Restoring financial stability with economic growth

James Boughton 15 September 2014

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No one would argue seriously any longer that the international financial system is working just fine. When the politicians and central bankers who govern the International Monetary Fund and the World Bank gather in Washington this October, much of the talk will be about the refusal of the US Congress to pass legislation that would reform the IMF.

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Topics:  Global governance International finance

Tags:  economic growth, financial stability, institutions, IMF, G20

Determinants of the growth and sovereign debt correlation

Matthijs Lof, Tuomas Malinen 25 May 2014

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Since the outbreak of the financial crisis, the relationship between debt and growth has been an issue of heated debate among both academics and policymakers. Reinhart and Rogoff (2010a) showed a negative correlation between sovereign debt and economic growth, and argued that countries could be confronted with a considerable decline in their growth potential after the debt-to-GDP ratio exceeds 90%.

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Topics:  Macroeconomic policy

Tags:  economic growth, public debt

UK macroeconomists see potential for higher growth: results of the first Centre for Macroeconomics survey

Angus Armstrong, Francesco Caselli, Jagjit Chadha, Wouter den Haan 14 April 2014

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The Centre for Macroeconomics (CFM) – a partnership between the University of Cambridge, the London School of Economics (LSE), University College London (UCL), the Bank of England and the National Institute of Economic and Social Research (NIESR) – is today publishing the results of a new monthly survey to inform the public about the views held by leading UK based macroeconomists on important questions about macroeconomics and public policy.1 The survey will shed light on the extent to which there is agreement or disagreement on these questions among our panel o

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Topics:  Europe's nations and regions Global crisis

Tags:  economic growth, UK, output gap

Efficient retail payments: An untapped source for reviving growth in Europe?

Iftekhar Hasan, Tuomas Takalo 24 January 2014

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Retail payments are an inherent part of most adults’ daily life in Europe. But promotion of efficient retail payments is seldom an inherent part of European growth agendas. It should be.

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Topics:  Microeconomic regulation Productivity and Innovation

Tags:  Europe, economic growth, retail, efficiency

Growing out of corruption

Jie Bai, Seema Jayachandran, Edmund J. Malesky, Benjamin Olken 22 November 2013

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Eradicating corruption ranks among the central policy concerns of economic development practitioners around the globe. Then-World Bank President James Wolfenson made the case for combatting corruption in a 1996 speech now known as the “Cancer of Corruption” address. In it, he spelled out a theoretical mechanism connecting corruption and poverty:

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Topics:  Development Poverty and income inequality

Tags:  Corruption, developing countries, economic growth, bribes

Are the golden years for Latin America over?

Ignacio Munyo, Ernesto Talvi 07 November 2013

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Latin American growth is cooling –off sharply. In contrast with the 6.6% average growth rates prevailing between September 2003 and September 2008 – the pre-Lehman-crisis “Golden Years” for the region – LAC-7 GDP growth rates in 2012-13 are decelerating significantly, and reverting back to their mediocre historical average displayed over the last 20 years (see Figure 1).1 Moreover, growth rates are cooling off in almost every country in the region.

Figure 1. GDP growth in Latin America (LAC-7, real GDP growth)

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Topics:  Development Global economy

Tags:  economic growth, Latin America

Reduced policy uncertainty and the Japanese economy

Masayuki Morikawa 02 November 2013

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While the effects of the 'three arrows' of the Japanese Abenomics policy mix – bold monetary easing, flexible fiscal policy, and the growth strategy –have attracted worldwide attention, reduced policy uncertainty is also expected to contribute to the country’s economic growth by stimulating long-term investments in the private sector.

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Topics:  Institutions and economics

Tags:  economic growth, Japan, uncertainty

Finance and growth: Too much of a good thing?

Thorsten Beck 27 October 2013

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Over the past 20 years, economists have accumulated a substantial body of empirical evidence that financial sector deepening is a critical part of the economic development process. This shows a well-functioning financial system is a conditio sine qua non for modern market economies to flourish. What started with simple cross-country regressions, as used by King and Levine (1993), has developed into a large literature using an array of different techniques to look beyond correlation and controlling for biases arising from endogeneity and omitted variables.

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Topics:  International finance

Tags:  economic growth, financial development

Commentary on UK Budget 2012: Wanted – A real budget for growth

John Van Reenen 29 March 2012

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What was the problem with the 2012 UK budget? The problem with the budget was not so much what the Chancellor did but rather what he did not do. There was precious little in this budget to address the most pressing need of the British economy, and indeed the world economy: the need for growth.

But the budget does reveal a lot about the government’s economic strategy and inadvertently shines a light on why it is failing.

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Topics:  Europe's nations and regions Macroeconomic policy

Tags:  economic growth, UK, Budget 2012

Finance, long-run growth, and economic opportunity

Ross Levine 25 October 2011

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Finance is powerful. The financial system can be an engine of economic prosperity – or a destructive cause of economic decline and misery. The impact of the financial system on the rest of the economy depends on how it mobilises savings, allocates those savings, monitors the use of those funds by firms and individuals, pools and diversifies risk, including liquidity risk, and eases the exchange of goods and services.

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Topics:  Financial markets International finance

Tags:  economic growth, financial development, financial innovation

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