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| 1 |
ID:
123357
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2013.
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| Summary/Abstract |
Although July's electoral victory was a necessary condition for pushing Abe's economic program forward, a closer look at the election results and the prime minister's current political positioning reveals a number of challenges ahead."
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| 2 |
ID:
129942
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2014.
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| Summary/Abstract |
Policymakers in advanced economies tend to postpone reforms and budgetary adjustment, which are politically costly, until the deterioration of financial market sentiment makes these measures unavoidable. Such a strategy is economically costly and politically dangerous. It is costly because once market sentiment deteriorates confidence can be restored only through drastic and much more painful measures. Austerity can be avoided only with a credible reform agenda. The strategy is also dangerous because the argument that "there is no other alternative" cannot be repeated indefinitely by governments that fail to act earlier. The risk that citizens may be attracted to populist solutions increases.
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| 3 |
ID:
123341
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2013.
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| Summary/Abstract |
Based on simulations of an original DGE model of the US and the Chinese economies under various monetary regimes, we show that an overhaul of China's social safety net is capable of reducing global imbalances whatever the exchange-rate regime, provided international capital flows are allowed to react to expected return differentials, which requires some relaxation of capital controls. Exchange-rate flexibility would accelerate the rebalancing, but not make it larger. A monetary reform would fail to rebalance the economy unless the government simultaneously acts to curb NFA accumulation through consumption-enhancing reform or reducing its objective in terms of reserve accumulation.
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| 4 |
ID:
133635
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2014.
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| Summary/Abstract |
IT'S TOO SOON to pop the champagne corks. Europe, mired in gloom for years, still faces many high hurdles to resolve its crisis. Nonetheless, there are some auguries of prosperity that might invite a stockpiling of party hats and noisemakers. In December 2013, Ireland successfully emerged from its bailout, and Portugal followed this May. This verifiable progress represented a first for members of Europe's struggling periphery. But this news should only lift spirits so high. If these financial gains make anything clear, it is the need now to go beyond budget control to more fundamental and structural economic reform. Ireland's finance minister, Michael Noonan, summed up the situation well, characterizing his nation's emergence from the bailout as a "milestone," not the "end of the road." To secure their economic and financial future, Ireland, Portugal, the rest of Europe's periphery and France (which increasingly resembles the periphery) will have to reform long-standing labor, product and tax practices, and even industrial structures, to promote rather than impede organic growth. These nations must do nothing less than reshape the political-economic models under which they have operated for decades.
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| 5 |
ID:
074878
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2006.
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| Summary/Abstract |
The Japanese economy has emerged from its prolonged period of stagnation, and growth is being led by the private sector. The government should now move quickly to implement full-fledged structural reforms to enhance economic vitality over the long term.
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| 6 |
ID:
116617
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2012.
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| Summary/Abstract |
On July 1, 2012, Mexican voters elected their new president and Congressional representatives, returning the Partido Revolucionario Institucional (PRI) to power after a twelve-year hiatus. The country's new president, Enrique Peña Nieto, now faces a slew of challenges as he prepares for office (his term officially begins on December 1). These include sparking economic growth and creating jobs, addressing Mexico's stagnated legislative process, passing delayed structural reforms, and most importantly, making key decisions regarding the future of public security and the influence of organized crime. Many of these questions have immediate and far-reaching importance for the country's bilateral relations with the United States, and are being closely followed by policymakers and analysts on this side of the Rio Grande.
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| 7 |
ID:
146898
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Each year, the National Development and Reform Commission (NDRC), China’s apex body to administer the financial planning and development, prepares and submits the work report to its mentor - the State Council. This year’s work report hold a peculiar significance as it was the last in the series of 12th Five Year Plan. The report highlighted the major milestones the Chinese economy achieved so far in 2015 and also discussed the future course of economic manoeuvre during the 13th Five Year plan. Although, historically as well as principally, the work reports by NDRC or its predecessor State Planning Commission and State Development Planning Commission were more ceremonial and far from self-diagnostic, there is a makeover underway especially the way the reports have been projected. The recent reports, which are tabled in the wake of economic slow-down, take reflective positions than earlier reports. However, this can be perceived as a thoughtful position by leaders and not an agent of any depressive or progressive tendencies.
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| 8 |
ID:
130694
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| 9 |
ID:
121010
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2012.
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In 1995 the Dayton Peace Accords ended the military phase of Bosnia and Herzegovina's (hereafter Bosnia for brevity) bloody civil war that began 20 years ago. The peace has held and the Armed Forces of Bosnia and Herzegovina (AFBiH) has emerged as a semi-amalgamated force composed of elements of the three former warring ethnic groups-Bosniaks, Croats, and Serbs. Although the military reform process has been remarkable, it is incomplete and retains seeds of instability. Further structural reforms are needed to mitigate these residual risks.
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| 10 |
ID:
076452
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| 11 |
ID:
138135
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After almost a decade of high growth, Vietnam’s growth rate fell during 2011–13. Since 2001, the country has also experienced two bouts of high inflation, booms and busts in equity and real estate markets, and episodes of large capital inflows and outflows. Against the backdrop of the global economy, this paper provides an account of macroeconomic developments in Vietnam during 2011 to 2013, examines the imbalances that came to a head in 2011, the macroeconomic stabilization achieved during 2012 to 2014, and the outlook and challenges going forward. The paper concludes that successfully designing and implementing a broad set of policies — staying the course on macroeconomic stabilization, while accelerating the pace of structural reform significantly, and integrating into the global economy — will allow Vietnam to further advance the remarkable gains that it has already made in poverty alleviation and achieving its Millenium Development Goals.
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| 12 |
ID:
138134
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Seven years after the Global Financial Crisis of 2008, concern with the Vietnamese economy has shifted from short-term issues of inflation and balance of payments to prospects for medium- to longer term economic development. After several tumultuous years, macroeconomic stabilization has been achieved, but growth is significantly below trend, and is heavily dependent on manufactured exports. State-led industrialization has, inter alia, resulted in a lack of “industrial deepening” as well as a low employment-output elasticity. Deep structural reforms, particularly in the financial sector, state-owned enterprises, and public finance and investment are necessary to lift Vietnam’s longer term growth and to provide employment for its relatively young and growing population. Strong political leadership is needed to resist the influence of vested interests. Vietnam is indeed at the crossroads of taking action to join the ranks of the high-income industrialized economies of East Asia in the future or remaining mired in low middle-income status.
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| 13 |
ID:
185472
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