Turmoil in the Middle East has injected huge uncertainty into oil markets. Could unrest spread to Saudi Arabia, Iran, or others in the region and disrupt oil supplies? What will be the consequences for the global recovery? What can policy makers do? […]
For primarily political reasons, the fiscal policies of the United States and the United Kingdom diverged dramatically in 2010, as British leaders introduced a harsh austerity program while U.S. policy makers agreed to extend tax cuts. […]
The economic costs of the Japanese earthquake will be major, but are unlikely to derail the Japanese or global recovery. However, a number of risks—beginning with unresolved nuclear crisis—could worsen the outcome considerably. […]
In order to prevent another boom-bust episode—this time in developing countries—policy makers must act soon to cool the rising temperatures in several rapidly growing emerging markets. […]
Economic growth in Africa has accelerated remarkably since the turn of the century, reflecting a rise in commodity prices as well as better macroeconomic policies, increased openness, and fewer conflicts. […]
After stagnating for decades, economic growth in Africa has accelerated, but maintaining this rapid growth is far from guaranteed. Policy makers must build on past successes and tackle tough reforms before the world’s poorest continent can make sustained economic progress. […]
Reform of the international monetary system tops France’s agenda as chair of the G20 but a review of the system during the crisis suggests no major overhaul is needed. Instead, major economies must change their domestic policies to ensure that the system functions smoothly. […]
The unrest spreading throughout the Arab world will have significant economic implications for the region.
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If asset prices and currency values overshoot and inflation surges, there is a risk that emerging markets will be hit with another potentially devastating financial crisis. […]
The increased use of intermediate inputs in world trade distorts bilateral trade balances, reduces the importance of exports as drivers of demand, and hides the true cost of protectionism. […]
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