Economic policies pursuant to the Global Crisis: A critique

Richard Wood, 13 July 2014

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Interrelated economic problems

Current high public debt burdens are due to three main forces:

Topics: Global crisis, Macroeconomic policy
Tags: global crisis, overt money financing, policy response

R&D internationalisation during the Global Crisis

Bernhard Dachs, Georg Zahradnik, 6 July 2014

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Foreign firms’ share of total business R&D expenditure increased during the last three decades in almost all countries where data is available, but this trend stopped with the Global Crisis of 2008–2009. In most countries, R&D of foreign firms was more severely affected by the crisis than R&D of domestic firms.

Topics: Global crisis, Productivity and Innovation
Tags: autonomy, FDI, global crisis, globalisation, innovation, multinationals, persistence, R&D, subsidiaries

Reform and be re-elected: Evidence from the post-crisis period

Marco Buti, Alessandro Turrini, Paul van den Noord, 4 July 2014

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The former Eurogroup president allegedly said, “We all know what to do but we don’t know how to be re-elected once we have done it” (The Economist 2007). In an earlier VoxEU column (Buti et al.

Topics: Politics and economics
Tags: elections, global crisis, reforms

Low interest rates and secular stagnation: Is debt a missing link?

Claudio Borio, Piti Disyatat, 25 June 2014

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Today, the US government can borrow for ten years at a fixed rate of around 2.5%. Adjusted for expected inflation, this translates into a real borrowing cost of under 0.5%. A year ago, real rates were actually negative. With low interest rates dominating the developed world, many worry that an era of secular stagnation has begun (Summers 2013).

Topics: Financial markets, Global crisis, Monetary policy
Tags: debt, global crisis, interest rates, monetary non-neutrality, monetary policy, natural rate of interest, risk-taking channel of monetary policy, secular stagnation

Teaching economics as if the last three decades had happened

Wendy Carlin interviewed by Viv Davies, 20 May 2014

Wendy Carlin talks to Viv Davies about the 'Curriculum Open-access Resources in Economics' (CORE) project, which was established by the Institute for New Economic Thinking (INET) at Oxford and proposes a new approach to economics teaching for undergraduates. The aim is to update the existing economics curriculum so that it reflects recent developments in economics, the economy and in teaching methods. They discuss the 'three gaps' in economics teaching that the project seeks to close. The interview was recorded in April 2014 at the annual conference of the Royal Economic Society.

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Topics: Frontiers of economic research
Tags: academia, economics education, financial crisis, global crisis, teaching, undergraduates

The mainstream economics curriculum needs an overhaul

Diane Coyle, 4 May 2014

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One of the delayed consequences of the financial crisis is a widespread and apparently growing desire to change how economics is taught. Students in a number of countries, including vocal groups in Chile and the UK, have recently intensified the demand for reform.

Topics: Education, Global crisis
Tags: academia, economics education, education, financial crisis, global crisis, teaching, undergraduates

Global Crises: Causes, Consequences and Policy Responses

Stijn Claessens interviewed by Viv Davies, 18 Apr 2014

Stijn Claessens talks to Viv Davies about the recent IMF book titled 'Global Crises: Causes, Consequences and Policy Responses', co-edited with M Ayhan Kose, Luc Laeven, and Fabian Valencia. The book provides a comprehensive overview of current research into financial crises and the policy lessons learned. They discuss crisis prevention and management, and the crisis in the Eurozone. The interview was recorded in April 2014.

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See Also

Stijn Claessens, M Ayhan Kose, Luc Laeven, Fabian Valencia (eds) Global Crises: Causes, Consequences and Policy Responses (IMF, February, 2014) 

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Topics: Macroeconomic policy
Tags: banking crises, debt, default, financial crises, fiscal deficit, global crisis, recovery

Exploring the transmission channels of contagious bank runs

Martin Brown, Stefan Trautmann, Razvan Vlahu, 10 April 2014

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Financial contagion – the situation in which liquidity or insolvency risk is transmitted from one financial institution to another – is viewed by policymakers and academics as a key source of systemic risk in the banking sector.

Topics: Financial markets
Tags: bank runs, banking, banks, contagion, experimental economics, financial crisis, financial stability, global crisis, systemic risk

Sustainable growth requires a long-term focus

Pascal Lamy, Ian Goldin, 28 March 2014

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Just when we thought high-frequency trading couldn’t get any faster, a US communications company is developing a high-speed laser network between the New Jersey data centres of the New York Stock Exchange and the NASDAQ stock exchange, to shave an additional few nanoseconds off high-frequency trading times.

Topics: Environment, Financial markets, Global crisis, International trade
Tags: climate change, corporate governance, environment, global crisis, growth, high-frequency trading, mark-to-market accounting, short-termism, trade

Uncertainty and the Great Trade Collapse: New evidence

Dennis Novy, Alan Taylor, 19 March 2014

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When the Great Recession hit with full force in 2008, many countries experienced a sharp decline in their economic output. However, the accompanying decline in international trade volumes was even sharper, and almost twice as big.

Topics: Global crisis, International trade
Tags: global crisis, great trade collapse

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