Thursday, February 11, 2016
  1. China’s Crisis of Miscommunication

    Zhang Jun

    China’s Crisis of Miscommunication

    1

     defends the country's central bank against accusations that it lacks transparency.

    Chinese sculptures

    In the run-up to major policy decisions in China, editorials by senior officials in major publications, as well as reports and communiqués from official forums and meetings, almost always provide clues about what will happen. The problem is that markets do not seem to know how to read them. READ MORE

  2. The Negative Rates Club

    Daniel Gros

    The Negative Rates Club

    19

     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

  3. China’s Exchange-Rate Trap

    Barry Eichengreen

    China’s Exchange-Rate Trap

    6

     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

  4. What’s Holding Back the World Economy?

    Joseph E. Stiglitz, ET AL

    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

  5. The Global Economy’s New Abnormal

    Nouriel Roubini

    The Global Economy’s New Abnormal

    30

     breaks down the factors underlying the spike in market volatility since the beginning of the year.

    Globe

    Since the beginning of the year, the world economy has faced a new bout of severe financial market volatility, marked by sharply falling prices for equities and other risky assets. A variety of factors are at work – and will remain so throughout 2016 and beyond. READ MORE

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