2012
President Xi's Singapore Lessons PDF Print E-mail
MICHAEL SPENCE | OP-EDS - 2012
Monday, 19 November 2012 13:06

China is at a crucial point today, as it was in 1978, when the market reforms launched by Deng Xiaoping opened its economy to the world – and as it was again in the early 1990’s, when Deng’s famous “southern tour” reaffirmed the country’s development path.

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Underinvesting in Resilience PDF Print E-mail
MICHAEL SPENCE | OP-EDS - 2012
Thursday, 08 November 2012 12:49

The hurricane on America’s eastern seaboard last week (which I experienced in lower Manhattan) adds to a growing collection of extreme weather events from which lessons should be drawn. Climate experts have long argued that the frequency and magnitude of such events are increasing, and evidence of this should certainly influence precautionary steps – and cause us to review such measures regularly.

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Emerging-Market Resilience PDF Print E-mail
MICHAEL SPENCE | OP-EDS - 2012
Friday, 12 October 2012 13:19

With most of the world focused on economic instability and anemic growth in the advanced countries, developing countries, with the possible exception of China, have received relatively little attention. But, as a group, emerging-market economies have been negatively affected by the recent downturn in developed countries. Can they rebound on their own?

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Hard Truths About Global Growth PDF Print E-mail
MICHAEL SPENCE | OP-EDS - 2012
Friday, 14 September 2012 13:12

Michael Spence on Project-SyndicateThe world’s high-income countries are in economic trouble, mostly related to growth and employment, and now their distress is spilling over to developing economies. What factors underlie today’s problems, and how appropriate are the likely policy responses?he first key factor is deleveraging and the resulting shortfall in aggregate demand. Since the financial crisis began in 2008, several developed countries, having sustained demand with excessive leverage and consumption, have had to repair both private and public balance sheets, which takes time – and has left them impaired in terms of growth and employment.

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Why are Governments Paralyzed? PDF Print E-mail
MICHAEL SPENCE | OP-EDS - 2012
Wednesday, 15 August 2012 13:18

It is no secret that the global economy is struggling. Europe is in the midst of a crisis whose root cause is a structurally flawed monetary and economic union. The United States, emerging slowly from a financial crisis and widespread deleveraging, is experiencing a growth slowdown, a persistent employment problem, an adverse shift in income distribution, and structural challenges, with little effective or decisive policy action.

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