Markets

At their meeting at the end of June, European leaders acknowledged for the first time the multiple dimensions of the crisis, accepting that austerity – putting everyone’s house in order – will not suffice. What is still missing, however, is...

Almost two decades ago, the World Bank published its landmark study “The East Asian Miracle,” analyzing why East Asian economies grew faster than emerging markets in Latin America, Africa, and elsewhere. But it is necessary to re-assess economists' focus on...

The current economic climate is likely to produce deep disparities in economic performance over the long-term. Ultimately, while some countries will be far more adversely affected than the other, those that do (relatively) better will share three key characteristics: relatively...

As a reformed Europe starts growing, parts of it might experience US-style inequality. But Europe would be far worse off if it were to avoid serious reform and lapse, Japan-like, into egalitarian and genteel decline.CHICAGO – To understand how to...

EU states lose an estimated €1 trillion in potential revenue every year from tax evasion and avoidance activities. Much of this amount, it turns out, has been squirreled away to offshore tax havens – known otherwise as “treasure islands”. Can...

Crises are usually defined by sustained economic decline, high and long-term unemployment, poverty, rampant inflation, a precipitous fall in the exchange rate, fiscal deficits, high borrowing costs, and political dysfunction. But only a handful of "misery indices" are present in...

Summer crises are a familiar feature of European history – and of financial history. Often, addressing some technical issue was not enough to resolve a major political problem, which is true today as well, with Europe’s current crisis reflecting exactly...

The dependence of modern economies on large-scale computer systems presents a new age risk to the global economy. Unfortunately, as the 2008 financial crisis demonstrated, most politicians are still congenitally incapable of making difficult choices until the risks actually materialize....

With US unemployment still above 8 percent, jobs have become a major focus in the presidential campaign. But, while President Barack Obama’s proposals are convincing, none of Mitt Romney’s would do much in the near term – and some could...

In the seven years since Beijing promised with increasing urgency to rebalance its economy, China has unfortunately managed to rebalance externally without rebalancing internally. China’s growth has been propelled by state-driven domestic investment, rather than consumption, and despite the availability...

The EU summit, held in Brussels last week, managed to bring about some much needed, albeit temporary, relief for the euro. Nevertheless, the region’s fundamental weaknesses remain unresolved and confidence in Europe’s periphery is now waning. The EU summit, held...

The eurozone crisis might break European leaders’ inherent resistance to compromise, collaboration, and common action. But the longer they bicker and dither, the greater the risk that what they gain in willingness will be lost to incapacity. NEWPORT BEACH –...

The U.S.’s recovery from the 2008 financial crisis has led to widespread hope that America has the capacity to stay the course and provide a backstop for the rest of the world in the midst of the euro crisis. But...

A new WTO Trade Facilitation Agreement would benefit all by increasing developing countries’ capacity to trade, strengthening the WTO’s development mandate, and boosting global economic growth. Indeed, such an agreement could be a down payment on WTO members' commitment to...

Since 2003, Turkey has long fretted whether a sovereign Kurdistan could lead to social unrest within its own borders – especially given Turkey’s native Kurd population. Yet with Ankara’s recent announcement of a series of bilateral deals with the Kurdistan...