Presentation on the state of the global economy June 2013
|
|
|
- Eunice Todd
- 5 years ago
- Views:
Transcription
1 Presentation on the state of the global economy June 2013 PROFESSOR ROBIN MATTHEWS KINGSTON UNIVERSITY BUSINESS SCHOOL LONDON ACADEMY OF NATIONAL ECONOMY MOSCOW ECONOMIC STRATEGIES PRESIDENT OF THE LEAGUE OF CORPORATE STRATEGY AND ACCOUNTING http/www /06/2013 1
2 note I will not use many of these slides, but it will help if you can refer to them. I intend to divide the presentation as follows; 1. The roots of the Great Recession 2. Contemporary debates 3. Outlook 4. Debt and deleveraging 5. Weak recovery in DM s stronger in EM s 6. The latest from the Eurozone 02/06/2013 2
3 02/06/2013 3
4 GLOBAL DEMAND Outsourcing FDI Consumption Investment Asset prices Sovereign wealth funds FINANCIAL REVOLUTION Flexible exchange rates Deregulation New asset pricing models Securitization GLOBAL POSITIVE FEEDBACKS (circa) TECHNOLOGICAL REVOLUTION Investment funds Shorter product cycles Pressure to reduce costs Outsourcing Matthews /06/2013 4
5 Bubble bursts Asset prices Balance sheet Recession Deleveraging Govt s, Firms, Households Deficient demand U G Contagion Fiscal policy works Risk aversion Liquidity trap Current accountdeficits financial deficits fallacy of composition Eventually balance sheets recover Inflated asset prices Hubris New asset bubble Contagion Speculation, leveraging, securitization Monetary policy works Excess demand U G Govt s, Firms, Households Increase demand 02/06/ Adapted from Koo 2009
6 Causes of the crisis? Low interest rates Savings glut Moral hazard Greed Financial innovation 02/06/2013 6
7 The Great Recession Most contemporary economists were wrong J M KEYNES The General Theory (deficient demand) ROBERT LUCAS Real business Cycle theory 02/06/2013 7
8 The Great Recession Was it a white swan event (most economists) OR Was it a black swan event (Mandelbrot and Taleband others) 02/06/2013 8
9 02/06/2013 9
10 1. Fractal images state of the global economy june source /06/
11 Differences very simplified Storybook Keynes The price level ASvariable in the short term Storybook monetarism (or RBT) The price level AS AS Fixed in the short term NAIRU* AS AD AD2 Output creating employment* Real output Real output 02/06/
12 02/06/
13 02/06/
14 From Haldane 2009 Complex networks the global financial system Preferential attachment 02/06/
15 IMF World Economic Outlook (WEO) April /06/
16 IMF World Economic Outlook (WEO) April /06/
17 (WEO) April /06/
18 Debt overhangs What is the ratio of debt to GDP that triggers negative growth? Fiscal deficits Do government fiscal deficits (t g) cause private investment to shrink? 02/06/
19 Arguments about government debt Paul Krugman Carmen Reinhart 02/06/
20 IMF World Economic Outlook (WEO) April /06/
21 (WEO) April /06/
22 Comparative growth of GDP d G D P d t 02/06/
23 GDP growth (WEO) April /06/
24 GDP growth (WEO) April /06/
25 GDP growth IMF World Economic Outlook (WEO) April /06/
26 Comparative recovery from recession Average of 72, 82, 91 compared to Great Recession 02/06/
27 Great Recession Previous recoveries Average 72, 82, 91 (WEO) April /06/
28 Great Recession Previous recoveries Average 72, 82, 91 (WEO) April /06/
29 Government expenditures during recessions Average of 72, 82, 91 compared to Great Recession 02/06/
30 02/06/
31 WEO) April /06/
32 (WEO) April /06/
33 Inflation and deflation in the Great Recession 02/06/
34 (WEO) April /06/
35 The Eurozone 02/06/
36 From : Can the Euro be saved by David Beim /06/
37 (WEO) April /06/
The Macro-economy and the Global Financial Crisis
The Macro-economy and the Global Financial Crisis Ian Sheldon Andersons Professor of International Trade sheldon.1@osu.edu Department of Agricultural, Environmental & Development Economics Global economic
Berti amino Moro Victor A. Beker. Modern Financial Crises. Argentina, United States and Europe. ^ Springer
Berti amino Moro Victor A. Beker Modern Financial Crises Argentina, United States and Europe ^ Springer Contents Part I Introduction 1 The Core Characteristics of Financial Crises 3 1.1 Introduction 3
Index. exchange rates, 104 5, net inflows, 100, 115, Bretton Woods system, 96 7 business cycles, 57
Index additional monetary tightening (AMT), 43 4 advanced economies, central banks in, 35 6 agency problems, 153, 163n47 aggregate demand, 18, 138 9, 141 2 Asian financial crisis, 8, 10, 13 15, 57, 65,
Orthodox vs. Minskyan Perspectives of Financial Crises Jesús Muñoz
Orthodox vs. Minskyan Perspectives of Financial Crises Jesús Muñoz 1) Introduction Modern (bond market) financial crises started in Mexico in late 1994. Initially these involved currency crises in which
Policy Reforms after the Crisis
367 Policy Reforms after the Crisis Norman Chan The title of this session is supposed to be policy reforms after the 28 9 financial crisis. I think there s a big question about the title because I m not
Macedonian economy during the global crisis and challenges ahead
Macedonian economy during the global crisis and challenges ahead Aneta Krstevska Chief Economist Skopje, January 13 Content: The impacts of the crisis on Macedonian economy and latest macroeconomic forecasts
The Case for Money Finance:
The Case for Money Finance: An essentially political issue Institute of International and European Affairs Dublin, 26 April 2016 Adair Turner Chairman Institute for New Economic Thinking 300 Park Avenue
Secular stagnation, deflation & fiscal policy
University of Cambridge Secular stagnation, deflation & fiscal policy Stockholm October 19, 2015 Larry Summers There is increasing concern that we may be in an era of secular stagnation in which there
Thoughts on the Current Recession: Keynesian Economics
Thoughts on the Current Recession: Keynesian Economics May 1, 2009 This brief is part of a series of research briefs Utah Foundation is publishing on the economy. The series examines the current economic
Globalization and Economic Crises in the Asia-Pacific: Imperatives on Statistics Management
Globalization and Economic Crises in the Asia-Pacific: Imperatives on Statistics Management Fourth Regional Course/Workshop on Statistical Quality Management UN SIAP 21-25 Sep 2009, Daejeon By George Manzano
MICHAL KALECKI S CAPITALIST DYNAMICS FROM TODAY S PERSPECTIVE
EAEPE 24 th Annual Conference, ECONOMIC POLICY IN TIMES OF CRISIS. Krakow 18-20 October.2012 Special Session on Michal Kalecki MICHAL KALECKI S CAPITALIST DYNAMICS FROM TODAY S PERSPECTIVE D. Mario NUTI,
The Great Recession How Bad Is It and What Can We Do?
The Great Recession How Bad Is It and What Can We Do? Helen Roberts Clinical Associate Professor in Economics, Associate Director University of Illinois at Chicago Center for Economic Education Recession
FROM CHRONIC INFLATION TO CHRONIC DEFLATION
FROM CHRONIC INFLATION TO CHRONIC DEFLATION Guillermo Calvo www.columbia.edu/~gc2286 Presentation at the World Bank conference The State of Economics, The State of the World; Washington, DC, June 8 and
Econ 102 Final Exam Name ID Section Number
Econ 102 Final Exam Name ID Section Number 1. Over time, contractionary monetary policy nominal wages and causes the short-run aggregate supply curve to shift. A) raises; leftward B) lowers; leftward C)
Systemic Risk and Financial Regulation. University of Bonn, Winter 2014/15. Syllabus: Preliminary Version, Due to Be Updated During the Course
Martin Hellwig Max Planck Institute for Research on Collective Goods Bonn Systemic Risk and Financial Regulation University of Bonn, Winter 2014/15 Syllabus: Preliminary Version, Due to Be Updated During
POST-CRISIS GLOBAL REBALANCING CONFERENCE ON GLOBALIZATION AND THE LAW OF THE SEA WASHINGTON DC, DEC 1-3, Barry Bosworth
POST-CRISIS GLOBAL REBALANCING CONFERENCE ON GLOBALIZATION AND THE LAW OF THE SEA WASHINGTON DC, DEC 1-3, 2010 Barry Bosworth I. Economic Rise of Asia Emerging economies of Asia have performed extremely
Thoughts on bubbles and the macroeconomy. Gylfi Zoega
Thoughts on bubbles and the macroeconomy Gylfi Zoega The bursting of the stock-market bubble in Iceland and the fall of house prices and the collapse of the currency market caused the biggest financial
Professor Christina Romer. LECTURE 21 FISCAL POLICY April 10, 2018
Economics 2 Spring 2018 Professor Christina Romer Professor David Romer LECTURE 21 FISCAL POLICY April 10, 2018 I. REVIEW OF THE KEYNESIAN CROSS DIAGRAM A. Determination of output in the short run B. What
Econ 102 Final Exam Name ID Section Number
Econ 102 Final Exam Name ID Section Number 1. Which of the following is not an accurate statement of core capital goods? A) proxy for business investments B) does not include transportation equipment C)
Financial Crises. Benjamin Graham. Videos in this lecture are from Kahn Academy
Financial Crises Videos in this lecture are from Kahn Academy Today s Plan An updated syllabus is posted Today s topics: Kahn Academy Videos on foreign currency reserves and speculative attacks The Asian
Professor Christina Romer. LECTURE 22 FISCAL POLICY April 14, 2016
Economics 2 Spring 2016 Professor Christina Romer Professor David Romer LECTURE 22 FISCAL POLICY April 14, 2016 I. REVIEW OF THE KEYNESIAN CROSS DIAGRAM A. Determination of output in the short run B. What
Global Finance, Debt and Sustainability
Global Finance, Debt and Sustainability Adair Turner Chairman Institute for New Economic Thinking Council on Economic Policies International Monetary Fund Zurich, 3 October 2016 300 Park Avenue South -
Exchange Rate and International Finance
Exchange Rate and International Finance Min Shu Waseda University 2018/5/29 International Political Economy 1 Outline of the lecture International balance of payment Fixed and floating exchange rate The
THE GLOBAL ECONOMY: SECULAR STAGNATION OR RECOVERY AT LAST? Adair Turner Chairman Institute for New Economic Thinking
THE GLOBAL ECONOMY: SECULAR STAGNATION OR RECOVERY AT LAST? Adair Turner Chairman Institute for New Economic Thinking Institutional Money Kongress Frankfurt, 21 February 2017 300 Park Avenue South - 5
Global Economic Outlook 2014 and comparing the forecasting performance of international organizations
Global Economic Outlook 2014 and comparing the forecasting performance of international organizations Pingfan Hong Zhibo Tan ASSA Annual Meeting Philadelphia 2014.01.04 Pingfan Hong is the Chief of the
UNIVERSITY OF CALIFORNIA Economics 134 DEPARTMENT OF ECONOMICS Spring 2018 Professor David Romer
UNIVERSITY OF CALIFORNIA Economics 134 DEPARTMENT OF ECONOMICS Spring 2018 Professor David Romer LECTURE 3 POSTWAR FLUCTUATIONS AND THE GREAT RECESSION JANUARY 24, 2018 I. CHANGES IN MACROECONOMIC VOLATILITY
Macroeconomics Sixth Edition
N. Gregory Mankiw Principles of Macroeconomics Sixth Edition 21 The Influence of Monetary and Fiscal Policy on Aggregate Demand Premium PowerPoint Slides by Ron Cronovich 2012 UPDATE In this chapter, look
Economic Theories & Debt Driven Realities
Economic Theories & Debt Driven Realities March 11, 2019 by Lance Roberts of Real Investment Advice One of the most highly debated topics over the past few months has been the rise of Modern Monetary Theory
1 of 24. Modern Macroeconomics: From the Short Run to the Long Run. 2 of 24. They could not have differed more sharply on economic theory and policy.
1 of 24 2 of 24 the Long Run They could not have differed more sharply on economic theory and policy. P R E P A R E D B Y FERNANDO QUIJANO, YVONN QUIJANO, AND XIAO XUAN XU 3 of 24 1 A P P L Y I N G T H
The Model at Work. (Reference Slides I may or may not talk about all of this depending on time and how the conversation in class evolves)
TOPIC 7 The Model at Work (Reference Slides I may or may not talk about all of this depending on time and how the conversation in class evolves) Note: In terms of the details of the models for changing
GLOBAL FINANCIAL CRISIS: Causes and Consequences
GLOBAL FINANCIAL CRISIS: Causes and Consequences Hyeongwoo Kim Auburn University October 30, 2010 Prepared for the 4 th KSEA-AL Symposium on Automotive Technology US Financial Crisis The collapse of the
Can the Euro Survive?
Can the Euro Survive? AED/IS 4540 International Commerce and the World Economy Professor Sheldon sheldon.1@osu.edu Sovereign Debt Crisis Market participants tend to focus on yield spread between country
Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund
Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord
How Can Economic Policies Work Together to Support Durable Growth?
How Can Economic Policies Work Together to Support Durable Growth? Maurice Obstfeld Economic Counsellor International Monetary Fund Discussion at DIW, Berlin, Germany, 13 March 2017 Potential real economic
Eurozone Ernst & Young Eurozone Forecast June 2013
Eurozone Ernst & Young Eurozone Forecast June 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Ernst & Young
Lecture 7. Unemployment and Fiscal Policy
Lecture 7 Unemployment and Fiscal Policy The Multiplier Model As we ve seen spending on investment projects tends to cluster. What are the two reasons for this? 1. Firms may adopt a new technology at
Eurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for
BCC UK Economic Forecast Q4 2015
BCC UK Economic Forecast Q4 2015 David Kern, Chief Economist at the BCC The main purpose of the BCC Economic Forecast is to articulate a BCC view on economic topics that are relevant to our members, and
The Debt Monster. Daniel Stelter, Dirk Schilder, and Katrin van Dyken. May
The Debt Monster Daniel Stelter, Dirk Schilder, and Katrin van Dyken May AT A GLANCE Unprecedented levels of debt are creating the conditions for higher-than-expected inflation. W G I N A In many countries,
Macroeconomics. The Influence of Monetary and Fiscal Policy on Aggregate Demand. Introduction
C H A P T E R 21 The Influence of Monetary and Fiscal Policy on Aggregate Demand P R I N C I P L E S O F Macroeconomics N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich 2010 South-Western,
Understanding the World Economy Final Exam Indicative answers
Nicolas Coeurdacier Master Economics & Business Spring 2017 Understanding the World Economy Final Exam Indicative answers I. Multiple choice [50 points = 2 per question] It is a multiple choice questionnaire.
University of Leipzig Institute for Economic Policy
University of Leipzig Institute for Economic Policy Prof. Dr. Gunther Schnabl Experiences with the Current EU Economic Governance Framework European Parliament Committee on Economic and Monetary Affairs
Chapter 10. The Great Recession: A First Look. (1) Spike in oil prices. (2) Collapse of house prices. (2) Collapse in house prices
Discussion sections this week will meet tonight (Tuesday Jan 17) to review Problem Set 1 in Pepper Canyon Hall 106 5:00-5:50 for 11:00 class 6:00-6:50 for 1:30 class Course web page: http://econweb.ucsd.edu/~jhamilto/econ110b.html
IMPLICATIONS OF THE GLOBAL FINANCIAL CRISIS
IMPLICATIONS OF THE GLOBAL FINANCIAL CRISIS Elliott Parker, Ph.D. Professor of Economics University of Nevada, Reno eparker@unr.edu DJIA / CPI 15,000 10,000 5,000 0 1949 1951 1953 A Look at the DJIA Adjusting
TEA Conference. Financial Outlook
TEA Conference Financial Outlook Headlines New York Comp Fund's Meltdown A Financial Fukushima Did the Fed Prevent a Financial Chernobyl? EURO CRISIS : ECB SHOULD RESIST PRESSURE TO USE "NUCLEAR OPTION
John Maynard Keynes. ''The difficulty lies not so much in developing new ideas as in escaping from old ones'' Dr David Rees
John Maynard Keynes ''The difficulty lies not so much in developing new ideas as in escaping from old ones'' Dr David Rees 1883-1946 British Founder of Keynesian Macroeconomics (Western economic paradigm
Paul Ormerod Volterra Partners LLP, London and Centre for the Study of Decision-Making Uncertainty, UCL
Paul Ormerod Volterra Partners LLP, London and Centre for the Study of Decision-Making Uncertainty, UCL 4 5 The rational autonomous agent The fundamental tool of neoclassical economics is an objective
Economic state of the union, EuroMemo Engelbert Stockhammer Kingston University
Economic state of the union, EuroMemo 2013 Engelbert Stockhammer Kingston University structure Economic developments Background: export-led growth and debt-led growth Growth, trade imbalances, ages and
Progress towards Strong, Sustainable and Balanced Growth. Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction)
Progress towards Strong, Sustainable and Balanced Growth Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction) Source: OECD May 2014 Forecast, Haver Analytics, Rogoff and
Ten Lessons Learned from the Korean Crisis Center for International Development, 11/19/99. Jeffrey A. Frankel, Harpel Professor, Harvard University
Ten Lessons Learned from the Korean Crisis Center for International Development, 11/19/99 Jeffrey A. Frankel, Harpel Professor, Harvard University The crisis has now passed in Korea. The excessive optimism
Maynard s Revenge: Keynesianism and the Crisis. Lance Taylor New School for Social Research
Maynard s Revenge: Keynesianism and the Crisis Lance Taylor New School for Social Research Maynard s Macroeconomics I Fundamental uncertainty Prices of assets vs. prices of goods and services Output =
AD-AS Analysis. Demand Management Polices
AD-AS Analysis Demand Management Polices Unit 2-The Exam 90 minutes long 50% AS Total 80 marks- 1 data response from a choice of 2. Each data response exercise contains 1 30 mark essay, which will require
Managing the Fragility of the Eurozone. Paul De Grauwe London School of Economics
Managing the Fragility of the Eurozone Paul De Grauwe London School of Economics The causes of the crisis in the Eurozone Fragility of the system Asymmetric shocks that have led to imbalances Interaction
The Long View Rates, GDP & Challenges
The Long View Rates, GDP & Challenges May 3, 2017 by Lance Roberts of Real Investment Advice There has been much debate about the current low levels of interest rates in the economy today. The primary
Brazil Currency Crisis
From the SelectedWorks of Yogendra Sisodia Winter February 1, 2010 Brazil Currency Crisis Yogendra Sisodia Available at: https://works.bepress.com/ysisodia/1/ Brazil Crisis : Story of remarkable recovery
The Role of Money in Financial Crises
The Role of Money in Financial Crises September 4, 2017 by John M. Balder Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Lecture 6. Expectations, Output, and Policy. Randall Romero Aguilar, PhD I Semestre 2017 Last updated: April 20, 2017
Lecture 6 Expectations, Output, and Policy Randall Romero Aguilar, PhD I Semestre 2017 Last updated: April 20, 2017 Universidad de Costa Rica EC3201 - Teoría Macroeconómica 2 Table of contents 1. Introduction
The OECD Global Economic Outlook
The OECD Global Economic Outlook Nigel Pain OECD Economics Department Edinburgh, 11 July 2013 NCSL Symposium for Legislative Leaders 1 Overview Presentation structure Current situation and prospects. Global
FINANCIAL SECTOR REFORM
FINANCIAL SECTOR REFORM BANGKOK, THAILAND NOVEMBER 24 DECEMBER 3, 2014 Bangkok December 01, 2014 Rajan Govil, Consultant This activity is supported by a grant from Japan. Outline Financial repression Financial
Chapter 12: Gross Domestic Product and Growth Section 3
Chapter 12: Gross Domestic Product and Growth Section 3 Objectives 1. Analyze how economic growth is measured. 2. Explain what capital deepening is and how it contributes to economic growth. 3. Analyze
Chapter 13: Aggregate Demand and Aggregate Supply Analysis
Chapter 13: Aggregate Demand and Aggregate Supply Analysis Yulei Luo SEF of HKU March 20, 2016 Learning Objectives 1. Identify the determinants of aggregate demand and distinguish between a movement along
To sum up: What is an Equilibrium?
TOPIC 7 The Model at Work To sum up: What is an Equilibrium? SHORT RUN EQUILIBRIUM: AD = SRAS and IS = LM The Labor Market need not be in equilibrium We need not be at the potential level of GDP Y* If
Shanghai Livingston American School Quarterly / Trimester Plan 3 AP Macro
Shanghai Livingston American School Quarterly / Trimester Plan 3 AP Macro Concept / Topic To Teach: Unit 4 MODULE 22: SAVING, INVESTMENT, AND THE FINANCIAL Specific Objectives: ELD Standards SYSTEM Week
ECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 2: February 22, Circle your section time: 9:00 am 3:00 pm
ECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 2: February 22, 2016 NAME Circle your section time: 9:00 am 3:00 pm Directions: This test is in two parts, a multiple choice
Eurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for exits bailout,
China: Solow, Minsky
China: Solow, Minsky BEHOLD THE MIRACLE THAT CHINA HAS BEEN 2 CHINA 10% GROWER 3 CHINA - GDP: EXCHANGE RATE VALUATION WORLD BANK Country 1991 2010 China 379,468 5,930,529 Euro Area 5,905,958 12,057,572
RIETI BBL Seminar Handout
Research Institute of Economy, Trade and Industry (RIETI) RIETI BBL Seminar Handout Stronger growth remains elusive: Urgent policy response is needed February 29, 2016 Speaker: Catherine L. Mann http://www.rieti.go.jp/jp/index.html
Disputes In Macroeconomics
No G G & T 3-5% Monetary Rule Expectations negate fiscal and monetary Policy. Adam Smith John M. Keynes Milton Friedman Classicals Keynesians Monetarists Robert Lucas Get the G off of our backs. Ronald
Georgetown University. From the SelectedWorks of Robert C. Shelburne. Robert C. Shelburne, United Nations Economic Commission for Europe.
Georgetown University From the SelectedWorks of Robert C. Shelburne Summer 2013 Global Imbalances, Reserve Accumulation and Global Aggregate Demand when the International Reserve Currencies Are in a Liquidity
Andersons Professor of International Trade Department of Agricultural, Environmental & Development Economics Ohio State University
Macroeconomic Outlook Ian Sheldon Andersons Professor of International Trade sheldon.1@osu.edu Department of Agricultural, Environmental & Development Economics Ohio State University Extension Global economic
MONETARY POLICY AND FINANCIAL STABILITY IN THE MODERN ECONOMY
MONETARY POLICY AND FINANCIAL STABILITY IN THE MODERN ECONOMY Adair Turner Chairman, INET Princeton 18 th February 2016 www.ineteconomics.org 300 Park Avenue South New York, NY 10010 22 Park Street London
Chapter 23. The Keynesian Framework. Learning Objectives. Learning Objectives (Cont.)
Chapter 23 The Keynesian Framework Learning Objectives See the differences among saving, investment, desired saving, and desired investment and explain how these differences can generate short run fluctuations
STRUCTURAL SHIFTS AND CHALLENGES IN THE GLOBAL ECONOMY M I C H A E L S P E N C E N E W D E L H I J A N U A R Y
STRUCTURAL SHIFTS AND CHALLENGES IN THE GLOBAL ECONOMY M I C H A E L S P E N C E N E W D E L H I J A N U A R Y 2 0 1 2 2 3 What is the Next Convergence? Before the Industrial Revolution 200 years of divergence
Globalization. International Financial (Chap. 8) and Monetary (Chap. 9) Relations
Globalization International Financial (Chap. 8) and Monetary (Chap. 9) Relations The Puzzle of Finance n Every year, approximately $5 trillion is invested abroad. Why is so much money invested in foreign
Global Debt and The New Neutral
Global Debt and The New Neutral May 1, 2018 by Nicola Mai of PIMCO Back in 2014, PIMCO developed the concept of The New Neutral as a secular framework for interest rates. After the financial crisis, the
The Role of Ethics in the Current Financial Crisis: The Ethics of Securitization. John R. Boatright Loyola University Chicago
The Role of Ethics in the Current Financial Crisis: The Ethics of Securitization John R. Boatright Loyola University Chicago The Crisis is a Failure of... Market actors (mortgage companies, commercial/
Lecture 4: A Science of Monetary Policy?
Lecture 4: A Science of Monetary Policy? Gresham College Jagjit S. Chadha University of Kent Kent March 2015 Chadha (Kent) Mercers School Memorial Chair March 2015 1 / 14 Outline of Arguments Gradual movement
Growth in the US: A Macro and Global Perspective. Professor Pierre Yared. Columbia Business School Executive Education Program July 29-30, 2013
Growth in the US: A Macro and Global Perspective Professor Pierre Yared Columbia Business School Executive Education Program July 29-30, 2013 US Economic Recovery 2 US Economic Recovery 3 Exacerbated by
Alberta s Economic Outlook Chief Economist Katherine White Presented April 2012 Exclusively to the Members of REIN
Alberta s Economic Outlook Alberta s Economic Outlook Katherine White Chief Economist Government of Alberta April 3, 2012 1) Global Economy 2) Canadian Economy 3) Alberta Economy 4) Alberta s Housing Market
Professor Christina Romer. LECTURE 22 FISCAL POLICY April 14, 2016
Economics 2 Spring 2016 Professor Christina Romer Professor David Romer LECTURE 22 FISCAL POLICY April 14, 2016 I. REVIEW OF THE KEYNESIAN CROSS DIAGRAM A. Determination of output in the short run B. What
What is wrong with Belgian growth?
Economic and Financial Analysis 1 February 2018 Global Economics 1 February 2018 Article What is wrong with Belgian growth? Current Belgian GDP growth is disappointing even though other economic variables
Rebuilding of the European and US Economy and Japan. Richard C. Koo Chief Economist Nomura Research Institute Tokyo January 2012
Rebuilding of the European and US Economy and Japan Richard C. Koo Chief Economist Nomura Research Institute Tokyo January 212 Exhibit 1. US Housing Prices Are Moving along the Japanese Experience 26 24
THE FINANCIAL CRISIS: KEY QUESTIONS, REALITY AND RESPONSES
THE FINANCIAL CRISIS: KEY QUESTIONS, REALITY AND RESPONSES BANK OF AMERICA MERRILL LYNCH CONFERENCE London 4 October 2011 António Horta-Osório Group Chief Executive AGENDA KEY QUESTIONS ON THE FINANCIAL
PMI and economic outlook
PMI and economic outlook Chris Williamson Chief Business Economist, IHS Markit 1 st November 2017 2 PMI coverage Current coverage Expansion pipeline 40+ Countries covered 27,000+ Companies surveyed every
The Saturday Economist UK Economic Outlook Q1 2015
The Saturday Economist The Saturday Economist UK Economic Outlook Q1 2015 Leisure and Construction driving recovery UK Economic Outlook March 2015 Page 1 The UK recovery continues. We expect growth of
How does social mobility in the United States compare to that in Britain? Why do you think this is so? References. Multiple Choice
1. Award: 10.00 points How does social mobility in the United States compare to that in Britain? Why do you think this is so? There is less social mobility in the United States than in Great Britain. This
University of the West Indies, Mona Campus Council Luncheon. University of the West Indies, Mona. Address. Brian Wynter Governor, Bank of Jamaica
University of the West Indies, Mona Campus Council Luncheon University of the West Indies, Mona Address Brian Wynter Governor, Bank of Jamaica Friday, 05 March 2010 The Role of the University in Responding
(a) The Goods and money markets for an economy are given by the following;
BCOM Y1S2: HBC 2241: INTRODUCTION TO MACROECONOMICS CAT 1 & 2 Attempt ANY TWO questions QUESTION ONE (a) The Goods and money markets for an economy are given by the following; Goods Market C= 89 + 0.6Y
IMF PERFORMANCE PRELIMINARY DRAFT ISSUES PAPER INDEPENDENT EVALUATION OFFICE (IEO) IN THE RUN-UP TO THE CURRENT FINANCIAL AND ECONOMIC CRISIS
IMF PERFORMANCE IN THE RUN-UP TO THE CURRENT FINANCIAL AND ECONOMIC CRISIS PRELIMINARY DRAFT ISSUES PAPER FOR AN EVALUATION BY THE INDEPENDENT EVALUATION OFFICE (IEO) July 27, 2009 I. INTRODUCTION 1. The
Chapter 5. Saving and Investment in the Open Economy. Copyright 2009 Pearson Education Canada
Chapter 5 Saving and Investment in the Open Economy Copyright 2009 Pearson Education Canada Balance of Payments Accounting The balance of payments accounts are the record of country s international transactions.
Debt vs Growth: Correlation or Causation
Debt vs Growth: Correlation or Causation February 24, 2016 by Lance Roberts of Real Investment Advice Recently, my article on weak economic underpinnings led to an interesting exchange, via Twitter, with
Is the Euro Crisis Over?
Is the Euro Crisis Over? Klaus Regling, Managing Director, ESM International Center for Monetary and Banking Studies, Geneva 25 March 2014 Eight reasons for the sovereign debt crisis 1. Member States did
The Israeli economy: Trends and Outlook. 4th quarter of 2017
The Israeli economy: Trends and Outlook 4th quarter of 2017 Outline Factsheet Recent economic trends Fiscal indicators Economic Outlook Israel Factsheet Sources: Israeli CBS, BoI Economy Population Labor
Monetary Policy Strategy: Crisis. Frederic Mishkin April 7, 2011
Monetary Policy Strategy: What Have We Learned From the Crisis Frederic Mishkin April 7, 2011 Si Science of Monetary Policy Pli Before Bf the Crisis Cii Monetary Policy Strategy Before the Crisis How Has
Real Median Family Income is Falling. Family incomes have stagnated since the mid-1980s. Income in 2012 ($51,017) is lower than in 1989 ($51,681).
U.S. Income 1 Real Median Family Income is Falling Family incomes have stagnated since the mid-1980s. Income in 2012 ($51,017) is lower than in 1989 ($51,681). 2 Labor Income Share Falls As Profits Rise
Dr. Lee Jang Yung Senior Deputy Governor Financial Supervisory Service Korea
Bank of Indonesia and IMF Joint Conference on Coping with Asia s Large Capital Inflows in a Multi-Speed Global Economy How Should Emerging Market Countries Respond? Korea s Experience March 11, 2011 Dr.
Macroeconomics. 1.1 What Is Macroeconomics? Part 1: Preliminaries. Third Edition. Introduction to. Macroeconomics. In this chapter, we learn:
1.1 What Is? Third Edition by In this chapter, we learn: What macroeconomics is and consider some questions. How macroeconomics uses models, and why. The book s basic three-part structure: the long run,
CAN YOU PREDICT RISK? RISK = UNCERTAINTY = INFORMATION DEFICIT
SKEMA BUSINESS SCHOOL What is Risk all about? Converting risks into springboards of success Michel Henry Bouchet CAN YOU PREDICT RISK? RISK = UNCERTAINTY = INFORMATION DEFICIT 2 1 WHAT IS RISK? Risk stems
Lahore University of Management Sciences. MECO 121 Principles of Macroeconomics
MECO 121 Principles of Macroeconomics Spring 2012-13 Instructor Room No. Office Hours Email Telephone Secretary/TA TA Office Hours Course URL (if any) Mr. Daud Ahmed Dard daud@lums.edu.pk Course Basics
U.S. Economic Outlook
U.S. Economic Outlook WVU Economic Outlook Conference October 2, 2014 R. Andrew Bauer Senior Regional Economist Are we there yet? 2 Are we there yet? Another year of moderate growth in 2014 Consumer spending