With elevated global inflation likely to persist for some time, the prospect of competitive exchange-rate appreciations is looming larger. Instead of a race to the bottom in the currency market, there may be a scramble to the top – and poorer countries will likely suffer the most.
warns that a series of competitive exchange-rate appreciations would hurt poorer economies the most.
Neither the invasion of Ukraine nor the deepening cold war between the West and China came out of the blue. The world has been increasingly engaged over the past half-decade, or longer, in a struggle between two diametrically opposed systems of governance: open society and closed society.
frames the war in Ukraine as the latest battle for open-society ideals – one that implicates China as well.
Shlomo Ben-Ami
highlights the lessons countries like China and Iran are drawing from Vladimir Putin’s aggression, offers advice to Ukrainian peace negotiators, and considers the wisdom of Finland and Sweden's NATO membership.
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纽约——2007年以来欧洲一直身处金融危机。雷曼兄弟破产危及金融机构信贷导致国家信贷挤出私人信贷,进而彰显了欧元不为人知的问题。因为将印钞权交给欧洲央行(ECB),欧盟成员国像背负巨额外币债的第三世界国家一样承担着债务违约的风险。大量持有弱国政府债的商业银行随时可能破产。
持续不断的欧元危机和1982年的国际金融危机有共通之处。当时国际货币基金组织借钱给负债累累的国家,将将能够挽救全球银行体系;债务违约得以避免,但代价却是旷日持久的经济低迷。拉美国家失去了宝贵的十年时光。
今天的德国扮演了当时国际货币基金组织的角色。当然环境不同,但效果一致。债权国把调整的一切负担一股脑推卸给债务国,逃避自己应该承担的责任。
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