Credibility is key to policy success
The UK has followed the US and Japan into “unconventional monetary policy”. Meanwhile, Mervyn King, governor of the Bank of England warns the UK government of the dangers of further discretionary...
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What the G2 must discuss now the G20 is over
Did the meeting of the Group of 20 in London last week put the world economy on the path of sustainable recovery? The answer is no. Such meetings cannot resolve fundamental disagreements over what has...
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This crisis is a moment, but is it a defining one?
Is the current crisis a watershed, with market-led globalisation, financial capitalism and western domination on the one side and protectionism, regulation and Asian predominance on the other? Or will...
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Asia rises, one economic giant at a time
By Shankar Acharya In recent years, the rise of China and India has become a salient feature of the global economic landscape. Conferences and books have proliferated with titles such as “China and...
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China’s stimulus shows the problem of success
By Yu Yongding China has rebounded from the global slump with vigour. In the second quarter, its official figures showed year-on-year gross domestic product growth of 7.9 per cent. Those who doubt the...
View ArticleFT column: What the world must do to sustain its convalescence
So what did I make of this year’s annual meeting of the World Economic Forum at Davos? It felt like sitting at the bedside of somebody who had survived a heart attack but was unsure how long it would...
View ArticleFT column: The world economy has no easy way out of the mire
Anybody who looks carefully at the world economy will recognise that a degree of monetary and fiscal stimulus unprecedented in peacetime is all that is prodding it along, not only in high-income...
View Article2011: Speculations from Delhi
By Shankar Acharya What might 2011 hold for us? Given the intrinsic uncertainty about the future, the really honest answer would be: I don’t know. But that would be far too boring a response and,...
View ArticleEconomic recovery picks up pace, but expect some turbulence ahead
By Eswar Prasad and Karim Foda Despite a number of recent shocks, the global economic recovery is getting on to a firmer footing. The latest update of the Brookings Institution-FT Tracking Indices for...
View ArticleSynthesising views on west’s poor growth
By Heleen Mees There is a fierce debate over the origins of the disappointing economic growth seen in advanced economies. On one side there is former world chess champion and political activist Garry...
View ArticleWelcome to a world of diminished expectations
by Willem Buiter From a cyclical perspective, things look bad for Europe, the US and most of the global economy. My contribution to summer cheer is to note that longer-term local and global economic...
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The global consensus on trade is unravelling
By Lawrence Summers With two wars still continuing and violence in Georgia dominating the foreign policy debate; and with the financial crisis and economic insecurity for families dominating the...
View ArticleUS price deflation on the way
By John Muellbauer Fed minutes released on October 7 disclosed that as recently as Sept 16, Fed officials thought risks to growth and inflation were roughly equally balanced. And Federal Reserve...
View ArticleReserve accumulation and financial stability
By Maurice Obstfeld, Jay C. Shambaugh and Alan M. Taylor Since the early 1990s, central banks in many emerging markets and developing countries have accumulated foreign reserves at an unprecedented...
View ArticleHow the US and China should deal with the global downturn
By Ronald McKinnon As always, I am amazed by how much analytical ground Martin Wolf covers in each column; “Why agreeing on a new Bretton Woods is vital” is no exception. Let me first pick up on one...
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What Obama should tell leaders of the Group of 20
The London summit of 1933 marked the moment at which co-operative efforts to manage the Great Depression collapsed. The summit of the Group of 20 countries, in the same city, on April 2, must turn out...
View ArticleEconomic and political multilateralism is more vital than ever
By Kevin O’Rourke This period last year seems an age ago. The fear then was of resource scarcity: of rising oil prices and increasing food prices, as biofuels crowded out food production and population...
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Why G20 leaders will fail to deal with the big challenge
The summit of the Group of 20 leading high-income and emerging countries in London on Thursday seems set to achieve progress. But achievement must be measured not just against past performances, but...
View ArticleUS foreign policy and the global financial crisis
The following is Martin Wolf’s testimony to the Senate Committee on Foreign Relations in the US, March 25, 2009 We are experiencing the most dangerous financial and economic crisis since the 1930s. But...
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