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Bank of Japan Rate Cut Leaves Markets Thinking of More

The Bank of Japan (BoJ) surprised markets overnight by announcing it would charge negative interest rates on a proportion of new excess reserves deposited by banks. The object is to reduce the...

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Are US Stocks Overvalued?

US stock prices rose for seven years in a row through late last year. During that time, the US economy repeatedly underperformed expectations. Popular indicators of stock valuation are above historical...

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The Grexit that Could Actually Happen

For years the euro area has labored to successfully prevent a financial exit by Greece from the common currency, a fear commonly known as “Grexit.” Following the September 2015 elections, Greece now...

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A New Fiscal Policy for Europe

Heading into another discouraging year of weak growth and inflation and rising populism, the euro area needs a dramatic change of course—not only in its current policies but also in the rules holding...

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PIIE Chart: Average Life Expectancy in Post-Communist Countries—Progress...

A little more than 25 years after the fall of communism, post-communist states have achieved divergent results in their qualities of life. This chart, part of an upcoming study by Simeon Djankov and...

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Eastern Europe: Freedoms under Pressure

Poland is the latest Eastern European country to veer away from the rule of law—and the core of Europe. The European Union has been too busy to take sufficient notice of the new Polish government’s...

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Tapped Out: Azerbaijan Must Diversify Its Economy Away From Oil

Azerbaijan’s economy is reeling, after years of extraordinary growth fueled by oil revenues. The latest World Bank figures suggest the economy is going to contract in 2016, and the budget deficit may...

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The SDR Goes the Way of the Renminbi

The International Monetary Fund’s decision to add the Chinese renminbi to the basket of currencies that compose the Special Drawing Right (SDR) at the end of November 2015 was no small choice. Set to...

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For Europe, Financial Innovation Is a Better Bet than a Fiscal Transfer Union

The fire started in the basement, almost completely burning down the house. Fortunately, your neighbor was out of town. You had told him to replace his old furnace to save money, but he procrastinated....

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PIIE Chart: Infant Mortality Rate in Post-Communist Countries—Progress Varies...

A little more than 25 years after the fall of communism, post-communist states have achieved divergent results in their qualities of life. This chart, part of an upcoming study by Simeon Djankov and...

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Designing Growth-Indexed Bonds When Interest Rates Are Low

Our recent Policy Brief [pdf] focuses on the benefits of growth-indexed bonds for a country’s solvency, by reporting the evolution of the debt-to-GDP ratio. In a world of perfect markets, only solvency...

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Bail-in Securities and the Current Equity Market Turmoil

The current equity market slide is being led by European banks and stems in large part from market concerns over their newly issued bail-in securities. Bail-in securities begin life as a five-year bond...

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An Important IMF Reform

The world became a bit safer last month—at least at one margin. The International Monetary Fund (IMF) adopted a lending reform with important implications for the future stability of the world economy....

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Should Brazil Dance to the Tune of a Fiscal Band?

Brazil’s government, much of which is already under investigation for widespread, endemic corruption, is trying to pull another fast one on its taxpayers and creditors. As talk of a need for fiscal...

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Russia’s Economy Slides into Long-Term Stagnation

Russia is entering a period of long-term stagnation with little relief in sight. A report by the Russian Ministry of Finance calculates that without structural reforms the economy will expand at a...

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Increased Competitiveness in Eastern Europe

Falling oil and gas prices have wreaked havoc in currency and stock markets around the world. The declines are welcome news, however, for energy-dependent economies, particularly importers. Eastern...

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In Defense of European Deposit Insurance

Last November, the European Commission published a proposal for a European Deposit Insurance Scheme (EDIS), which is currently being negotiated among EU member states. Yesterday, this elicited a...

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The Odds Remain against a Brexit

The last-minute deal [pdf] between Prime Minister David Cameron of Britain and the leaders of the European Union on February 19 was aimed at persuading Cameron, his government, and the Conservative...

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Five Reasons to Fear a Brexit

The fight over a potential British exit from the European Union is gaining momentum and so are warnings against it from economists and business leaders about the potential damage to trade, confidence,...

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How Much Global Fiscal Stimulus?

In the run-up to the G-20 deputies meeting in Shanghai this weekend, several calls have been made—including by the International Monetary Fund (IMF), the Organization for Economic Cooperation and...

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