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Brexit has happened - so what?

Thursday, 30 June 2016
article
Britain's exit from the European Union(EU), is being termed one of the most catastrophic shots to the global economy. However, the more pressing question of how Brexit impacts ordinary citizens of the UK and the EU, as well as, what the dynamics in the UK post-Brexit look like, are equally as pressing. To gain new insight into these questions and more, we sit down with global economy expert and Claude & Lore Kelly Professor of European Studies at Princeton University Harold James.

Draghi shuns Brexit debate in call for global policy alignment

Wednesday, 29 June 2016
article
Bloomberg
Mario Draghi took an unusual tack among the world’s major policy makers — giving a speech that had no explicit reference to the UK’s decision to quit the European Union.

Three Amigos Summit: North American Leaders To Preach Co-Operation In Light Of Brexit

Sunday, 26 June 2016
article
Mike Blanchfield & Alexander Panetta
North American leaders meeting in Ottawa this week are being confronted with the seismic economic ripples caused by Britain's decision to leave the European Union.

The humiliation of the global elite continues as the UK votes for Brexit

Friday, 24 June 2016
blog
How many times have you read that globalization cannot be stopped? That only ever was true in the most abstract sense. Curiosity will continue to drive humans with means to see the world, and greed always will motivate companies to push into new markets. But the “official” globalization of free-trade agreements and other multinational arrangements always could be stopped by politics.

Life After Brexit: Heaven or Hell?

Thursday, 23 June 2016
blog
As the Brexit debate rages on, the two sides agree on one thing: the enormous economic, political and social implications of the vote that will weigh on the future of the UK. Former Prime Minister Tony Blair has called the vote “the most important decision for Britain since 1945” and warned about a “long, agonizing process of disengagement” that would result from an Out vote, with “seismic” economic implications.

A Brexit would hurt Canada, too

Monday, 20 June 2016
article
Fen Osler Hampson, Derek Burney
Like any collision on a busy highway resulting from a fast-moving car veering without warning into the exit lane, Britain’s departure from the European Union will trigger a multi-car pile-up that will be costly to all parties. It will generate uncertainty in Britain for investors, producers and politicians until new linkages are established, and it will add fuel to rising populism and nationalism that could lead to Europe’s unravelling.

The stunning truth that explains the rise of the far-right in Britain and elsewhere

Tuesday, 31 May 2016
article
Matt O'Brien
Never have so many risked so much for so little. I'm talking, of course, about Britain's upcoming vote on whether to leave the European Union. So-called "Brexit" — get it, as in British exit? — would be the economic equivalent of quitting your job because you think you can get it back minus all the parts you don't like. In other words, a fantasy. But, with apologies to Harry Potter, it might be Britain's most popular one to the point that there's a real, albeit slight, chance it could prevail in the June 23 poll. In which case, to extend this metaphor, Britain would be left out of work and out of friends. Indeed, Britain's Treasury estimates it could send them into a recession costing as many as 500,000 to 800,000 jobs.

Definitional Issues in the Sustainability Analysis Framework: A Proposal

Monday, 2 May 2016
publication
The definition of public debt sustainability in the International Monetary Fund debt sustainability analysis framework refers to fiscal adjustment and primary balance as the central elements of the policy course that is most likely to ensure debt sustainability; the induced policy approach is not contributing to the recovery of economies in distress, and instead it is contributing to delays in sovereign debt restructuring, as well as to insufficient debt relief (when the restructuring occurs) for distressed sovereign debtors. The definition needs to be revised to be in tune with macroeconomic theory that is overwhelmingly supported by evidence.

Canada’s Trudeau is still fighting the intellectual war over deficits

Tuesday, 29 March 2016
blog
Ahead of Justin Trudeau’s first budget, Bloomberg News asked a good question: Would anyone outside of Canada be inspired by the young leader’s assault on austerity? Of course, it is too soon to know. But it rarely is too soon to speculate. And Bloomberg’s reporters concluded that Trudeau’s example likely would do little to change the minds of leaders in countries such as Germany and Australia. Economic orthodoxy is sticky. Just ask Trudeau. He won the election, but he hasn’t yet conquered the Canadian commentariat, which likes its budgets balanced.

Greece’s biggest banks may appear to be out of danger, but they are not

Friday, 11 March 2016
article
Liquidity is another problem, points out Miranda Xafa of the Centre for International Governance Innovation, a research institute. Greek banks have around €202 billion in outstanding loans yet only €122 billion in deposits (down from €237 billion in 2009). Deposit-holders pulled out over €40 billion in the first half of last year alone.
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