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Mohamed A El-Erian: How the IMF Can Battle Gradual Irrelevance
This year, I didn’t attend the October annual meetings of the International Monetary Fund and the World Bank in Washington, DC. Instead, I paid close attention to reports of the gathering and talked to people who were there whom I
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Vice-Prime Minister Kocho Angjushev: Pulling Macedonia Out of a Limbo and Into the European Union
What’s in a name? In the case of Macedonia, an entire country’s future. Macedonia, a candidate for accession to the European Union since 2005 and equally anxious to join NATO, has been unable to start accession processes over a dispute
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Book Review by Kenneth Rogoff: Crash Time
Crashed: How a Decade of Financial Crises Changed the World by Adam Tooze Ten years after the collapse of Lehman Brothers, Crashed, by the noted Columbia University historian Adam Tooze, offers a sweeping history of the global financial crisis up
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Kenneth Rogoff: Are Emerging Markets the Canary in the Financial Coal Mine?
Are brewing exchange-rate and debt crises in Argentina and Turkey localised events without broader implications? Or are they early warning signs of deeper fragilities in bloated global debt markets that are being exposed as the US Federal Reserve continues to
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Otaviano Canuto, World Bank: Global Imbalances on the Rise
Discussions around large current account imbalances among systemically relevant economies as a direct threat to the stability of the global economy vanished in the aftermath of the global financial crisis. As the crisis originated in the US financial system –
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Otaviano Canuto, IMF: China’s Spill-Overs on Latin America and the Caribbean
The Chinese economy is rebalancing while softening its growth pace. China’s spillovers on the global economy have operated through trade, commodity prices, and financial channels. The global reach of the effects from China’s transition have recently been illustrated in risk
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Otaviano Canuto, IMF: What Happened to World Trade?
World trade suffered another disappointing year in 2015, experiencing a contraction in merchandise trade volumes during the first half and only a low recovery during the second half (Figure 1). While last year’s trade performance can be associated to the
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Ross Jackson: Stemming the Flow of Refugees – An Holistic Approach
The unprecedented surge of refugees streaming into Europe is no doubt due to the ongoing wars in Syria and Iraq and the unstable situation in Libya. However, refugees were arriving in Europe long before these wars began. They will continue
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Otaviano Canuto, IMF: Whither Emerging Markets Foreign Exchange Reserves
After a exponential rise in foreign exchange reserves accumulation by emerging markets from 2000 onwards, the tide seems to have turned south since mid-2014. Changes in capital flows and commodity prices have been major factors behind the inflection, with the
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Brazil & Argentina: Only One Getting Real
Brazil is just one step removed from facing its reality. With nearly all macroeconomic indicators pointing in the less desirable of directions, the country is facing a downgrade of its sovereign credit rating with S&P on July 28 changing its
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