• The Impact of the Crisis on Women in Developing Asia

    Introduction: As developing Asia is the most “globalised” region of the world in terms of both trade flows and financial flows, it was expected that the global crisis would adversely affect the region.  However, while the impact has indeed been strong, Gross Domestic Product (GDP) growth has, as of yet, not been negative; rather, the […]

  • Global Imbalances: Remarkable Reversal

    An important feature of the global monetary regime of the last three decades is the imbalance in the distribution of current account balances across countries and country groupings.  Recently, the most glaring discrepancy is the fact that a huge US balance of payments deficit is being substantially financed by developing countries and not largely by […]

  • IMF: Back from the Dead

    The International Monetary Fund (IMF) has definitely had a very good crisis.  Just over a year ago, it was an institution on life support: ignored by most developing countries; derided for its failure to predict most crises in emerging markets and its often counterproductive responses to such crises; even called to book by its auditors […]

  • The Recovery in Asia

    As the world looks to full stabilisation and a rebound from the crisis due to the efforts of governments, clearly, it is finance rather than the real economy that has benefited more from those initiatives.  In fact, the turnaround in the financial sector, which was responsible for the crisis in the first instance, has been […]

  • Measuring Progress

    For some time now it has been clear that standard measurements of growth and development are inadequate and possibly even misleading.  The problem of looking at only the aggregate gross domestic product (GDP) has been widely noted: its blindness to distributional issues and its inability to measure either the quality of life or the sustainability […]

  • Central Banking in an Uncertain Age

    There is no doubt that the financial sector in India was generally much less affected by the global financial crisis of the past year than in many other developed and developing countries.  This is not to say that Indian finance was unaffected: there were wild swings in external capital flows (particularly portfolio flows) as well […]

  • Why We Need to Reshape Economic Development

    It does not really need a crisis to show us that our current development strategy is flawed.  Even during the previous boom, the pattern of growth in developing Asia had too many limitations, paradoxes and inherent fragilities.  Much was wrong with the global economic boom that preceded the crisis.  Everyone now knows that it was […]

  • The Financial Crisis One Year On

    Exactly one year ago, the Wall Street investment bank Lehmann Brothers was allowed to go bust, in a move that is generally seen to have brought on the global financial crisis.  Shock waves hit the financial markets; stock markets collapsed in waves of contagion across the world; credit seized up in most developed and many […]

  • Inflation Fears and Commodity Prices

    The global recession is still very much with us, despite the recent attempts by media and some policy makers especially in the North to dismiss it as almost over, and to find some indications of the “green shoots” of recovery in almost each item of economic and financial news.  But even as the downturn continues […]

  • This Crisis of Capitalism Is Not All Bad News

    I think that what we’re going through now — which is really just starting, we’re nowhere in the middle of it yet either, I think — is much bigger and more extensive than the Great Depression.  There are particular difficulties of fixing it because of the fact that it is bigger, it is more global, […]

  • Why More of the Same Will Not Work

    A visit to Western Europe in early March provided some slightly different — if unsettling — insights into global economic arrangements and their socio-cultural co-ordinates.  As the crisis unfolds, people everywhere are questioning current economic institutions and processes, and naturally enough their fears, insecurities and concerns also affect their visions for the future.  The fundamental […]

  • How to Spend the Money

    The ongoing financial and economic crisis has had at least one significant impact on the world of ideas: it has brought back to the forefront the recognition of the crucial role of government expenditure in stabilising economies and averting or mitigating recessions. It is true that the continued opposition of some leaders, such as Angela […]

  • The Asian Face of the Global Recession

    Delegates to the World Economic Forum at Davos this year came despondent and left in despair.  Both the discussions and the new evidence released at and during the Forum indicated that the global crisis was not just bad, but worse than originally anticipated.  One damaging projection came from the IMF in its January 2009 Update […]