12 Items

Q&A: Lawrence Summers and Why It’s Too Early to Raise Rates

Newspaper Article - The Wall Street Journal

Q&A: Lawrence Summers and Why It’s Too Early to Raise Rates

| Wednesday, September 16, 2015

Lawrence Summers, the Harvard University professor and former Obama administration economic adviser, hasn’t been shy of late urging the Federal Reserve to refrain from raising short-term interest rates at its policy meeting this week. In a series of opinion columns and blog posts, Mr. Summers has argued that the time isn’t ripe for a move and that markets aren’t prepared.

Journal Article

U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound

| February, 2014

In his February 24, 2014  remarks to the National Association of Business Economics, Summers said, “I want to take up these issues -secular stagnation, the idea that the economy re-equilibrates; hysteresis, the shadow cast forward on economic activity by adverse cyclical developments; and the significance of the zero lower bound for the relative efficacy of monetary and fiscal policies.”

A man is reflected in the Bankia bank HQ in Madrid, May 9, 2012.  Spain's Prime Minister Mariano Rajoy dodged a question on whether the government planned to nationalize Bankia, Spain's 4th-largest bank and the most exposed to bad loans on real estate.

AP Photo

Magazine Article - CNN

The Pain in Spain That Threatens the Eurozone

  • Tim Lister
| May 31, 2012

Pierpaolo Barbieri, Ernest May Fellow at the Harvard Kennedy School's Belfer Center, says that "big, international banks like Santander and BVA are well diversified. Of the others, quite a few need capital — but how much? That's the unknown and Bankia has undermined faith in financial reporting."

Gertrude Kitongo poses with her mobile phone in Johannesburg, South Africa. She cherishes a cell phone as a link to family and friends and also sees it as a radio, a library, a mini cinema, a bank teller, etc., Nov. 8, 2011.

AP Photo

Magazine Article - Finance & Development

Africa's New Engine

| December 2011

Cell phone use has grown faster in Africa than in any other region of the world since 2003....Of course, South Africa—the most developed nation—still has the highest penetration, but across Africa, countries have leapfrogged technology, bringing innovation and connectivity even to remote parts of the continent, opening up mobile banking and changing the way business is done.

Chinese and U.S. flags flutter on a lamppost in front of the portrait of Mao Zedong on the Tiananmen Square to welcome the visit of U.S. President Barack Obama in Beijing, China, 17 November 2009.

AP Photo

Journal Article - Washington Quarterly

American and Chinese Power after the Financial Crisis

| October 2010

"...Asia has its own internal balance of powers, and in that context, many states continue to welcome an American presence in the region. Chinese leaders have to contend with the reactions of other countries, as well as the constraints created by their own objectives of economic growth and the need for external markets and resources. Too aggressive a Chinese military posture could produce a countervailing coalition among its neighbors that would weaken both its hard and soft power. A poll of 16 countries around the world found a positive attitude toward China’s economic rise, but not its military rise."

President Barack Obama talks with China's President Hu Jintao at the start of the morning plenary session at the G-20 summit in Pittsburgh, Friday, Sept. 25, 2009.

AP Photo

Magazine Article - American Interest

What 'Chimerica' Hath Wrought

| January/February 2010

"For a time, [Chimerica] was a symbiotic relationship that seemed like a marriage made in heaven. Put simply, one half did the saving, the other half the spending. Comparing net national savings as a proportion of Gross National Income, American savings declined from above 5 percent in the mid 1990s to virtually zero by 2005, while Chinese savings surged from below 30 percent to nearly 45 percent. This divergence in saving patterns allowed a tremendous explosion of debt in the United States, for one effect of the Asian "savings glut" was to make it much cheaper for households to borrow money than would otherwise have been the case."

Journal Article - Quarterly Journal: International Security

Linkage Diplomacy: Economic and Security Bargaining in the Anglo-Japanese Alliance, 1902–23

  • Christina L. Davis
| Winter 2008/09

The Anglo-Japanese alliance of 1902–23 illustrates the importance of economic side payments as a method for forming and maintaining alliances. It also shows, however, the influence of domestic factors on constraining these types of payments. Security concerns often lead a nation to offer side payments to a potential ally, but domestic political constraints, partisanship, and changing strategic needs account for the variation in the economic-security linkage.

Newspaper Article - Financial Times

The $700bn bail-out and the budget

| September 28, 2008

Lawrence Summers describes the importance of strong economic policies around budgeting the $700 billion bailout of the finance sector. He comments that "a time when confidence is lagging in the household, financial and business sectors is not a time for government to step back." He emphasises the positive impact of "well-designed policies," which, he says, "are essential to support the economy" in the financial future of the U.S.

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Journal Article - Foreign Affairs

The Long War Against Corruption

| May / June 2006

Corruption is widely acknowledged to distort markets, undermine the rule of law, damage government legitimacy, and hurt economic development. The global anticorruption movement has gained ground since the mid-1990s, but its key agents -- developed and developing countries, international organizations, and MNCs -- must do more to prevent and punish misbehavior systematically.

Newspaper Article - The Wall Street Journal

There's More to Growth than China . . .

| February 16, 2006

When President Bush visits India next month, he will see a country that is making remarkable economic progress despite enormous structural problems. That progress will, however, be far less visible than it is in China. In India he will not see the modern high-rises or the general level of prosperity that he has seen in urban China. But the progress in India is nevertheless real.