Friday, February 12, 2016
  1. Overhauling China

    Keyu Jin

    Overhauling China

    5

     argues that the economy will be unable to recapture its dynamism without political reform.

    Buddha figures on wall

    Pessimism about China has become pervasive in recent months, with fear of a “China meltdown” sending shock waves through stock markets worldwide since the beginning of the year. But with the right mix of reforms – including political reforms – China can continue its march toward high-income status. READ MORE

  2. China’s Crisis of Miscommunication

    Zhang Jun

    China’s Crisis of Miscommunication

    4

     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

  3. The Negative Rates Club

    Daniel Gros

    The Negative Rates Club

    20

     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. China’s Exchange-Rate Trap

    Barry Eichengreen

    China’s Exchange-Rate Trap

    8

     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

  5. 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

Support Project Syndicate’s mission

Support

Project Syndicate needs your help to provide readers everywhere equal access to the ideas and debates shaping their lives.

Learn more
328 pages
328 pages

Commentaries available in 12 Languages