Saturday, September 5, 2015
  1. The Art of Capital Flight

    Kenneth Rogoff

    The Art of Capital Flight

    2

     explains why the emerging-market downturn is very bad news for Christie's and Sotheby's.

    Metropolitan Museum of New York Nano Calvo/ZumaPress

    For emerging-market investors, art has become a critical tool for moving and hiding wealth, which has been a major factor in the spectacular rise in auction prices of the last several years. So, with emerging-market economies from Russia to Brazil mired in recession, and China slowing rapidly, is the art bubble about to burst? READ MORE

  2. Getting Bank Culture Right

    Jean-Claude Trichet
  3. Cheap Oil and Global Growth

    Anatole Kaletsky

    Cheap Oil and Global Growth

    12

     refutes the claim that the latest fall in oil prices is a harbinger of recession.

    pumpjack oil drilling site Mint Images/ZumaPress

    The standard explanation is weak Chinese demand, with the oil-price collapse widely regarded as a portent of recession, either in China or for the entire global economy. But this is almost certainly wrong: On all recent occasions when the oil price was halved, faster global growth followed. READ MORE

  4. A Financial Early-Warning System

    Nouriel Roubini

    A Financial Early-Warning System

    32

     proposes a systematic alternative to error-prone markets and ratings agencies.

    wave crashing into sea wall Ian Forsyth/ZumaPress

    Recent market volatility – in emerging and developed economies alike – is showing once again how badly ratings agencies and investors can err in assessing countries’ economic and financial vulnerabilities. More than ever, the world needs an early-warning system for financial tsunamis. READ MORE

  5. Central Bank Confidential

    Howard Davies

    Central Bank Confidential

    4

     highlights an initiative by the Bank of England to publish dissenting views.

    Mark Carney Andrew Parsons/ZumaPress

    Over the past two decades, countries around the world have recognized the importance of central banks' independence. In truth, however, there are many degrees of independence, and not all nominally independent central banks operate in the same way – as a new initiative by the Bank of England demonstrates. READ MORE

Focal Point

More
245 pages
245 pages

Commentaries available in 12 Languages