5 märkimist väärivat VoxEU artiklit
Are macro-prudential policies prudent? (Gianluca Benigno; Huigang Chen; Christopher Otrok; Alessandro Rebucci; Eric Young)
The fallout from global crisis has left many calling for economy-wide, macro-prudential policies, such as taxes on capital flows and capital controls. This column argues that the case for such measures is ambiguous at best – the excessive borrowing on which they are predicated is not a general and robust feature of financially developed and integrated economies.
Pop internationalism: Has half a century of world music trade displaced local culture? (Fernando Ferreira; Joel Waldfogel)
Is pop music leading to cultural globalisation with the US at the helm? This column examines data from over a million chart entries in 22 countries covering 98% of the world music market. It finds no evidence that the rise of music trade has eroded interest in local music production or consumption. In fact some smaller countries actually benefit disproportionately.
Debt and growth revisited (Carmen M. Reinhart; Kenneth Rogoff)
With the advanced economies at a critical juncture, some economists are urging more fiscal stimulus while others argue that raising debt levels will stunt growth. This column presents the Reinhart-Rogoff findings on the relationship between debt and growth based on data from 44 countries over 200 years with a focus on the debt-growth link during high-debt episodes.
Can the Baltic economies adjust and grow? (Uwe Böwer; Julia Lendvai; Alessandro Turrini)
In 2009 the Baltic countries were hit by record recessions. Growth rates fell to -14% in Estonia, -18% in Latvia, and -15% in Lithuania. This column argues that structural adjustment towards the tradable sector is needed not only for a durable adjustment of their external position, but also for sustained growth in the long run – and sooner, rather than later.
Does openness increase volatility? Not if countries are sufficiently diversified (Mona Haddad; Jamus Lim; Christian Saborowski)
Does openness increase volatility? This column argues that it doesn’t when countries are sufficiently diversified. These results amount to a powerful argument in favour of export differentiation policies as a means of deriving larger benefits from trade openness and shielding against global shocks.
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