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Tag Archives: Global Economics & Governance

The US infrastructure investment debate

What’s at stake: Infrastructure investment has been and will continue to be a prominent campaign theme in the run up to the US elections. Both Hillary Clinton and Donald Trump have promised significant public investment in infrastructure. For some time, the discussion has revolved around the opportunities and costs of increased government infrastructure spending. Larry Summers says the issue now is not whether the US should invest more but what the policy framework should be. He calls for...

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China’s Belt and Road initiative: can Europe expect trade gains?

The Belt and Road aims to ease bottlenecks for cross-border trade in Asia, Europe and Africa. This paper measures empirically whether the reduction in transportation costs will have a positive impact on trade flows for Belt and Road countries and for EU countries. The authors also explore the possibility that the Belt and Road may eventually go beyond its current objectives towards the creation of a free trade area. The Belt and Road initiative, recently embarked on by China, aims...

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Post-Jackson Hole low morale

What’s at stake: this year’s edition of the Jackson Hole symposium was awaited as an occasion to discuss how to redesign monetary policy for the future. We documented the state of academic and policymaking discussion on the topic in a previous review. But it seems the meeting has left many with the impression the Fed is not yet ready to start “rethinking normality”. The Jackson Hole discussion John B. Taylor has a good write-up of the academic discussion, which mostly unfolded around the...

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China’s political agenda for the G20 summit

Chairing the G20 offers China a unique opportunity to set the tone in global economic debates, and the Hangzhou summit is the focus of attention. The author predicts that trade, structural reforms and a bigger global role for China will be Beijing’s three priorities. But how realistic are these goals? China will host the next G20 summit on 4-5 September in Hangzhou. With the clock ticking, the world waits to see how China will use the meeting to promote its domestic development agenda and...

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The Fed’s rethinking of normality

What’s at stake: As we approach Jackson Hole, monetary policymakers are considering how to redesign monetary policy strategies to better cope with a low r-star environment. The new murky economics Paul Krugman writes that we’re no longer in the simple, depressed-economy world anymore. Early in the crisis, liquidity-trap macroeconomics had become the story of the day. And the basic message of the models — that everything changes when you hit the zero lower bound — was being overwhelmingly...

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The G20 in a post-Brexit world

As Britain enters a period of political and economic instability, following a referendum vote that many now interpret as anti-globalisation, it is worth reflecting on what the consequences of Brexit will be for the world’s ‘economic steering committee’: the G20. Post-war Great Britain has always been at the forefront of promoting global cooperation and multilateralism: from taking an active role in the setting up of the Bretton Woods institutions to being a member of the Group of Five –...

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What can the eurozone learn from US monetary history?

Many in the EU look to the USA as a model for monetary union in the Eurozone. But how easy was it to create such a union, and what can Europe learn from the USA’s experience? The Sound of Economics is a series of podcasts about economic policy, brought to you by Bruegel. Each episode focuses on a key economic policy debate. In this episode we are joined by Jeffry Frieden, Professor of Government at Harvard University. This podcast was recorded when Jeffry Frieden visited Bruegel on 25...

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Will TTIP survive Brexit?

There are concerns that the UK’s decision to leave the EU may jeopardise future TTIP negotiations. Some fear Brexit could make the EU a less attractive trade partner for the US. However, it seems that the new US administration as well as upcoming elections in Germany and France could end up posing bigger threats to the trade agreement than Brexit. 23 June  2016 was a sad day in the history of the European Union. Nearly 52% of the British citizens who voted decided to leave the European...

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‘Old China’ bad, ‘New China’ good: Growing divergence in Chinese corporate health

Divergence in debt levels and corporate health in China is growing, with many state-owned companies still stuck in the past and new industries such as tourism and healthcare overtaking the old ones. While fiscal and monetary stimulus may temporarily cover up the problems of companies in the old industries, a restructuring of these sectors seems inevitable. This op-ed was originally published in BRINK. Chinese debt is a hot topic right now, competing with the likes of Brexit and...

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Assessing China’s post-Brexit globalisation strategy

As the world comes to terms with the result of the UK's Brexit referendum, what will it mean for China? The authors suggest that the short-term impact will be smaller for China than for other regions. But there are important considerations further ahead. The United Kingdom’s Brexit referendum has brought about economic turmoil not only in Europe, but throughout the world. China is no exception. Following the referendum, China’s Shanghai Stock Exchange Composite Index dropped and the...

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