Although World Trade Organization policies helped limit the increase in protectionist measures during the recent financial crisis, a mutually reinforcing set of legal and structural changes in the world economy played a larger role in keeping global markets open. […]
One of the remarkable features of the recent global financial and economic crisis is that few countries resorted to protectionism. What economic and political factors account for the lack of protectionism? […]
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. […]
While almost every economy in the Middle East and North Africa region is projected to accelerate in 2011-2012, significant downside risks to this forecast remain. […]
As fears rise over currency clashes, policy makers must confront the challenges of a two-speed global economy where China and other emerging markets are surging ahead while Europe, the United States, and Japan face a number of serious economic concerns. […]
Policy makers around the world who are pushing China to revalue its exchange rate should note that an appreciation of the renminbi—unless accompanied by an acceleration of China’s domestic demand—will be of little benefit to most economies. […]
An examination of past episodes of currency tension suggests that competitive devaluations are not likely today. But the forces behind past collapses remain highly relevant and policy makers cannot afford to be complacent. […]
Policy makers should heed the lessons of the Great Recession and enact the structural and regulatory reforms needed to protect the world against the next crisis. […]
Despite headlines proclaiming otherwise, the G20 summit made substantial progress on several issues, including financial and IMF governance reforms and the rejection of current account and currency targets. […]
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