Debt and Deleveraging
The global credit bubble and its economic consequences
Susan Lund & Charles Roxburgh
Pages 1 - 30
In this article, McKinsey Global Institute researchers assess the increases in debt and leverage in ten mature economies and four emerging economies – breaking down that data by each country’s financial, household, non-financial business and government sectors. The authors then analyse the sustainab ... Read more
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Clearing the Fog
How useful are short-term economic indicators?
Simon Hayes & James Ashley
Pages 31 - 44
Official statistical agencies produce a number of data series that are more timely and of higher frequency than the published estimates of GDP growth. There are also numerous private-sector measures and surveys that provide a running commentary on economic developments. In this article we assess the ... Read more
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Greece and the State
Prometheus Bound?
Michael Massourakis
Pages 45 - 66
Pervasive state intervention in Greece has mired the economy with large-scale inefficiencies and an uneven playing field, protecting insiders and rent-seekers to the detriment of its underlying growth potential, with the political class at the same time failing miserably to address the aspirations o ... Read more
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Greek Economic Statistics: A Decade of Deceit
So how come the rating agencies missed it again?
Brian Sturgess
Pages 67 - 100
This paper looks at the recent problems in official Greek economic data on public finances, whose reliability has been impaired by inappropriate accounting methods, the application of poor statistical methods and deliberate misreporting. Data on deficits and debt have been misleading from before Gre ... Read more
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The Economic Crisis and the Commonwealth
A review with analysis and solutions
Michael Chibba
Pages 101 - 113
This paper reviews the nature of the economic crisis and discusses its impact on the Commonwealth. Further, it offers an analysis and suggestions on how Commonwealth nations can move forward to both tackle the impact of the crisis and prepare for the post-crisis period, through five key policy princ ... Read more
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The International Financial Architecture
Yesterday, today and tomorrow
Onno de Beaufort Wijnholds
Pages 113 - 131
The global financial crisis requires a global solution. A deep-seated overhaul of the international financial system is needed, but could be frustrated by political wrangling, particularly in the United States, but also in the European Union. Moreover, international coordination is complicated; with ... Read more
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A Tale of Two Crises
Harold Lind
Pages 131 - 149
The paper argues that many erroneous conclusions derived from modelling are due to mistakes in logic rather than scientific methodology. The widely accepted models predicting the catastrophic consequences of carbon emissions, and suggesting how cuts by the developed world can prevent them, all ignor ... Read more
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Green Stimulus, Green Recovery and Global Imbalances
Edward B. Barbier, PhD
Pages 149 - 177
This paper assesses the extent to which G20 green stimulus initiatives enacted during the 2008–9 recession have instigated a global ‘green recovery’, and how further green recovery policy initiatives by the G20 relate to concerns about chronic fiscal deficits and global imbalances. Implementing furt ... Read more
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Vietnam: From Transitional State to Asian Tiger?
Issues of the Vietnamese economic transformation experience
F. Gerard Adams & Anh Le Tran
Pages 177 - 199
Putting aside the legacy of its unique history, Vietnam has achieved an excellent growth record. But it is still far behind the leading East Asian economies. We consider the Vietnamese growth strategy in light of the controversies about ‘accumulation vs assimilation’ and ‘non-intervention vs governi ... Read more
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Letter
To the editors of World Economics
Tim Congdon
Pages 199 - 201
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Book Reviews
Keith Boyfield on Dambisa Moyo: Dead Aid
Pages 201 - 206
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John Williamson on Carol Graham: Happiness Around the World
Pages 201 - 206
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Review Essay
George Soros’ Reflexivity and the Global Financial Crisis
Thomas D. Willett
Pages 207 - 214
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