Since 1960, only a few countries in Latin America have narrowed the gap between their per capita income and that of the United States, while most of the region has lagged far behind. Making up for lost ground will require a coordinated effort, involving both technocratic tinkering and bold political leadership.
explain what it will take finally to achieve economic convergence with advanced economies.
Between now and the end of this decade, climate-related investments need to increase by orders of magnitude to keep the world on track toward achieving even more ambitious targets by mid-century. Fortunately, if done right, such investments could usher in an entirely new and better economy.
explains what it will take to mobilize capital for the net-zero transition worldwide.
伦敦—为了应对大流行病新冠肺炎,美联储将购买无限量的国债,而英格兰银行也将购买2000亿英镑(2500亿美元)的金边债券,欧洲中央银行亦将购买7500亿欧元(8150亿美元)的欧元区债券。几乎可以肯定,各国央行最终将提供金融货币,为财政赤字提供资金。但唯一的问题是:它们是否应该明确对此表态。
在目前的情况下,货币政策本身显然是无能为力的。各国央行纷纷下调政策利率,购买债券也压低了长期收益率。然而,没有人认为低利率会释放出更多的消费支出或商业投资。相反,低迷的经济增长将(尽可能地)通过增加政府在医疗保健方面的支出、对下岗工人的直接收入支持和减少税收来抵消。这将不可避免地导致前所未有的财政赤字。
从理论上讲,通过出售政府债券,这些赤字融资可能会通过该渠道提高债券收益率,从而有可能抵消刺激效应。但随着央行购买债券并压低收益率,政府能够以极低的利
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