country’s health system and economy to a degree not seen for a century or more. In developing countries, mounting an adequate response to address these simultaneous shocks has created fiscal challenges, especially for those

Otaviano Canuto: Are We on the Verge of a New Commodity Super-Cycle?

Commodity prices have recovered their 2020 losses and, in most cases, are now above pre-pandemic levels (Figure 1). The pace of Chinese growth since 2020 and the economic recovery that has accompanied vaccine rollouts are driving demand upward, while supply