Jeffrey Frankel, 27 January 2016

The Shanghai Stock Exchange Composite Index has dropped substantially in the past few months. China’s growth rate has also slowed. This column argues that the slowdown of the Chinese economy has little to do with the stock exchange, and is mostly due to economic forces. The author recommends a package of policies that need to be implemented to smooth the transition to a sustainable growth rate. 

M. Ayhan Kose, Franziska Ohnsorge, Lei (Sandy) Ye, 07 January 2016

Emerging markets face their fifth consecutive year of slowing growth. This column examines the nature of the slowdown and appropriate policy responses. Repeated downgrades in long-term growth expectations suggest that the slowdown might not be simply a pause, but the beginning of an era of weak growth for emerging markets. The countries concerned urgently need to put in place policies to address their cyclical and structural challenges and promote growth.

Barry Eichengreen, Donghyun Park, Kwanho Shin, 17 September 2015

Productivity growth is slowing around the world. The question is what lies behind this trend and whether it can be arrested. This column takes a historical perspective on total factor productivity growth slowdowns. International factors that heighten the risk of TFP slumps include global interest rate shocks, global oil price shocks and rising global risk aversion. Country-specific factors working in the same direction include low educational attainment, weak political systems, and overly high levels of investment. Investing in education, political development and rebalancing can mitigate the risk of TFP slumps but are unlikely to eliminate them entirely.

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