The Crafty Saudis: How They’re Sustaining Low Oil Prices

The oil market continues to be oversupplied and barrel prices remain low. It’s mostly the Saudis’ doing, and its part of their strategy to replace OPEC with a new Global Corporate Oil Board. Their newest tactic is a boost in domestic refining and growth in their refined product exports. Where does everyone else stand, and […]

EconoMonitor — Special Announcement

NEW YORK, Jul 21, 2015 — Roubini Global Economics, a leading provider of independent, global macroeconomic research, today announced the formation of EconoMonitor LLC, a new joint venture between Roubini Global Economics and Ashmore Media Group. In August 2015, EconoMonitor LLC will be relaunching the EconoMonitor blog, a community for informed commentary on economic, financial, […]

Fundamental Problems Facing Greece

The dust has yet to settle after the referendum in Greece and making any longer term predictions is next to impossible, other than stating the obvious that the next days and weeks will bring capital controls and issuing of IOUs to meet public sector payments, similar in form to the ones that the State of […]

Europe must realize nations matter more than the euro

Someone had to make the point to the EMU leading lenders and the troika that they can’t take away a country’s right to be itself. I explained in 2012 in these pages that the EMU has always been an inherently undemocratic enterprise led by the continent’s elites, and that a real resolution to the euro […]

Russian Crisis Hits Latvia, but (So Far) Not as Badly as Feared

From the beginning, it was clear that the economic crisis in Russia would pose multiple problems for Latvia and its Baltic neighbors. Until recently, many businesspeople in Latvia had seen close trade, transportation, and financial linkages as strengths that allowed their country to serve as Russia’s economic portal to the EU. Since the middle of […]

Una de las cosas más importantes que el Gobierno puede y debe hacer es lograr el pleno empleo

Here’s a long interview, in Spanish. http://www.eldiario.es/economia/importantes-gobierno-lograr-pleno-empleo_0_372363556.html   Lo entrevistamos al final de su estancia en Madrid hace unas semanas con motivo de la presentación del libro, en una visita en la que coincidió con el candidato de IU a la presidencia del Gobierno, Alberto Garzón, y su hermano el economista Eduardo Garzón, que ha […]

Is Banks’ Home Bias Good or Bad for Public Debt Sustainability?

Introduction and literature Issues related to the entrenched sovereign-bank nexus, particularly home bias—banks’ holdings of sovereign domestic debt—have gained prominence during the Global Crisis in recent years as public debt was rising especially in the European periphery.1Prompted by foreign investors’ flight as well as cheap Long-Term Refinancing Operations (LTRO) funding from the ECB, many peripheral […]