A macro analysis of the united states recoverywith a particular focus on public debt

The intention of this paper is to analyze the lingering effects of the 2008 crisis in the United States and the implication they have on the policies undertaken by the Obama administration. A particular focus is given to the debt accumulation and how that relates to the challenges of the long run development of the American economy. The first part of this paper will give a brief overview of some of the elements central to the causes of the crisis, namely the centralization of wealth and its implication for the unsustainable consumption patterns. It will then follow to consider how the previous issues relate to the weak aggregate demand and the expansionary policies used to tackle it. Additionally, an overview of the crisis effect on the already troubled labor market is laid out in the third part. After exploring the interventionist policies used by the US administration in the after-crisis period, we move on to the presing issue of debt and possible scenarios that may arise in case it is not seriously addressed

The International Non-Profit Credit Rating Agency: The Viability of a Response

Assesses the goals of the Bertelsmann Foundation's International Non-Profit Credit Rating Agency (INCRA) project, and the regulatory conditions needed to maximise its prospects of success. Examines the origins of the INCRA in response to the sovereign debt crisis, the operational conflicts associated with the leading credit rating agencies, and key features of the project, including its governance structure and its support by endowment fund

China and the Global Economic Order

Having long remained a passive presence within multilateral economic organisations, China recently changed its stance when the United States was faced with a major financial crisis. The present article re-examines China’s recent initiatives in matters of global economic governance from a long-term perspective. From this analysis it will emerge that in parallel with its economic takeoff, China has progressively shifted from a stance in favour of the global economic order – as defined and imposed following the Second World War – to a simple reformist approach that did not fundamentally challenge the established order, and then more recently to an increasingly overt revisionist approach, accompanied by the establishment of new institutions under Chinese influence. That being said, while China’s strategy is becoming more offensive, it remains fundamentally experimental in nature and the end goal remains unclear. Under the current conditions, it is far from certain that we are heading for a new global economic order where China rules supreme

Brazilian Economic Performance Since The Emergence Of The Great Recession: The Effects Of Income Distribution On Consumption

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)After a long period of unstable and low economic activity, Brazil achieved a relatively high economic growth with low inflation from 2004 to 2008, when the world scenario was favourable for the Brazilian trade balance. An incomes policy, focused on real increases in the minimum wage along with a credit boom, led to a decade of high consumption growth rates. High levels of consumption and exports, in turn, induced investment and stimulated manufacturing production, despite the real appreciation of the national currency. However, the Great Recession that emerged after the global financial crisis of 2007/2008 brought challenges to the Brazilian economic performance, with unpleasant consequences for the country's GDP growth. Consumption, investment and exports have decelerated, despite anti-cyclical macroeconomic policies. In this setting, manufacturing production stagnated and GDP growth slowed down substantially, while imports continued rising considerably. The aim of this paper is to provide an explanation to the slowdown of Brazilian growth rates after the Great Recession. The main hypothesis is that consumption was the main source of effective demand in the country since 2003. However, Brazil has not yet been able to sustain manufacturing and economic growth without a more active government policy to stimulate productive investment.63157174Sao Paulo Research Foudation (FAPESP)Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)12th International Conference on Developments in Economic Theory and PolicyJUN 25-26, 2015Bilbao, SPAI

China and the Global Economic Order

Having long remained a passive presence within multilateral economic organisations, China recently changed its stance when the United States was faced with a major financial crisis. The present article re-examines China’s recent initiatives in matters of global economic governance from a long-term perspective. From this analysis it will emerge that in parallel with its economic takeoff, China has progressively shifted from a stance in favour of the global economic order – as defined and imposed following the Second World War – to a simple reformist approach that did not fundamentally challenge the established order, and then more recently to an increasingly overt revisionist approach, accompanied by the establishment of new institutions under Chinese influence. That being said, while China’s strategy is becoming more offensive, it remains fundamentally experimental in nature and the end goal remains unclear. Under the current conditions, it is far from certain that we are heading for a new global economic order where China rules supreme

Protecting What Matters: Reflections on a Central Bank\u27s Role at Times of War

This Article explores the important and multifaceted roles of a central bank in extraordinary times of crisis such as war, focusing on the National Bank of Ukraine (NBU) and its responses in the face of the Russian invasion of Ukraine which began on February 24, 2022. During a time of martial law, institutional preservation and legitimacy can be threatened, but preserving these very institutional tenets is important in defending the nation under siege and in securing future restoration and rebuilding. In this light, we examine the NBU\u27s difficult and conflicting choices in three respects: providing war finance, preserving banking and financial systemic stability, and catering for citizens\u27 financial welfare. The navigation of these difficult and conflicting objectives by the NBU reflects the challenges for its institutional preservation and legitimacy. However, we also argue that there is a role for international solidarity with the NBU, in relation to European central banks concerned with the financial needs of Ukrainian refugees abroad, and the network of central bankers in the Financial Stability Board

1. Overview

Capítulo de libr

For Want of Resources: Reimagining the State's Obligation to Use 'Maximum Available Resources' for the Progressive Realisation of Economic, Social and Cultural Rights

This thesis provides insights into, additional commentary on and analysis of the fundamental role of resources in advancing Economic, Social and Cultural Rights (ESC rights). Its objective is to expand the policy space within which States can operate to fulfil their obligations related to these rights. It addresses a number of central questions about the resource dimension of ESC rights policy, including interpretation of the concept of ‘maximum available resources’ in the context of the International Covenant on Economic, Social and Cultural Rights (ICESCR). By applying a cross-disciplinary approach, the thesis investigates legal, economic and public policy dimensions of resource mobilisation, allocation and governance that are essential in advancing progressive realisation of ESC rights. This thesis proposes that the obligation to take steps to the ‘maximum available resources’ for the progressive realisation of ESC rights can be made more meaningful by adopting a broader interpretation of the concept of resources and by taking active steps to maximise the quality and quantity of resources available through public sector revenue, international assistance and co-operation and private sector investment, all of which can be enhanced through institutional mechanisms and processes of allocation and governance. This proposition is supported by an in-depth qualitative analysis of relevant ESC rights literature, interpretive works of the ESCR Committee and Special Rapporteurs, periodic reports of States, institutional documents and case studies, which provide evidence on the current understanding and application of the concept of resources in this context. Based on analysis of multiple sources of evidence on State practice, this thesis presents a cross-disciplinary model of the nature, scope and policy dimensions of resources for ESC rights and suggests how concerted State policy efforts can optimise their impact on the realisation of ESC rights