From Here to Eternity: The Outlook for Fiscal Adjustment in Advanced Economies

Carlo Cottarelli, International Monetary Fund
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From Here to Eternity: The Outlook for Fiscal Adjustment in Advanced Economies

Carlo Cottarelli, International Monetary Fund
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Aaditya Mattoo and Arvind Subramanian propose four changes to trade rules needed to address climate change. Policy Brief 13-10. See also related op-ed: Four Changes to Trade Rules to Facilitate Climate Change Action

The latest court rulings in New York that try to make Argentina pay its debts cannot compel the country to pay. Instead, they threaten collateral damage to other countries and parts of the financial system, warns Anna Gelpern. Policy Brief 13-12.

David G. Blanchflower and Andrew J. Oswald explore the hypothesis that high home-ownership damages the labor market. Working Paper 13-3. See also related op-ed: Be Warned George Osborne: More Home Owners Just Really Means Higher Unemployment

Theodore H. Moran outlines a multilateral nondiscriminatory approach to dealing with cybersecurity threats posed by globalized information technology suppliers. Policy Brief 13-11.

Miles Kahler writes that the rapid economic rise of China, India, and the Association of Southeast Asian Nations (ASEAN) could have several effects on regional peace and global security. Working Paper 13-4.

The popular impression is that India's growth rates have been second only to China in recent years, but Arvind Subramanian explains that this impression is incorrect.

The claim that there was a clear tipping point for the ratio of government debt to GDP past which an economy's walls caved in never made any sense, writes Adam S. Posen, in response to the recent reevaluation of the data underlying Carmen Reinhart and Kenneth Rogoff's 2010 paper on the subject. Arvind Subramanian argues that the incident exposes a flaw in the marketplace for ideas and research where superstars are involved. Listen to related interview.

Adam S. Posen testifies before the Joint Economic Committee hearing on "The Fed at 100: Can Monetary Policy Close the Growth Gap and Promote a Sound Dollar?" [pdf]

Ratifying seven pending WTO agreements could boost global exports by more than $2 trillion [pdf], say Gary Clyde Hufbauer, Jeffrey J. Schott, Cathleen Cimino, and Julia Muir in a new paper. Trade with emerging economies has been assigned a villainous role that far exceeds its impact, write Robert Z. Lawrence and Lawrence Edwards. See also Rising Tide: Is Growth in Emerging Economies Good for the United States?

The European Debt Crisis

Spring IMF Meeting

Toward a Stronger Eurozone: Fostering Growth and Completing the Architecture of EMU
Adam S. Posen participates in a high-level panel on the euro area that concluded the Spring International Monetary Fund meeting.

It is now clear that the International Monetary Fund’s advice to Southern European countries in 2008 and 2009 could hardly have been more flawed, writes Anders Åslund.

While some observers argue that the key lesson of the euro area’s baptism by fire is that greater fiscal and banking integration are needed to sustain the currency union, the real lessons of the euro crisis lie elsewhere, writes Arvind Subramanian.

Events

Whitman Lecture: The Euro Crisis Hans-Werner Sinn, Ifo Institute for Economic Research
Evaluation of the Troika Conditionality in Europe Release of Bruegel report
The Continuing Impact of the European Crisis Anders Borg, Finance Minister of Sweden
Russian Preparations for the Next G-20 Summit Russia's G-20 Sherpa Ksenia Yudaeva and Deputy Finance Minister Sergei Storchak

RealTime Economics Issues Posts

Effects of the Euro Crisis on Reserve Currency Holdings by Allie E. Bagnall
Is France a 'Peripheral' Country? by Jacob Funk Kirkegaard
Southern Europe's Problem: Poor Education by Anders Åslund
Uncertain Prospects for Italy and Cyprus by Jacob Funk Kirkegaard

Peterson Perspectives Interviews

Is Austerity Being Reconsidered in Europe?: with Angel Ubide

US corporate tax reform would make US multinational corporations stronger competitors in markets abroad and enable them to expand and invest more at home. Policy Brief 13-9 by Gary Clyde Hufbauer and Martin Vieiro.

The members of the World Trade Organization need to face up to the key trade policy questions of the day and embark on a substantive selection process when electing a new director-general, writes Robert B. Zoellick.

The golden age of global economic growth—in which a growing number of developing countries have caught up with the advanced economies—has mostly survived recent global economic crises, writes Arvind Subramanian.

Anders Åslund argues that the International Monetary Fund (IMF) is departing from its traditional focus on financial stability and is instead helping opponents of fiscal reform.