Why the jobs problem is not going away

Richard Dobbs, Anu Madgavkar 19 September 2012

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Three years after the official end of the 'Great Recession', millions of workers across advanced economies remain unemployed. The US and UK unemployment rates remain above 8%; among Eurozone countries, unemployment exceeds 10% (US Bureau of Labor Statistics).

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Topics:  Global economy Labour markets

Tags:  US, Labour Markets, UK, global economy

Quota formula reform is about IMF credibility

Arvind Virmani 22 June 2012

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The Eurozone crisis has overwhelmed all other debates about the reform and development of global governance institutions dealing with the world economy . It is therefore necessary to remind ourselves why we need a reform of the IMF quota formula. The quota formula determines the both the quota contribution and the vote share of the members of the IMF (except for the basic vote which is assigned equally to all members and therefore favors the smaller members).

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Topics:  Global economy Global governance

Tags:  IMF, global economy

The first global recession in decades

Jean Imbs 10 November 2010

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The current turmoil is often argued to have had unprecedented global consequences (see Sugawara et al. 2010 for example). It is perhaps the severity of the universal consequences of a US-based shock, rather than the recession itself, that has drawn comparisons with the Great Depression (see also on this site Eichengreen and O’Rourke 2010).

This raises two questions:

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Topics:  Global crisis Global economy International finance International trade

Tags:  international trade, global crisis, global economy, international finance

Lessons in regionalism: What can the WTO teach the IMF?

Kati Suominen 03 November 2010

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The epicentre of financial regionalism is Asia. Emerging East Asian economies, scarred by the IMF’s policy conditionalities during the 1997-98 regional financial crisis, are busily building national reserves and regional financial arrangements so as to wean themselves off the Fund’s influence. During the global crisis of 2008 and 2009, East Asians expanded the regional Chiang Mai swap initiative to $120 billion and multilateralised it into a regional pool.

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Topics:  Global economy International finance

Tags:  WTO, IMF, regionalism, global economy, international finance

A currency war the US cannot win

Yiping Huang 19 October 2010

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A new currency war is looming. The US Congress has already passed a bill for imposing currency import tariffs, although becoming an actual policy is still a long shot. Tim Geithner is urging the IMF and the international community to play more active roles in promoting more flexible exchange-rate regimes.

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Topics:  Global economy International trade

Tags:  US, global imbalances, China, international trade, global economy

Debating the global roots of the current crisis

Brad Setser 28 January 2009

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There is a broad consensus that regulatory weaknesses, distorted incentives and excessive leverage in the US (and European) financial sector contributed to the current, severe global financial crisis. The investment banks themselves presumably no longer think that doubling their leverage from 2004 to 2007 was a good idea. The Western financial sector made two big bets. The first bet was that US home prices wouldn’t fall on a nationwide basis, and the second one was that macroeconomic volatility would remain low even as macroeconomic imbalances built.

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Topics:  Macroeconomic policy

Tags:  exchange rates, monetary policy, global economy

A $2 trillion question

Gian Maria Milesi-Ferretti 28 January 2009

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With the raging financial crisis and the possible measures to combat it taking centre stage in the policy debate, the focus on the US current account deficit and its implications for the US net external asset position has waned to some extent.

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Topics:  Macroeconomic policy

Tags:  US, global economy

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