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Exit from comment view mode. Click to hide this space CAMBRIDGE – The Greek government needs to escape from an otherwise impossible situation. It has an unmanageable level of government debt (150% of GDP, rising this year by ten percentage points), a collapsing economy (with GDP down by more than 7% this year, pushing the unemployment rate up to 16%), a chronic balance-of-payments deficit (now at 8% of GDP), and insolvent banks that are rapidly losing deposits. The only way out is for Greece to default on its sovereign debt. When it does, it must write down the principal value of that debt by at least 50%. Europe’s High-Risk Gamble - Martin Feldstein - Project Syndicate Europe’s High-Risk Gamble - Martin Feldstein - Project Syndicate
Why is America’s Budget Deficit So Large? - Martin Feldstein - Project Syndicate Why is America’s Budget Deficit So Large? - Martin Feldstein - Project Syndicate Exit from comment view mode. Click to hide this space CAMBRIDGE – America’s enormous budget deficit is now exceeded as a share of national income only by Greece and Egypt among all of the world’s major countries.
Exit from comment view mode. Click to hide this space CAMBRIDGE – Although I appreciate that exchange rates are never easy to explain or understand, I find today’s relatively robust value for the euro somewhat mysterious. A Gravity Test for the Euro - Kenneth Rogoff - Project Syndicate A Gravity Test for the Euro - Kenneth Rogoff - Project Syndicate
Exit from comment view mode. Click to hide this space NEW YORK – Many on the left are suspicious of the idea that economic growth helps to reduce poverty in developing countries. They argue that growth-oriented policies seek to increase gross national product, not to ameliorate poverty, and that redistribution is the key to poverty reduction. These assertions, however, are not borne out by the evidence. Since the 1950’s, developmental economists have understood that growth in GNP is not synonymous with increased welfare. Does Redistributing Income Reduce Poverty? - Jagdish Bhagwati - Project Syndicate Does Redistributing Income Reduce Poverty? - Jagdish Bhagwati - Project Syndicate