Ross Levine, Chen Lin, Wensi Xie, Wednesday, July 29, 2015 - 00:00

Some have argued that the stock market serves as a ‘spare tire’ during banking crises by providing an alternative corporate financing channel. This column examines the claim using data for 36 countries spanning 20 years. The findings support the three core predictions of the spare tire view, suggesting that countries can insulate parts of their economy from future banking crises by designing appropriate legal frameworks.

Simon Wren-Lewis, Friday, January 30, 2015 - 00:00

Stijn Claessens, Friday, April 18, 2014 - 00:00

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.

Olivier Blanchard, Monday, January 27, 2014 - 00:00

The global economy seems to be on the mend. In this column, IMF Chief Economist Olivier Blanchard provides a quick overview of the likely developments. The key points are that the recovery is happening as expected, but it remains fragile and uneven across major economies. Normalising monetary policy poses risks for vulnerable emerging markets and deflation is a real concern for the Eurozone.

Antonio Fatás, Ilian Mihov, Wednesday, August 14, 2013 - 00:00

The last recession in the US ended in June 2009. Yet, three years on, unemployment remains high. This column argues that we need to better understand how business cycles of recession and expansion work. Detailed evidence from the US suggests that recoveries are not simply mirror images of recessions. Because of its policy relevance, economists and policymakers must acknowledge that the pattern of recession/recovery has significantly changed over the last half century.

Richard Wood, Saturday, May 11, 2013 - 00:00

The world economy seems to be acting in unexpected ways. This column argues that austerity and quantitative easing do not seem to be working out as advertised. There is an urgent need to review the effectiveness of alternative macroeconomic policy approaches, and prepare an internationally agreed pro-growth plan to reflate distressed economies. The outlines of one such plan are presented.

Olivier Blanchard, Wednesday, February 13, 2013 - 00:00

The new year has provided cheer for macroeconomic optimists. This column by Olivier Blanchard, one of the world’s leading economists, argues that important progress has been made in putting the crisis behind us, but that recovery continues to be hampered by the need for fiscal consolidation and a weak financial system.

Carmen M Reinhart, Kenneth Rogoff, Monday, October 22, 2012 - 00:00

The strength of the US recovery has become a political issue in the presidential election. The US is doing better than other advanced economies, but famous economists associated with the Romney campaign claim this is not good enough. The US, they argue, is different. Here, the masters of the 'this time is different' research genre – Carmen Reinhart and Ken Rogoff – argue that US historical performance is not different when it is properly measured, so the economy’s performance is better than expected.

Lucrezia Reichlin, Domenico Giannone, Jasper McMahon, Saverio Simonelli, Wednesday, May 2, 2012 - 00:00

According to official statistics, the UK and Europe are heading for recession, while the US is recovering. This has led some to suggest that European economies are moving in the opposite direction to the US. This column, written by the co-founders of Now-Casting, presents new now-casting estimates that put Europe and the US even further apart.

Prakash Loungani, M Ayhan Kose, Marco E Terrones, Tuesday, April 24, 2012 - 00:00

How different is the current recovery from past ones? How do prospects differ between advanced and emerging economies? This column argues that the ongoing recovery in advanced economies has so far paralleled the weak and protracted recovery following the 1991 global recession to a surprising degree, partly because of challenges in Europe. In contrast, the recovery in emerging market economies has been unusually strong.

Eswar Prasad, Karim Foda, Monday, April 23, 2012 - 00:00

The world economy is showing scattered signs of improvement but remains fragile according to official forecasts. This column summarises the latest update of the Brookings Institution-FT Tracking Indices for the Global Economic Recovery. It confirms some positive signs but also much to worry about as the world economy continues to meander with no clear sense of direction.

Ronald U Mendoza , Wednesday, June 9, 2010 - 00:00

As the G20 changes its recommendations from fiscal stimulus towards fiscal austerity, this column argues that policymakers should be careful not to leave the most vulnerable behind. It says that robust social spending and investments are needed even under tight fiscal conditions – stock markets may bounce back, but a generation growing up in poverty may not.

Prakash Kannan, Thursday, November 19, 2009 - 00:00

Will the economic recovery be U-, V-, W-, or L-shaped? This column warns that recoveries from recessions caused by financial crises are slower than others, due to stressed credit conditions that persist even after output begins to recover. It thus recommends policies aimed at recapitalising financial institutions, resolving distressed financial assets, ensuring adequate provision of liquidity, and expediting bankruptcy proceedings.

Stephen Cecchetti, Marion Kohler, Christian Upper, Wednesday, October 28, 2009 - 00:00

Is the current turmoil unique? This column examines three decades of financial crises and says that it stands out. But the variation in past experiences suggests that the major economies may regain their pre-crisis levels of output by the second half of 2010.

CEPR Policy Research