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Macroeconomics and Economic Growth

Secular Stagnation: A Working Pair of Scissors Needs Two Blades

Otaviano Canuto's picture
The role of asset bubbles as an unsustainable pillar of pre-2007 world economic growth has been widely recognized. Simultaneously, analysts worry that a secular stagnation, though momentarily offset by asset bubbles, may have been already at play in major advanced economies, leading to the ongoing sluggish and feeble recovery.

South Asia and the Geography of Poverty

Otaviano Canuto's picture

The world has become relatively less poor in the last few decades. People under conditions of extreme poverty -- that is, living on less than $1.25 per day -- have declined as a proportion of the world population, from 52 percent in 1981 to 22 percent in 2008.

Brazilian Competitiveness: Folia and Hangover

Otaviano Canuto's picture

As the Carnival in Brazil kicked off last weekend, Brazilians were ready for a party. They have reasons to celebrate. Despite a lackluster GDP performance in the last two years, unemployment rates remain at record low levels.

In Times of Consecutive Crises, Is Fiscal Policy the Answer?

Otaviano Canuto's picture

By flickr user prawnpieIn recent weeks, fiscal policy – once the domain of policy wonks – has become part of dinner-table conversations. As Washington attempts to put its fiscal house in order, catchy metaphors from "fiscal cliff" to "fiscal calamity" to "austerity bomb" (and even "hostage crisis") permeate the media.  Amidst the media spin and misnomers however, there lies a crucial debate.

The East Asian Miracle 2.0

Otaviano Canuto's picture

imageAlmost 20 years ago, the World Bank released a groundbreaking report – The East Asian Miracle – that called worldwide attention to the economic success of eight economies in the region, leading to a discussion on the extent to which policies followed by them could be replicated.

Is There a New Consensus on Development Policy Under Korea's Knowledge Sharing Program?

Raj Nallari's picture

On October 15, World Bank Group President, Jim Yong Kim, and South Korea’s Minister of Strategy and Finance, Jaewan Bahk, announced the opening of a new World Bank Group Office in Korea in 2013, to deepen joint efforts to find sustainable development solutions for emerging countries around the globe.

Shifting Tectonic Plates under Global Banking

Otaviano Canuto's picture

The global financial crisis has reversed an expansionary trend of international activities by banks from advanced countries that had been at play for decades. From the late 1970s to 2008, banks not only found new opportunities for intermediation in increasing cross-border capital flows, but they also raised their profile in domestic credit provision abroad. We are now watching an upheaval of that landscape, its ground dramatically shifting with the unfolding of the crisis.

Connecting Wagons: Why and How to Help Lagging Regions Catch Up

Otaviano Canuto's picture

If it weren't for the economic performance of China, Brazil and other emerging markets, the global economic slump following the 2008 financial crisis would have been much worse. Not by chance, prospects for the global economy became gloomier this year when those economies showed signs of decreasing resilience against the downward pull from advanced countries.

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