EMerging Equity
Project Syndicate
New-Model Development Finance
China’s success in establishing the Asian Infrastructure Investment Bank has been widely regarded as a diplomatic fiasco for the United States. By Anne-Marie Slaughter After discouraging all US allies from joining the AIIB, President Barack Obama’s administration watched as Great Britain led a raft of Western European countries, followed by Australia and South Korea, into … Continue reading
Putin’s European Fifth Column
By Yuriy Gorodnichenko, Gérard Roland, Edward W. Walker BERKELEY – If the world should have learned one thing from the recent months of tensions between Russia and the West, it is that Russian President Vladimir Putin’s strategic ambition and skill should never be underestimated. It is in this light that the West should view Putin’s recent … Continue reading
How Fast Will China Grow?
By Justin Yifu Lin Project Syndicate BEIJING – In the 35 years since China’s transition to a market economy began, the country has grown at an average rate of 9.8% – an explosive and unprecedented rise. But there are signs that the Chinese miracle is coming to an end – or at least that the … Continue reading
The Right Choices for 2015 – Christine Lagarde
By Christine Lagarde WASHINGTON, DC – As 2015 begins, policymakers around the world are faced with three fundamental choices: to strive for economic growth or accept stagnation; to work to improve stability or risk succumbing to fragility; and to cooperate or go it alone. The stakes could not be higher; 2015 promises to be a … Continue reading
Making Sense Of The Swiss Shock
By Marcus Brunnermeier & Harold James PRINCETON – Since the European sovereign-debt crisis erupted in 2009, everyone has wondered what would happen if a country left the eurozone. At first, the debate focused on crisis countries – Greece, or maybe Portugal, Spain, or Italy. Then there was a rather hypothetical discussion of what would happen … Continue reading
The Global Consequences of Russia’s Isolation
By Harold James & Domenico Lombardi PRINCETON – Russia’s current crisis, particularly the collapse of the ruble, reveals the fragility not only of the Russian economy, but also of the existing international order and the foundations of contemporary thinking about economic and political sustainability. Indeed, Russia’s crisis was never supposed to happen – and its … Continue reading
The Price of Oil in 2015
By Jim O’Neill LONDON – In late 1979, I began work on my PhD thesis, an empirical investigation of the OPEC surplus and its disposal. It was the end of a decade in which oil prices had undergone two dramatic increases, and most of the various geniuses of the day were confidently predicting that they would … Continue reading
A New Cold War Order?
By Mikhail Gorbachev MOSCOW – As 2014 comes to a close, it is clear that the European and international political structures that have been in place since 1989 have failed the test of time. Indeed, the world has not witnessed such a tense and fraught environment since the Cold War’s end, with bloodshed in Europe … Continue reading
The Next Chinese Economy
By Zhang Monan BEIJING – After more than 30 years of extraordinary growth, the Chinese economy is shifting onto a more conventional development path – and a difficult rebalancing is underway, affecting nearly every aspect of the economy. For starters, China’s current-account surplus has shrunk from its 2007 peak of 10% of GDP to just … Continue reading
China’s Growth Secret
By Zhang Jun Project Syndicate Many people are profoundly pessimistic about the Chinese economy’s growth prospects, owing to the emergence of massive debt, excessive investment, overcapacity, and so-called “ghost cities” since the 2008 global financial crisis. But these problems are not new. They have, in various forms, affected China’s economy since 1978, and were evident … Continue reading
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