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Cesran International

Recent Articles

  • Specterless Europe: What is the problem to which Europe seeks a solution?

    Written by THE CURRENT MOMENT Saturday, 03 December 2011 15:57 A crisis of confidence says ECB President Mario Draghi, and just about everyone else. Confidence is lacking in the ability of eurozone countries, especially in the south, to pay back their debts. According to Draghi, asquoted in the Financial Times, “the most important element to

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  • Democracy versus Debt Sustainability

    Written by THE CURRENT MOMENT Debt sustainability has emerged as one of the key issues of the day and one that brings the different poles of the rich world together: the United States, European economies and Japan are all struggling with the problem of how to cut public debt. There are few better accounts of

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  • Debt and Coercion

    Written by DR. ALEX GOUREVITCH Among the Solonic reforms that made Athens democratic was the abolition of debt-bondage. In his history of Rome, Livy wrote that the Lex Poetelia of 326 BC, abolishing debt-bondage inRome, was “the dawn, as it were, of a new era of liberty for the plebs.” It is probably no accident that Nietzsche,

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  • In the Eurozone, Indecision is Final

    Written by DANIEL MASON Wednesday, 05 October 2011 16:53 The FT Deutschland this week reported that Greek Prime Minister George Papandreou was considering resignation. According to one source he feels powerless, because “Greece no longer takes decisions for itself”. The story has since been denied, but if the Greek government isn’t taking the decisions, who is? Not eurozone

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  • Will High Economic Growth Ever Return?

    By DEAN CARROLL | 30.06.2011 This week, China made clear its intention to buy up government debt in Europe. The country’s $3 trillion currency reserves, the largest in the world, have already started to diversify holdings beyond US dollars. So there could be hope for Greece even if the European Union and the International Monetary

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  • Bourgeois “Strategising”: Interest Rates, Inflation and Profits

    By VASSILIS K. FOUSKAS | 08.05.2011 On speculation that the European Central Bank (ECB) would raise its interest rate, the Euro began rising to a 15-month high against the dollar. The Yen weakened too, as the Bank of Japan poured millions into various agencies to stimulate the country’s economic recovery after the devastating earthquake and

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  • Is Aid the Capital Component Making Countries Efficient? A Non-Parametric Production Theory Approach

    BY ANN VEIDERPASS and PER-AKE ANDERSSON | 12.04.2011 Introduction This study attempts to add a piece to the aid effectiveness puzzle by presenting an alternative to the common growth regression approach. Most studies of country performance simply rely on regression analysis and exploit the GDP per capita measure when capturing economic growth. Not only have these

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  • The Light at the End of the Tunnel: The South-South Locomotive

     By Dr. Can Erbil | 22.03.2011 South-South Trade In the aftermath of the global financial crisis, trade between developing countries (South-South trade[1]) has become more vital and more vibrant than ever. “Just as developing countries are becoming increasingly important markets for high-income exporters, so too are other developing countries becoming more important destinations for the exports

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  • ‘Made in America’ is not the way out of this crisis

    By Jagdish Bhagwati | 10 August 2010 President Barack Obama, addressing car workers recently at a GM plant in Michigan, defended his administration’s motor industry bail-out, saying that it had rescued “the heart and soul” of American manufacturing, that “has been a symbol of our economic power”. Mr Obama’s words are only the latest in a

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  • Protectionist Myths

    By Jagdish Bhagwati | 07 July 2010 At a debate in New York last year entitled “Buy American/Hire American Policies Will Backfire,” with hundreds of people in attendance, my team of three free-trade proponents took on a trio of protectionists who are often in the public eye. We expected that we would lose the final audience vote

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  • India’s Mistaken Call for Renminbi Appreciation

    By Jagdish Bhagwati | 05 June 2010 India’s central bank governor issued in late April a critique of the alleged Chinese undervaluation of the yuan/renminbi, siding therefore with the U.S. politicians and some think-tanks (chiefly Fred Bergsten and Arvind Subramanian of the Peterson Institute for International Economics) against China. I and Arvind Panagariya at Columbia published a

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