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Archive for 20. April 2017

Five Keys to a Smart Fiscal Policy

Posted by hkarner - 20. April 2017

By Vitor Gaspar and Luc Eyraud, IMF Blog, April 19

We live in a world of dramatic economic change. Rapid technological innovation has fundamentally reshaped the way we live and work. International trade and finance, migration, and worldwide communications have made countries more interconnected than ever, exposing workers to greater competition from abroad. While these changes have brought tremendous benefits, they have also led to a growing perception of uncertainty and insecurity, particularly in advanced economies.

Today’s conditions require new, more innovative solutions, which the IMF calls smart fiscal policies. By smart policies we mean policies that facilitate change, harness its growth potential, and protect people who are hurt by it. At the same time, excessive borrowing and record levels of public debt have limited the financial resources available to government. So, fiscal policy must do more with less. Fortunately, researchers and policy makers are realizing that the fiscal tool kit is broader and the tools more powerful than they thought. Five guiding principles sketch the contours of these smart fiscal policies, which are described in chapter one of the IMF’s April 2017 Fiscal Monitor.

1.Fiscal policy should be countercyclical Den Rest des Beitrags lesen »

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IWF entdeckt Schattenseiten der Globalisierung

Posted by hkarner - 20. April 2017

András Szigetvari aus Washington, 20. April 2017, 07:15 derstandard.at

Der Streit um Globalisierung, Freihandel und Ungleichheit dominiert Wahlkämpfe in Europa und den USA. Nun springt der Währungsfonds auf das Thema auf

Washington – Von ihrem kleinen Büro an der 19th Street in Washington, D.C., hat Mitali Das in den vergangenen Monaten die Revolution vorbereitet. Die Ökonomin arbeitet für den Internationalen Währungsfonds (IWF). Sie sammelte Daten aus dutzenden Ländern. Ein Team unter ihrer Leitung führte die Kalkulationen durch, jedes Ergebnis wurde penibel nachgeprüft. Fehler durften nicht passieren, dafür war die Materie zu heikel. In einer soeben publizierten Studie ist Mitali Das der Frage nachgegangen, wie sich globaler Handel und technischer Fortschritt auf Einkommen und Einkommensverteilung ausgewirkt haben.

Wo der IWF in dieser Frage ideologisch steht, ist klar: Jahrzehntelang haben die Experten des Fonds gepredigt, dass Liberalisierung und Marktöffnung der beste Weg zu mehr Wohlstand für alle sind. Ungleichheit und Verteilungsfragen spielten in diesen Überlegungen keine Rolle. Die Arbeiten von Das, einer indischstämmigen ehemaligen Professorin an der Columbia-Universität, haben das verändert.

Lohnquote

Die Ökonomin und ihre Kollegen haben sich angesehen, wie sich der Anteil der Arbeitseinkommen im Verhältnis zur Wirtschaftsleistung (BIP) entwickelt hat. Unter die Lupe genommen wurde die Entwicklung dieser Lohnquote in 50 Ländern seit 1991. Das Ergebnis: Weltweit erhalten Arbeiter und Angestellte heute in der Mehrzahl der Länder einen geringeren Teil vom erwirtschafteten Wohlstand als zu Beginn der 1990er-Jahre. Auf Kapitalerträge dagegen entfällt ein größerer Teil des Kuchens. Den Rest des Beitrags lesen »

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Planning for President Le Pen

Posted by hkarner - 20. April 2017

The thought of President Le Pen is so terrifying, it seems, posing such a threat to the future of Europe, that it remains for many a possibility they dare not entertain, much less plan for. But that threat is precisely why Europe must address seriously the possibility of her winning, however unlikely it may seem.

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Global Economy Gaining Momentum—For Now

Posted by hkarner - 20. April 2017

By Maurice Obstfeld, IMF Direct, 18/4

Momentum in the global economy has been building since the middle of last year, allowing us to reaffirm our earlier forecasts of higher global growth this year and next. We project the world economy to grow at a pace of 3.5 percent in 2017, up from 3.1 percent last year, and 3.6 percent in 2018. Acceleration will be broad based across advanced, emerging, and low-income economies, building on gains we have seen in both manufacturing and trade.

Our new projection for 2017 in the April World Economic Outlook is marginally higher than what we expected in our last update. This improvement comes primarily from good economic news for Europe and Asia, as well as our continuing expectation for higher growth this year in the United States.

Despite these signs of strength, many other countries will continue to struggle this year with growth rates significantly below past readings. Commodity prices have firmed since early 2016, but at low levels, and many commodity exporters remain challenged – notably in the Middle East, Africa, and Latin America. At the same time, a combination of adverse weather conditions and civil unrest threaten several low-income countries with mass starvation. In Sub-Saharan Africa, income growth could fall slightly short of population growth, but not by nearly as much as last year. Den Rest des Beitrags lesen »

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Trump’s Dangerous Blank Check

Posted by hkarner - 20. April 2017

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Erdoğan’s Pyrrhic Victory?

Posted by hkarner - 20. April 2017

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Sterling’s Move Suggests a Softer Ride in Brexit

Posted by hkarner - 20. April 2017

Date: 19-04-2017
Source: The Wall Street Journal

Pound had a fine day against dollar after Prime Minister Theresa May called for snap election

British Prime Minister Theresa May

It is hard to put probabilities on political outcomes, but the reaction of sterling on Tuesday to the calling of a snap U.K. election offers one rough measure: It is now about 10% less likely that British politicians will take the economy outside and shoot it in the head.

The pound had its second-best day against the dollar since last summer’s vote to leave the European Union, after Prime Minister Theresa May on Tuesday went back on repeated promises not to call a sudden election. At a time when investors are obsessed with politics, this calls for some explanation.

It starts with the slim majority Mrs. May commands in Parliament, and the fractious nature of many of the Leave members of her party. They have been calling for a “hard Brexit,” leaving the EU quickly even if it means falling back on unfavorable World Trade Organization tariffs and cumbersome customs procedures. The smaller her majority, the more power held by these backbenchers and like-minded ministers. Den Rest des Beitrags lesen »

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