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Rising inflation rates will likely trigger a decline in real interest rates, further decreasing the cost of capital and worsening the imbalance between China’s national GDP and average household income.
Leaders in both the United States and China need to move beyond heated rhetoric and political electoral considerations and look for areas of cooperation in building a constructive bilateral agenda.
The collapse of the euro presents an opportunity for China to introduce greater exchange rate flexibility and let the renminbi depreciate, in order to prevent dangerous speculative capital inflows.
China’s steps to limit the damage from the Greek crisis will necessarily shift the brunt of the economic adjustment to other countries, unless the major trading powers can reach a burden-sharing agreement.
The Euro crisis, rather than reducing the urgency for China to revalue its currency and adjust its trade policy, may in fact require that China react much more aggressively than originally planned.
The Santiago Principles and the commitment of their sponsors—some of the biggest sovereign wealth funds—are an important test for the viability of new forms of global governance.
The global financial crisis calls for new thinking on the role that capital controls can play to reduce vulnerability to financial shocks and economic downturns.
Developing countries already play a substantial role in world trade, and their significance is only expected to rise. As they diversify and grow as export markets, emerging economies will come to dominate international trade.
The world’s economic balance of power is shifting, as emerging countries rapidly overtake traditional Western powers as the predominant world economies. The recent global recession has only accelerated this trend.
The global recovery is gaining traction as world trade and industrial production continue their impressive acceleration and the announcement of a Greek rescue package has provided the markets with much-needed reassurance.
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