Roubini Topic Archive: Sectors and Industries
Recently there have been several articles written on the China’s capital stock. The argument in most of these pieces is that China’s capital stock per capita is low and thus claims of overinvestment in China are incorrect. Just to recap, the capital stock is a broad measure of the existing physical capital in an economy. […]
The Chinese housing market is clearly undergoing a correction that may eventually bring housing prices back to a more reasonable level. As the past several years have made all too apparent, housing downturns are economically painful and can lead to larger economic crises. The network of financial leverage that fueled the US housing bubble turned […]
Op-ed in the Moscow Times
November 25, 2010
In my September 3, 2008, column titled “10 Reasons Why the Russian Economy Will Falter,” I saw no reason why economic growth would continue. At the time, most economic analysts argued that Russia was a safe haven and predicted growth of 7 percent to 8 percent in 2009. Instead, gross domestic product plummeted by 8 percent in 2009.
During the past two years, the mood in Russia has changed profoundly. Euphoria and complacency have been replaced with cynicism and pessimism. A broad conviction has spread that the country is condemned to a growth rate of, at most, 3 percent to 4 percent a year.
Michael Mussa says the latest disappointing economic numbers indicate a slower pace of growth and a possible rise in unemployment, and that a return to recession cannot be ruled out.
Edited transcript, recorded August 20, 2010. © Peterson Institute for International Economics.
Steve Weisman: Is the recovery in the United States sputtering to a close? Michael Mussa, senior fellow at the Peterson Institute for International Economics, is here today with me, Steve Weisman, at the Institute to tell us how to interpret the latest numbers on the economy on August 20. Mike, thanks for joining me.
On August 15, India celebrated 63 years of independence. Many hail it as an economic powerhouse but also point to the lopsidedness of its growth. Despite being home to some of the world’s leading technology companies, poverty is still widespread, physical and social infrastructure still woefully inadequate, employment opportunities still limited, and access to basic and higher education still insufficient. Nearly 40 percent of the population is still illiterate, and 25 percent is below the poverty line. India ranks 133rd (out of 183 countries) on the World Bank’s ease of doing business index—169th on starting a business and 182nd on enforcing contracts—way behind several countries in sub-Saharan Africa and Latin America. As Edward Luce observed in his In Spite of the Gods: The Rise of Modern India, “India finds itself higher on the ladder than one would expect it to be. It is just that most of its people are still sitting at the bottom.”