In its recent Going for Growth report, the OECD concludes that the economic and financial crisis will leave an unwelcome legacy: a permanent reduction in economic activity. This loss averages about 3% of potential GDP across the 20 member countries for which the OECD was able to make these estimates. As the following chart shows, those [...]
Posts Tagged ‘International’
The Legacy of the Economic Crisis
Posted in International, Macroeconomics, Uncategorized, tagged GDP, International, Macroeconomics, unemployment on March 14, 2010 | 4 Comments »
Living Standards, Labor, and Productivity
Posted in International, Macroeconomics, tagged GDP, International, Macroeconomics on March 13, 2010 | Leave a Comment »
This week the Organization for Economic Cooperation and Development released its annual Going for Growth report. The purpose of G4G is to benchmark economic performance among the OECD member countries and suggest pro-growth policy reforms. My favorite chart in the report examines how GDP per capita differs so much across countries: The first column of [...]
The Wonders of Costa Rica
Posted in International, Life, tagged Costa Rica, International, Life on January 9, 2010 | 3 Comments »
On Thursday, New York Times columnist Nicholas Kristof had a wonderful piece about Costa Rica, home of “The Happiest People“) (ht Catie). Kristof reports that Costa Ricans are the happiest people in the world, at least according to three broad surveys. Why? Kristof offers the following hypothesis: What sets Costa Rica apart is its remarkable [...]
Yes, It Is Possible to Cut Deficits
Posted in Budget, History, International, tagged Budget, Deficit, International on December 3, 2009 | 5 Comments »
A couple weeks ago, I highlighted an IMF report that compared the fiscal challenges facing developed economies. Not surprisingly, the IMF concludes that the United States has one of the largest structural deficits. To get our national debt back down to 2007 levels (relative to the economy), the IMF believes that we need to undertake [...]
IMF: The Lasting Effects of Financial Crises
Posted in Economy, Finance, International, Macroeconomics, tagged Economics, Finance, IMF, International, Macroeconomics on September 25, 2009 | 1 Comment »
Earlier this week, the IMF released a key chapter from the upcoming World Economic Outlook: Chapter 4: What’s the Damage? Medium-Term Output Dynamics After Financial Crises. As noted in the much pithier summary, the report concludes that: The global financial crisis is likely to leave long-lasting scars on the world economy, but governments can act to [...]
Turning Guantanamo into Hong Kong
Posted in Economy, International, Macroeconomics, tagged Cuba, Development, Guantanamo, Hong Kong, International, Romer on August 7, 2009 | Leave a Comment »
At the TED conference in Oxford last month, Paul Romer put forward a big idea: charter cities. His basic vision is that the best way to promote growth in developing countries may be to start over. Of course, you can’t just sweep away the existing system of economic and political institutions; they may be killing [...]
Sub-Debt = Senior Debt?
Posted in Economy, Finance, International, tagged Banks, Debt, Finance, Interest Rates, International on August 6, 2009 | 3 Comments »
I was flipping through a report from the Bank for International Settlements (BIS) recently (ht Torsten Slok) and came across this fascinating six-pack of charts: The charts show how much banks have had to pay in interest on their senior, subordinated, and guaranteed debt, relative to the interest rates of comparable government bonds. For example, [...]
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