Editor’s note: If emerging economies pursue the same growth path as their developed world predecessors, the impact on natural resources and the environment will probably be disastrous, writes Nobel Laureate, Michael Spence, the Fung Global Institute’s Academic Board Chairman. Encouragingly, though, he sees rising awareness in Asia that the pursuit of national economic goals is linked to the invention of new growth patterns.
Editor’s note: Having stood up in 1949 after more than a century of “humiliation”, China stands to be more powerful than ever as the global economy’s erstwhile roost-rulers – the US, EU and Japan - falter, says Fung Global Institute Senior Fellow Jean-Pierre Lehmann, who is also Professor of International Political Economy at IMD.
Editor’s note: In a previous article, Nobel Laureate Michael Spence, who is also the Fung Global Institute’s Academic Board Chairman, explained why Europe and the US could be in for prolonged negative growth. Here, in Part 2 of that article, he looks at how China, India and others might buffer the impact - without doing more harm than good.
Editor's note: Lessons from the Asian financial crisis of the late 1990s are relevant to the eurozone’s present woes, writes Andrew Sheng, Fung Global Institute President and author of the book From Asian to Global Financial Crisis. He believes the IMF should play a central role in resolving Europe’s debt crisis.
Editor’s note: Signs abound that the major advanced economies may be heading for a second downturn, followed by slow growth. In the first of two articles, Fung Global Institute Academic Board Chairman and Nobel Laureate Michael Spence considers the implications for emerging economies.
Editor’s note: Few would dispute that trade has improved living standards across the world. Yet global trade talks seem chronically stalled. Fung Global Institute Senior Fellow Jean-Pierre Lehmann, who is also Professor of International Political Economy at IMD, believes that public ignorance about global trade economics is the greatest trade barrier of all.
Editor’s note : Financial sector leaders have more in common with global supply chain managers than they realise, asserts Fung Global Institute President Andrew Sheng. He explains why financial supply chains, just like those delivering consumer products, need to re-engineer as the global economic balance shifts towards emerging markets.
Editor’s note: Trust has been the first casualty in an era when many banks have focused more on making profits for themselves than serving clients. But Andrew Sheng, President of the Fung Global Institute, sees scope for finance to create new relationships as emerging markets rise to confront the challenge of building a more sustainable future.
Editor’s note: With many global institutions in a moribund state, what the world needs now is a mission statement, says Fung Global Institute Senior Fellow Jean-Pierre Lehmann, who is also Professor of International Political Economy at IMD. He looks to one of modern history’s most extraordinary meetings for inspiration.
Editor’s note: While inflation is keenly felt on a personal level by individual Chinese citizens, it also points to deeper structural problems in China’s economy. In this analysis, Fung Global Institute Joint Vice President of Research Xiao Geng, who is also a Senior Fellow, argues that China must use positive real interest rates as a tool if it is to create a new growth model.