Global Economic Prospects 2014

Five years after the financial crisis, the world economy is showing signs of bouncing back. Read more ...

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Can China become the engine for world economic growth?

Hans Timmer's picture

Let me admit my transgression upfront: I stole the catchy title from a blog post that David Dollar wrote almost a year ago. David was then the World Bank’s country director for China and Mongolia. It was in fact the title of a conference he had just attended.

I had to think about this question again when we looked this week at high-frequency data (see graph below).

Why We Should Favor (Slightly) Less Efficient Financial Markets

Jamus Lim's picture

Lost in many of the post-crisis financial reform proposals to rein in destructive financial innovation---such as calls to ban naked CDS, establish centralized clearinghouses for derivatives, and eliminate high-frequency trading---is the broader issue of whether these innovations could actually enhance welfa

The good, the bad, and the ugly imbalances

Hans Timmer's picture

In a recent IMF Staff position note Olivier Blanchard and Gian Maria Milesi-Ferretti provide a useful classification of current account imbalances. They argue that deficits and surpluses on current accounts are "good" if they reflect optimal allocation of capital across time and space. That is the case, for example, when savings ratios differ across countries because of different ageing profiles or when investment ratios differ because of different productivity trends.

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