The recent amendments of the Chinese Constitution have stimulated much attention, focusing on the power consolidation of President Xi. Though the four key amendments do not mention direct economic reforms, indirect impact should be considered even if clear-cut conclusions are difficult to draw.
Central Asia consists of five culturally and ethnically diverse countries that have followed different paths to political and economic transformation in the past 25 years. The main policy challenge for the five Central Asian economies is to move away from commodity-based growth strategies to market-oriented diversification and adoption of a broad spectrum of economic, institutional and political reforms
By linking growth with both employment and the imperative for India to hold its own with China for strategic autonomy, Prime Minister Modi has brought sustainable, high quality, inclusive economic growth to the centre of political discussion, which is where it rightfully belongs.
This Policy Contribution analyses the Ukrainian economic, institutional and political reforms of 2014-17 in terms of their sustainability and completeness, and evaluates what remains to be done. Compared to previous attempts, the current reform round has proved more successful and some politically difficult decisions have been taken (for example, the elimination of gas subsidies), but it remains incomplete in many important areas
The recent IMF’s External Sector Report highlighted the persistence of imbalances and a switch of imbalances towards advanced economies. We review recent contributions on this topic.
After a decade of growth based on hydrocarbon booms, Central Asian countries are faced with increasing challenges to complete their transitions to a market economy and towards economic development and integration.
What’s at stake: In line with the crisis-induced reform hypothesis, European countries have since 2010 enacted unpopular reforms in labour market regulation and social welfare systems.
What would happen if the ECB failed to respond to the excessively low inflation and the weak economy? And what economic policy would be suitable under the current circumstances, if not monetary policy?
Despite the slow pace of market reforms, the Belarusian economy recorded quite impressive growth until recently. However the Belarus growth ‘miracle’ cannot be continued, and the reforms that are needed might be difficult to implement. The potential hardship facing Belarus could be at least partly cushioned by external assistance.
What are the beneficial effects of product market reforms? What progress have Spain and Italy made in the past years and what challenges do they still face? How should structural reforms be coordinated within the euro area?
Olivier Blanchard has, with his customary clarity and candor, addressed criticisms of the IMF’s role in Greece’s financial rescue. His is a personal statement. But in writing it, he also presents the IMF’s operating philosophy and mandate. Blanchard’s statement will, therefore, not only shape our thinking on the evolution of the Greek crisis but it could define how we view the proper role of the IMF. His blog post deserves careful reading and consideration.
This blog draws two lessons from the failed Greek programme. Olivier Blanchard is right that the fiscal adjustment of the last 5 years was unavoidable. An earlier debt restructuring could hardly have prevented it. (1) However, an earlier debt restructuring would have allowed significantly lower primary surpluses from now on and it would have made the programme more credible. (2) Equally important, the IMF failed to prioritise a strategy for Greece to regain competitiveness.