Tuesday, February 9, 2016
  1. Economics

    China’s Exchange-Rate Trap

    Barry Eichengreen
    Economics

    China’s Exchange-Rate Trap

    1

     concludes that the best of the authorities' bad options is to reimpose capital controls.

    Renminbi bank notes

    For months now, China’s exchange-rate policy has roiled global financial markets, because officials have done a poor job communicating their intentions. But criticizing Chinese policymakers is easier than offering constructive advice: In fact the authorities no longer have any good options. READ MORE

  2. Culture & Society

    An Unhinged Democracy in America

    Ian Buruma
    Culture & Society

    An Unhinged Democracy in America

    2

     worries that majority rule may run amok, as it has in Russia, Turkey, Hungary, and Poland.

    American flag

    Democracy, in the sense of majority rule, needs restraints, just like any other system of government. In the US, as elsewhere, key traditional restraints – including religion, professional journalism, and party establishments – are falling away. READ MORE

  3. Economics

    The Negative Rates Club

    Daniel Gros
    Economics

    The Negative Rates Club

    2

     explains why expansionary monetary policy has only a limited impact in Japan and the eurozone.

    Euro coins

    After years of quantitative easing and negative interest rates, it is becoming clear that these policies work as expected only in debtor economies, but have little effect in creditor economies. The reason is simple: creditors lose when rates go negative, and debtors gain. READ MORE

  4. Politics

    China’s Rule of Fear

    Minxin Pei
    Politics

    China’s Rule of Fear

    2

     warns that the totalitarian relics inhabiting the country's institutions are being dusted off.

    Armed policemen in China

    China is once again gripped by fear. From the inner sanctum of the Chinese Communist Party to university lecture halls and executive suites, the specter of harsh accusations and harsher punishment is stalking China’s political, intellectual, and business elites. READ MORE

  5. Economics

    What’s Holding Back the World Economy?

    Joseph E. Stiglitz, ET AL
    Economics

    What’s Holding Back the World Economy?

    &  say that developed countries' policies have created a growth-killing array of perverse incentives.

    Globe

    The dominant policies pursued by developed countries during the post-crisis period – fiscal retrenchment and quantitative easing – have offered little support for household consumption, investment, and growth. On the contrary, they have tended to make matters worse. READ MORE

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