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Tag Archives: Global Economics & Governance

Racial prejudice in police use of force

What’s at stake: This week was dominated by a new study by Roland Fryer exploring racial differences in police use of force. His counterintuitive result that blacks and Hispanics experience discrimination for all types of interaction involving force except for officer involved shootings provoked debate after the study was published on Monday. Roland Fryer writes that from Bloody Sunday on the Edmund Pettus Bridge to the public beatings of Rodney King, Bryant Allen, and Freddie Helms, the...

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The China-Russia trade relationship and its impact on Europe

This paper analyses empirically how increasingly close trade relations between China and Russia might affect the European Union. EU countries are complementary to Russia on the Chinese market. However, Chinese exports are increasingly relevant substitutes for EU exports on the Russian market. This means that an increase in China-Russia economic cooperation should have a negative impact on European exports. The authors simulate a scenario in which trade tariffs between Russia and...

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Can the EU-India Free Trade Agreement be revived?

India and the EU must adopt a flexible approach, and iron out differences on crucial issues, to ensure that the India-EU FTA becomes a reality. Free Trade Agreement (FTA) negotiations have been ongoing between the EU and India for more than nine years now. The FTA aims to reduce tariffs on goods, facilitate trade in services, and boost investments between the two sides. The EU is India’s largest trading partner. The two-way trade in goods between India and the EU stood at $ 98.5 billion...

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欧洲难民危机将如何演进

欧盟成员国如果重新恢复其边境管控,将会带来严重的经济后果。更严重的后果将是政治性的 几个月来难民危机一直占据欧洲媒体的头条。据统计,2016年以来,每天仍有高达4000名难民进入欧盟,这将在2016年再带来至少100万难民。 在去年抵达欧洲的150万难民中,超过100万来到了德国,然而最初对他们表示欢迎的氛围已经极大地改变了。德国总理默克尔对难民开放的政策曾受到广泛支持,但不久前在科隆发生的性侵事件使局面发生了转折。最新的民调显示,德国民众对移民的欢迎态度已大幅减弱。去年12月,超过一半的德国人认为德国可以接纳大量的难民,然而这一比例目前已经跌至35%。 德国或许能够应对难民危机带来的财政挑战,但是德国人对难民是否能成功融入德国社会却渐渐失去信心。德国政界的普遍态度是,在2016年只能接受更少的难民。...

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The new Washington Consensus

What’s at stake: Since 2008 the IMF has been at the forefront of a revaluation of the orthodox policy toolbox. While the majority of policies that constituted the old Washington Consensus remain in place, the consensus has moved on financial openness and fiscal consolidations. The Washington Consensus and neoliberalism John Williamson coined the term Washington Consensus in 1989 as he examined the extent to which the old ideas of development economics that had governed Latin American economic...

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India must push forward with RCEP trade deal

Negotiations on a trade agreement between the Association of Southeast Asian Nations (ASEAN) and their free trade partners could have major implications for the world economy. India could benefit from concluding the Regional Comprehensive Economic Partnership (RCEP), a trade deal that would group 16 nations and account for 40% of world trade, but is procrastinating due to political difficulties. The RCEP initiative would link the ten member states of the Association of Southeast Asian Nations...

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The abandonment of counter-cyclical fiscal policy

What’s at stake: The reluctance to use fiscal policy as a stabilizing tool in the current deflationary environment has been puzzling to many and a number of authors are now putting forward possible explanations. The move from counter-cyclicality to procyclicality In its 2015 Fiscal Monitor, the IMF writes that to be stabilizing, the fiscal balance needs to increase when output rises and to decrease when it falls. That way, fiscal policy generates additional demand when output is weak and...

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Lessons for the euro from early US monetary and financial history

In this essay, Jeffry Frieden looks at the process of creating a monetary union in the United States and draws lessons for the EU. Summary 3.4 Mb Download PDF Europe’s central goal for several decades has been to create an economic union that can provide monetary and financial stability. This goal is often compared to the long-standing monetary union that is the United States. Easy celebration of the successful American union ignores the fact that it took an extremely long time to...

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Core and periphery: different approaches to unconventional monetary policy

Compared with the ‘core’ of the world economy, emerging markets have limited room for manoeuvre when it comes to applying unconventional monetary policy measures. In the aftermath of the global financial crisis of 2007-2009, central banks in a number of advanced economies rapidly expanded their reserve (base) money and resorted to various unconventional monetary policy measures. Quantitative easing (QE), a massive purchase of securities including Treasury bonds, has played a prominent role in...

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The benefits and drawbacks of TTIP

What’s at stake: Since the recent leak of documents on TTIP (Transatlantic Trade and Investment Partnership) negotiations, there has been renewed interest in the trade deal. This blog review looks at studies on the estimated impacts of TTIP on growth, labour markets and social conditions. We also summarise its impact on countries outside the deal, and look at the debates surrounding its counterpart, the TPP (Trans-Pacific Partnership). The Biannual Eurobarometer survey indicates that support ...

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