Date
23 February 2018

Kemal Derviş

A former minister of economics in Turkey and and vice president of the World Bank, is currently Vice President of the Brookings Institution.
  • Because intelligent machines can increasingly fill low-wage jobs, developing countries’ cost advantage may have been diminished significantly. Photo: Xinhua

    The future of economic convergence

    - Feb 13, 2018 9:01am
    The world is now facing what observers are calling a “synchronized” growth upswing. What does this mean for the economic “convergence” of developed and developing countries, a topic that lost salience after the Great Recession began...
  • China's leaders have a public-policy war chest that they can use to cushion against financial turmoil. Photo: Bloomberg

    Is another debt crisis on the way?

    - Dec 19, 2017 10:13am
    Economic growth is accelerating across most of the world. Yet the world’s total gross debt-to-GDP ratio has reached nearly 250 percent, up from 210 percent before the global economic crisis nearly a decade ago, despite post-crisis...
  • A pro-independence Catalan rally in Barcelona. Many Catalans are more frustrated with Spain’s national government than they are with either globalization or the European Union. Photo: AFP

    Democracy beyond the nation-state

    - Nov 15, 2017 9:30am
    According to the Harvard economist Dani Rodrik, it is impossible to have full national sovereignty, democracy, and globalization simultaneously. The concept of a “political trilemma of the world economy”, which Javier Solana also recently explored, is...
  • A more realistic option is a multi-speed effort whereby the eurozone countries can move ahead, while others are allowed to wait. Photo: AFP

    Three ways ahead for the eurozone

    - Oct 9, 2017 8:00am
    After a tumultuous year, politics seem to be stabilizing across Europe. Though the far-right Alternative für Deutschland (AfD) gained almost 13 percent of the vote in Germany’s recent federal election, it does not pose a serious...
  • Under Emmanuel Macron, a new progressive political system that is based on a synthesis of social policies and liberalization could gradually emerge. Photo: Bloomberg

    Can Macron redraw the political map?

    - Jun 9, 2017 5:00pm
    Many commentators have described Emmanuel Macron’s victory in the French presidential election as a triumph for the center right, because he received votes that otherwise would have gone to the scandal-plagued mainstream conservative candidate, François Fillon....
  • Whatever reasons for optimism economic forecasters may have, there are also strong grounds for caution, especially in the medium and long term. Photo: Bloomberg

    The limits of economic optimism

    - Apr 24, 2017 10:19am
    As the annual spring meetings of the World Bank and the International Monetary Fund commence, the world’s economic future appears brighter than it has in some time. The international financial institutions, not to mention many private-sector...
  • The Danish system has historically delivered solid economic performance alongside low inequality. Photo: YouTube

    From economic analysis to inclusive growth

    - Jan 23, 2017 9:56am
    Most economies are seeking a recipe for inclusive economic growth, whereby high rates of investment, rapid innovation, and strong GDP gains are pursued alongside measures to reduce income inequality. Conservatives insist that growth requires low taxes...
  • Britain spurns the euro and insists on keeping its pound if it decides to remain in the European Union. Photo: AFP

    European integration with or without Britain

    - Jun 10, 2016 9:48am
    When British Prime Minister David Cameron agreed with the European Union in February on revised terms for Britain’s membership, he insisted that the EU be recognized officially as a “multicurrency union”. With clear limits on European...
  • Frauke Petry, chairwoman of the anti-immigration party Alternative for Germany (AfD), speaks during a party congress in Stuttgart on April 30. Photo: Reuters

    Turning crisis into success in Germany

    - May 16, 2016 9:22am
    According to an early May opinion poll by ARD DeutschlandTREND, the far-right Alternative for Germany (AfD) party’s popular support now stands at 15 percent, up from around 5 percent a year ago. Can this dangerous trend...
  • With significant room to move toward the technology frontier, including in services, there are plenty of opportunities for 'catch-up' growth. Photo: CNBC

    Here’s why we should be optimistic about the global economy

    - Apr 18, 2016 9:09am
    Most economists nowadays are pessimistic about the world economy’s growth prospects. The World Bank has yet again downgraded its medium-term projections and economists the world over are warning that we are facing a “new normal” of...
  • Low oil prices are an opportunity to boost efforts to clean up the environment. Photo: Internet

    Why it’s perfect timing to introduce carbon tax

    - Feb 16, 2016 10:00am
    Over the past few decades, oil prices have fluctuated widely, ranging from US$10 to US$140 a barrel and posing a challenge to producers and consumers alike. For policymakers, however, these fluctuations present an opportunity to advance...
  • Prime Minister David Cameron is well aware British voters would undoubtedly choose to leave the EU given the dynamic of the UK’s relationship with the eurozone. Photo: The Guaridan

    How about two Europes in one?

    - Nov 11, 2015 10:50am
    Informal discussions on Britain’s relationship with the European Union are under way. With a referendum on the UK’s continued EU membership set to take place before the end of 2017, the talks are the first step...
  • Robots and other automated products often have lower costs per unit of output than even very cheap labor can provide. Photo: Internet

    Is the emerging economy growth story over?

    - Oct 16, 2015 11:44am
    At last week’s annual meetings of the World Bank and the International Monetary Fund in Lima, Peru, one topic that dominated discussions was the slowdown in emerging-economy growth. Hailed in the wake of the 2008 financial...
  • Intelligent machines will increase productivity and the declining demand for human work will lead to higher incomes and more leisure time. Economist John Maynard Keynes (above) predicted this 85 years ago. Photo: Internet

    Why the creative destruction of the Machine Age should continue

    - Jul 24, 2015 11:03am
    Every July, economists, business leaders, non-governmental organizations and politicians from around the world gather in Aix-en-Provence, France, for the three-day Rencontres Économiques forum, organized by the Cercle des Économistes. This year’s forum focused on the changing...
  • Individual eurozone members have no monetary policy tools at their disposal, so the only way Germany can reduce its surplus while remaining in the eurozone is to conduct expansionary fiscal policy. Photo: BBC

    Why economic policies must not crowd trade issues

    - Apr 20, 2015 8:39am
    It is impossible to deny that trade and exchange rates are closely linked. But does that mean that international trade agreements should include provisions governing national policies that affect currency values? Some economists certainly think so....
  • Drug companies immensely benefit  from government research funding but give back little to the public coffers in return. Photo: Internet

    How public money worsens global inequality

    - Mar 5, 2015 11:20am
    One of the factors driving the massive rise in global inequality and the concentration of wealth at the very top of the income distribution is the interplay between innovation and global markets. In the hands of...
  • Austerity-induced suffering is particularly extreme in Greece, with a large burden placed on taxpayers. Photo: Reuters

    Why Europe fiscal austerity is unsustainable

    - Feb 17, 2015 9:38am
    Over the past five years, the eurozone has, without explicit popular consent, maintained a strict policy focus on fiscal austerity and structural reforms despite serious social repercussions, not only in the Mediterranean periphery and Ireland but...
  • Syriza leader Alexis Tsipras must reconcile moderate socialists, including some of his economic advisers, with radical left-wing members. Photo: Reuters

    Still no way out for Greece

    - Jan 21, 2015 2:40pm
    Opinion polls in the run-up to Greece’s early general election on January 25 indicate that the left-wing Syriza party is likely to win the largest share of votes. As a result, Syriza stands to earn a...
  • World leaders must take advantage of falling oil prices to move to an explicit carbon tax that can ensure more sustainable growth. Photo: Bloomberg

    Oil slide offers opportunity for carbon tax reform

    - Dec 17, 2014 10:46am
    The sharp drop in the price of crude oil since late June has been grabbing headlines worldwide – and producing a lot of contradictory explanations. Some attribute the fall largely to declining global growth expectations. Others...
  • Although the European People’s Party won only a narrow plurality in the European Parliament, center-left, green and liberal MEPs have all rallied behind  Jean-Claude Juncker as the legitimate choice to preside over the European Commission. Photo: Bloomber

    Struggle for democracy in Europe

    - Jun 16, 2014 2:38pm
    A real struggle over who will preside over the European Commission has begun. Alhough the center-right European People’s Party won only a narrow plurality of 221 seats in the 751-seat European Parliament, center-left, green, and liberal...

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