Economic Forecasts
Too smooth by far?
Prakash Loungani & Jair Rodriguez
Pages 1 - 12
Will the US and other economies slip into recessions this year? Which economies will decouple from a global slowdown? The authors suggest that the excessive caution shown by private sector forecasters limits the usefulness of their forecasts in answering these questions. Using growth forecasts for 1 ... Read more
Summary |
Full text (PDF)
Measuring China’s Economic Performance
Angus Maddison & Harry X. Wu
Pages 13 - 44
China is the world’s fastest growing economy and is also the second largest. However, the official estimates of the Chinese National Bureau of Statistics exaggerate GDP growth and need adjustment to conform to international norms as set out in the 1993 System of National Accounts (SNA). This paper p ... Read more
Summary |
Full text (PDF)
The Rise of China Investment Corporation
A new member of the sovereign wealth club
Friedrich Wu & Arifin Seah
Pages 45 - 68
The sovereign wealth club acquired a new member with the official launch of the China Investment Corporation (CIC) on 29 September 2007. The arrival of CIC has further heated up the debate on sovereign wealth funds (SWFs) and their potential implications for global financial markets. This is because ... Read more
Summary |
Full text (PDF)
A Wave of Protectionism?
An analysis of economic and political considerations
Philipp Maier
Pages 69 - 96
In light of the US current account deficit, pressure is high on Asian countries to revalue their currencies. The calls from some US policymakers for tariffs on imports from China have sparked fears of a world-wide surge in protectionism. This study evaluates the risk of protectionism, considering tw ... Read more
Summary |
Full text (PDF)
Towards a Unified Theory of Economic Growth
Oded Galor on the transition from Malthusian stagnation to modern economic growth
An interview with introduction by Brian Snowdon
Pages 97 - 152
Oded Galor, Professor of Economics at Brown University, is one of the world’s leading and most imaginative growth theorists. Throughout his career, his numerous publications have focussed on growth-related issues such as labour migration, international trade, income distribution, demography, human c ... Read more
Summary |
Full text (PDF)
Globalization
From Heckscher–Ohlin to the New Economic Geography
F. Gerard Adams
Pages 153 - 174
The rapid globalization of the world economy is causing fundamental changes in patterns of trade and finance. Some economists have argued that globalization has arrived and that the world is “flat”. While the geographic scope of markets has increased, the author argues that new patterns of trade and ... Read more
Summary |
Full text (PDF)
Trends and Challenges in Islamic Finance
Heiko Hesse, Andreas (Andy) Jobst & Juan Solé
Pages 175 - 194
The paper first discusses the current trends in Islamic finance, which has become mainstream with currently more than US$800 billion of assets worldwide and a buoyant market for sukuk bonds. However, this exorbitant growth raises many challenges, particularly in the areas of banking, capital markets ... Read more
Summary |
Full text (PDF)
Commentary
Over-Presumption and Myopia
The IMF on climate change issues
David Henderson
Pages 195 - 200
Full text (PDF)
Book Reviews
Miranda Xafa on Frederic S. Mishkin, The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich
Pages 201 - 204
Full text (PDF)
Joe Perkins on Paul J. Zak (editor), Moral Markets: The Critical Role of Values in the Economy
Pages 205 - 208
Full text (PDF)
Brian Snowdon on John S. Lyons, Louis P. Cain & Samuel H. Williamson (eds), Reflections on the Cliometrics Revolution: Conversations with Economic Historians
Pages 209 - 212
Full text (PDF)