Globalisation and its discontents

Globalisation has created substantial benefits, but global governance must evolve to meet the challenges posed by new systemic risks. The 2007-08 financial crisis highlighted the potential for negative economic developments to spread quickly across the world’s interconnected economies Read more

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USA: back to which schools?

OECD research shows that the gap in educational achievement of American schoolchildren is widening not narrowing. Underlying this problem is a system of growing segregation between richer and poorer families, and large differentials in school funding

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Jumpstarting the eurozone economy

The stagnating eurozone economy needs policy action. Its leaders should agree to coordinated tax cuts, extension of budget deficit targets and issuance of long-term public debt 

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Italy’s recession: new or same old?

Italy is reported to have slipped back into recession. But this is based on the criterion of two successive quarters of negative growth. There are other ways of measuring recession Read more

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Sovereign debt: can’t pay, must pay?

In the wake of Argentina’s debt default, it’s worth asking whether conventional wisdom on the subject is overly simplistic. Is it true that states must always repay their sovereign debt?
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Who’s afraid of Janet Yellen?

As Fed chairman Janet Yellen faces growing dissent, both right and left are casting her as a radical departure from her predecessors. But she is just another Bernanke who won’t upset the apple cart Read more

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Is the BRICS rise over?

The decline of the BRICS has been exaggerated, and with their agreement to set up a joint development bank the group’s global influence looks set to rise  Read more

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IPSAS: the Greek elephant in the room

The Greek government’s failure to adopt international accounting standards means the fiscal opacity that existed before the financial crisis remains substantially unchanged. The costs to Greece and Europe are high but avoidable Read more

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USA: the wealth gap widens

The gulf between rich and poor is widening in the USA, with inherited wealth concentrated in ever fewer hands. Tax measures are needed to help redress the balance Read more

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Bank regulation: keeping it real

Bank distress during the recent financial crisis caused significant damage to the real economy. But simply improving corporate governance does not guarantee that banks will be safer in the future. Other measures are also needed Read more

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