Calibrating 2014

The global economy looks poised to display better growth performance in 2014. Leading indicators are pointing upward – or at least to stability – in major growth poles. However, for this to translate into reality policymakers will need to be nimble enough to calibrate responses to idiosyncratic challenges. Consider the United States. Job creation has […]

Brazil, Korea: Two Tales of Macroprudential Regulation

The pervasiveness and relevance of asset price booms and busts in modern economies has now been fully acknowledged. So has the case for combining prudential regulation and monetary policy in the complementary pursuit of financial and macroeconomic stability. This is a key issue particularly for policy makers in emerging markets, where the interaction of real […]

Elephants and Macro-Financial Linkages

Global financial integration and the linkages between the financial and the real sides of economies are sources of huge policy challenges. This is now beyond doubt, after what we saw in the run-up to and the unfolding of the 2008 global financial crisis. A newly released book – Dealing with the Challenges of Macro Financial […]

A Billion-Dollar Opportunity for Developing Countries

With Håvard Halland. The decision last week by the Swiss government to sign the OECD’s somewhat lengthily named Convention on Mutual Administrative Assistance in Tax Matters is the latest of a series of developments that have radically increased the amount and quality of tax information available to governments. For developing countries, being able to access and […]

QE Tapering as a Wake-up Call for Emerging Markets

Summer was marked by a strong pressure of capital outflows and exchange rate devaluations in several systemically relevant emerging markets. A global portfolio rebalancing was put in motion on May 22, when talk of the U.S. Federal Reserve shrinking — and eventually reversing — its asset purchase program (QE or quantitative easing) was made public. […]

Resource-Backed Investment Finance in Least Developed Countries

In recent decades, Least Developed Countries (LDCs) have been using their natural-resources as collateral to access sources of finance for investment, countervailing the barriers they face when accessing conventional bank lending and capital markets.  Depending on whom you ask, such financing models have been alternately vilified and sanctified in the global development debate. In an effort to […]

South-South Trade through Value-Added Glasses

It is misleading to use gross data on exports and imports to calculate the extent to which trade contributes to economic growth and affects the allocation of national resources. Products often cross borders more than once while being processed until their final use and may thus be counted multiple times. Furthermore, given the increased use […]

Finance as Economic Cholesterol

A country’s income depends on its accumulated wealth and how efficiently and innovatively this wealth is employed to produce goods and services. Does what a country produce matters? Are there constraints or drivers of wealth accumulation that can be associated with specific economic activities within a country? The question is as old as development economics. […]

Emerging Markets Selloff: What’s Next?

The last weeks of summer have been marked by renewed pressure of capital outflows and exchange rate devaluations in several systemically relevant emerging markets. In fact, this is just the latest round of a global portfolio rebalancing that has been in motion since May 22, when talk of the US Federal Reserve shrinking – and […]

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