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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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Post-crisis: time for a rethink

The global financial crisis triggered a series of medium-term policy changes, but many of these have become inapplicable to the new problems. Some fresh macroeconomic thinking is needed Read more

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US jobs data: ignore the noise

The fuss about rising US employment figures is unwarranted. Jobs growth remains slow, the economy is not overheating – and there is little risk of an inflation shock Read more

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Global megatrends: times a changin’

Policymakers are facing up to a world transformed from just a few years ago. The priority now is not to flinch from these challenges but to face them head on
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