The economic consequences of leaving the EU are at the heart of the Brexit debate. This column studies how changes in trade and fiscal transfers to the EU following Brexit would affect living standards in the UK. Across a range of scenarios, Brexit leads to lower income per capita, but the magnitude of the loss depends on what trade policies the UK adopts post-Brexit. To minimise the economic costs of Brexit, the UK would have to remain closely integrated into the Single Market.
Brazil is facing its biggest political crisis since the restoration of
democracy in 1985. Unfortunately, the political leadership needed to pull the
country out of its deep malaise is nowhere in sight.
The increasingly digital 21st century economy – with many zero-priced goods and services – is a challenging place for those striving to measure economic activity. This column reviews some of the main themes of the Bean Report on UK economic statistics. It suggests the exploitation of new data sources and the creation of a network of academics, private sector actors, and expert users. They would undertake research and development into the measurement of the economy and propose experimental statistics to capture the new phenomena.
Progressives should not buy into a false and counter-productive narrative
that sets the interests of the global poor against the interests of rich
countries’ lower and middle classes. With sufficient institutional imagination,
the global trade regime can be reformed to the benefit of both.
With the largest economies, nearly eight years after the global financial crisis, burdened by high and rising levels of public and private debts, it is baffling that comprehensive restructuring does not figure prominently among policymakers' options. Indeed, at last week's G-20 meeting, debt was the proverbial elephant in the room.
In the years since the 2008 global financial crisis, austerity and
balance-sheet repair have been the watchwords of the global economy. And yet
today, more than ever, debt is fueling concern about
growth prospects worldwide.