The Age of Austerity: A Review of Public Expenditures and Adjustment Measures in 181 Countries.
This paper: (i) examines the latest IMF government spending projections for 181 countries by comparing the four distinct periods of 2005-07 (pre-crisis), 2008-09 (crisis phase I: fiscal expansion), 2010-12 (crisis phase II: onset of fiscal contraction) and 2013-15 (crisis phase III: intensification of fiscal contraction); (ii) reviews 314 IMF country reports in 174 countries to identify the main adjustment measures considered in high-income and developing countries; (iv) discusses the threats of austerity to development goals and social progress; and (v) calls for urgent action by governments to adopt alternative and equitable policies for socio-economic recovery. (more…)
The death of Hugo Chavez last week sparked an outpouring of grief in Venezuela and South America, but his legacy will live on in his policies and South-South initiatives.
The government spending cuts in the United States as the President and Congress fails to reach a deal will also affect poor developing countries as the aid budget especially for food and medicines is reduced.
EU-ACP Economic Partnership Agreements: Current State of Play.
This note provides an overview of the EPA negotiations. It illustrates the fact that the same critical contentious issues persist in the EPAs across various regional blocs. It also highlights the concerns of the highest political authorities of ACP States regarding the EPAs and the inherent dangers for (more…)
Growth in the South: Resilience, Decoupling, Recoupling
By Yilmaz Akyuz
Rapid acceleration of growth in developing countries (DCs) and the widening of their growth gap with advanced economies (AEs) before the outbreak of the global financial crisis were widely interpreted as decoupling of the South from the North. In the early days of the crisis, there were also widespread expectations that growth in the South would be little affected by the difficulties facing AEs. In fact, DCs slowed considerably in 2009 as a result of contraction of exports to AEs and financial contagion. However, they recovered rapidly, with growth rates in 2010-11 matching or exceeding the levels seen before the crisis, while recovery in the US has remained weak and erratic, and Europe has gone into a second dip. This has again revived the decoupling thesis, notwithstanding the sharp slowdown in many major DCs over the course of the current year.
This overview outlines in summary form the main results of the negotiations during the 18th Conference of the Parties (COP18) and the 8th COP Meeting of the Parties to the Kyoto Protocol (CMP8) that took place in Doha, Qatar, from 27 November to 8 December 2012.
The annual United Nations climate conference held in 2012 in Doha concluded on 8 December with low levels of commitments by the developed countries in two crucial areas — emission cuts by them, and provision of climate financing for developing countries. (more…)
Resolving Debt Crises: How a Debt Resolution Mechanism Would Work
By Martin Khor
More countries are facing a debt crisis, and the world urgently needs an international system of debt arbitration and restructuring. This article describes the elements needed in such a system.
Operationalising the 2002 LDC Accession Guidelines: An Analysis.
Benchmarks to ‘further strengthen, streamline and operationalize’ the 2002 LDC Accession Guidelines have been developed. The following conclusions can be made regarding these benchmarks: (more…)
Capital Account Regulations and Investor Protections in Asia.
Since at least the early 1990s, countries that sought to regulate the capital account risked self-inflicted stigma in the international investment arena, even in the face of uncontroverted analytical reasons for their appropriateness.Subsequent events, including the Asian financial crisis in 1997, have not eliminated the stigma risk from capital account controls but the analytical discussion has shifted to when, not if, such controls are warranted. (more…)
In recent years financial policies in both industrial and developing countries have put increased emphasis on the market mechanism. Liberalization was partly a response to developments in the financial markets themselves: as these markets innovated to get round the restrictions placed on them, governments chose to throw in the towel. More important, however, governments embraced liberalization as a doctrine. (more…)
As the northern Indian state of Rajasthan rolls out an ambitious universal healthcare plan, the discontent of the state’s doctors stands in stark contrast to the joys of the 68 million people who will benefit from the scheme.
