Emerging market governments often draw lessons from previous financial crises – or at least claim to do so – to prevent their recurrence. However, such preventive measures are typically designed to address the causes of the last crisis, not the next one. Hence, some measures adopted may inadvertently become new sources of instability and crisis.
Although quite selective, targeted, edited and carefully managed, last year’s Panama Papers highlighted some problems associated with illicit financial flows, such as tax evasion and avoidance. The latest Global Financial Integrity (GFI)
report shows that illicit financial outflows (IFFs) from developing countries, already at alarming levels, continue to grow rapidly.
The deliberate starvation of civilians could amount to a war crime and should be prosecuted, said an independent UN human rights expert.
Various different, and sometimes contradictory lessons have been drawn from the 1997-1998 East Asian crises. Rapid or V-shaped recoveries and renewed growth in most developing countries in the new century also served to postpone the urgency of far-reaching reforms. The crises’ complex ideological, political and policy implications have also made it difficult to draw lessons from the crises.
The Austrian elections show clearly that media have given up on contextualising events. To do that, calls for a warning about Europe’s future, as a vehicle of European values is required. Europe has been weakened by all the recent elections, with the notable exception of France. Common to all, France included, were some clear trends, that we will hastily, and therefore maybe imperfectly, examine.
In 1953 South Korea emerged from the ravages of a debilitating war, yet the total gross domestic product in nominal terms has surged 31,000 fold since 1953
One of the 11 areas that the World Bank’s Doing Business
(DB) report includes in ranking a country’s business environment is paying taxes. The background study for DB 2017, Paying Taxes 2016
claims that its emphasis is “on efficient tax compliance and straightforward tax regimes”.
A few years ago, more than half a century after the concept was first proposed, the government of Côte d’Ivoire completed construction of the Henri Konan Bédié Bridge, a span over the Ébrié Lagoon linking the north and south of Abidjan, the country’s main city. The project became a reality after the government received development bank and private capital financing.
The average American believes the US spends a whopping third
of its federal budget on foreign aid. Consequently, a majority of people think that too much is spent on foreign aid. That is one reason US President Donald J. Trump, who has campaigned on putting the needs of Americans first, has proposed deep cuts to foreign aid in his 2018 budget.
Since the 1950s, there has been a popular dance called the ‘limbo rock’, with the winner leaning back as much as possible to get under the bar. Many of today’s financial centres are involved in a similar game to attract customers by offering low tax rates and banking secrecy.
Generally, media have failed to analyse why the result of German elections is the worst possible. Merkel is not a winner, but a leader now in a very fragile position, who will have to make many compromises and pay now for her mistakes. Let us make at least the most important four points of analysis.
The Trump administration’s promise to increase infrastructure spending should break the straightjacket the Republicans imposed on the Obama administration after capturing the US Congress in 2010. However, in proportionate terms, it falls far short of Roosevelt’s New Deal effort to revive the US economy in the 1930s.
The Business and Sustainable Development Commission has estimated that achievement of Agenda 2030 for the Sustainable Development Goals will require US$2-3 trillion of additional investments annually compared to current world income of around US$115 trillion. This is a conservative estimate; annual investments of up to US$2 trillion yearly will be needed to have a chance of keeping temperature rise below 1.5°C.
After sending a team to investigate the human rights conditions in Venezuela amid growing political and economic crisis, the UN Human Rights Office has reported
that the crushing of anti-government protests point to the “the existence of a policy to repress political dissent and instil fear in the population to curb demonstrations.”
Following the 2007-2008 global financial crisis and the Great Recession in its wake, the ‘new normal’ in monetary policy has been abnormal. At the heart of the unconventional monetary policies adopted have been ‘asset purchase’ or ‘quantitative easing’ (QE) programmes. Ostensibly needed for economic revival, QE has redistributed wealth – regressively, in favour of the rich.
What kind of leadership does the world need now? US President Franklin Delano Roosevelt’s leadership was undoubtedly extraordinary. His New Deal flew in the face of the contemporary economic orthodoxy, begun even before Keynes’ General Theory was published in 1936.
Even before the imposition of new sanctions on Russia by Donald Trump and the ongoing fuss over Russian hackers undermining US democracy, Russian-American relations had deteriorated to a level not seen since the 1950s. Why?
The United Nations recently released the 70th anniversary issue of its flagship publication, the World Economic and Social Survey
(WESS). First published in January 1948 as the World Economic Report
, it is the oldest continuous publication analyzing international economic and social challenges. The 2017 issue reviews 70 years of WESS policy recommendations, many of which remain relevant today to address global challenges and to achieve the 2030 Agenda or Sustainable Development Goals.
Debates are taking place on whether there will be another financial crisis, whether in some part of the world or that is global in scope. Governments draw lessons from financial crises to adopt measures to prevent their recurrence. However, such measures are often designed to address the root causes of the last crisis but not the next one. More importantly, they can actually become the new sources of instability and crisis.
Despite the “undeniable” benefits of migration, barriers including public misconceptions continue to hinder positive development outcomes, participants said during a series of thematic consultations here on safe, orderly, and regular migration.
The steep upsurge in mortality and sudden fall in life expectancy in Russia in the early 1990s were the highest ever registered anywhere in recorded human history in the absence of catastrophes, such as wars, plague or famine. The shock economic reforms in the former Soviet economies after 1991 precipitated this unprecedented increase in mortality, shortening life expectancy, especially among middle-aged males