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Archive for 30. Januar 2016

Slower Growth Consistent with Post-Industrial Era

Posted by hkarner - 30. Januar 2016

By on January 28, 2016  RGE EconoMonitor

After intensive industrialization, growth deceleration is natural. No nation has enjoyed sustained double-digit growth after industrialization. The real test of resilience is the continued increase of Chinese living standards.

In 2015, China’s economy grew by 6.9 percent. Internationally, the performance was portrayed as the “slowest in 25 years.” Some argued that the slowdown reflected the eclipse of domestic demand. Others claimed it heralded China’s “hard landing.” And yet, the performance was within range of the government’s official target of “about 7 percent.”

What the deceleration signals is not China’s demise, but the eclipse of Chinese industrialization.

Deceleration is normal

In the past, China enjoyed “double-digit growth.” Today China’s growth is slowing relative to its past performance. Historically, that is the norm, not the exception.

During intensive industrialization, most advanced economies have enjoyed relatively high growth. With the transition to post-industrial services, their growth has decelerated. Den Rest des Beitrags lesen »

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The Shortcomings of Quantitative Easing in Europe

Posted by hkarner - 30. Januar 2016

Photo of Martin Feldstein

Martin Feldstein

Martin Feldstein, Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research, chaired President Ronald Reagan’s Council of Economic Advisers from 1982 to 1984. In 2006, he was appointed to President Bush’s Foreign Intelligence Advisory Board, and, in 2009, was appointed to President Obama’s Economic Recovery Advisory Board. Currently, he is on the board of directors of the Council on Foreign Relations, the Trilateral Commission, and the Group of 30, a non-profit, international body that seeks greater understanding of global economic issues.

JAN 29, 2016, Project Syndicate

CAMBRIDGE – Why has the US Federal Reserve’s policy of quantitative easing been so much more successful than the version of QE implemented by the European Central Bank? That intellectual question leads directly to a practical one: Will the ECB ever be able to translate quantitative easing into stronger economic growth and higher inflation? Den Rest des Beitrags lesen »

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Helmut Schmidt and the narrative of the Eurozone crisis

Posted by hkarner - 30. Januar 2016

Athanasios Orphanides 29 January 2016, voxeu

Professor of the Practice of Global Economics and Management, MIT Sloan School of Management

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Auch du, mein Bruder Joseph – Aufgelesen bei Joe Stiglitz

Posted by hkarner - 30. Januar 2016

29. Januar 2016 l l

Joe Stiglitz war anlässlich des Davoser Forums auf Europareise. Dabei gab er einige Interviews zur Eurokrise. Ein Leser hat uns darauf hingewiesen, dass er in einem Interview mit den Schweizer Tagesanzeiger auf die Frage, ob Griechenland ohne den Euro besser dran wäre, folgendes sagte:

„Ja. Die griechische Währung war nicht überbewertet, als das Land dem Euro beitrat. Der Euro hat das Problem der Überbewertung erst geschaffen. Es floss Geld ins Land, dann kam es zur Inflation, die das Land nicht mehr kontrollieren konnte, und so kam es zu einer real überbewerteten Währung und zu den bekannten Problemen.“

Es musste also erst „Geld fließen“, dann konnte es zur Inflation kommen. Das ist eine starke Behauptung, über die sich Hans-Werner Sinn freuen wird, behauptet er doch immer, dass es die Kapitalzuflüsse gewesen seien, die in den Krisenländern dafür gesorgt haben, dass die Preise zu stark gestiegen sind. Den Rest des Beitrags lesen »

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