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Tag "Fiscal Drag"

Khor 1EU_CrisisWhen a country mismanages its debt, it can lose its sovereignty and dignity – a lesson that is being imposed again on the Greek nation.

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EU_CrisisKhor 1This week will see the resolution for two important issues – the fate of the Trans Pacific Partnership and of the Greek debt crisis – both of which will affect Malaysia.

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yilmaz-akyuzDebt_SustainabilityIn this column, Yılmaz Akyüz, chief economist at the South Centre in Geneva, looks at the role of international debt workout mechanisms in debt restructuring initiatives and argues, inter alia, that while the role of the IMF in crisis management and resolution is incontrovertible, it cannot be placed at the centre of these debt workout mechanisms because its members represent both debtors and creditors.

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yilmaz-akyuzEU_CrisisYilmaz Akyuz, chief economist of the South Centre in Geneva, argues that in recent years developing countries have lost steam as recovery in advanced economies has remained weak or absent due to the fading effect of counter-cyclical policies and the narrowing of policy space, and he recommends measures to reduce the external financial vulnerability of the South.

 

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Khor 1Debt_SustainabilityIt happened again last week – at the last minute the United States avoided debt default.  But the world is losing patience with this latest episode of dysfunctional leadership.

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China has moved to investment-led growth, after its exports fell sharply in the aftermath of the global financial crisis. Credit: Bigstock

yilmaz-akyuz In this column, an abridged version of a longer research paper 48 for the South Centre, Dr Yilmaz Akyuz writes that the world economy is facing under-consumption because of a low and declining share of wages in national income in all major advanced economies like the United States and the eurozone, as well as China. In order to move out of the fiscal drag, he argues that developing economies must reduce dependence on foreign markets and capital by abandoning neoliberal policies in practice, not just in rhetoric.

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