Trade and investment treaties are partially standing in the way of emerging market and developing country efforts to create as much fiscal space possible in order to fight the COVID-19 virus, protect the vulnerable, and put together pathways for a sustainable economic recovery. This is the main finding coming out of a new GDP Center report […]
There is a renewed global push to mobilize resources to meet glaring global infrastructure gaps, the Sustainable Development Goals, the Paris Climate Agreement commitments and generally improve standards of living. A core component of such resource mobilization will be the generation of domestic resources through taxation. Whereas tariffs form a miniscule share of public revenue […]
The internet and rapid development in information technology (IT) has revolutionized the way the world trades and conducts business. The majority of buying and selling goods and services moved online through online marketplaces. The changing nature of trade should also mean a change in government policy in response. However, it is challenging to define efficient […]
Watch Perry Mehrling’s Zoom talk to the Boston Economic Club on June 3, 2020
GDP Center Director Kevin P. Gallagher is a member of INSPIRE’s research community and leads the working group on Banking Supervision and Sustainable Development in The Americas.
Today’s era of financial globalization is characterized by an unprecedented expansion of global financial flows. Partly, these flows form the counterpart to global value chains and the globalization of trade in goods and services. In the last few decades, however, they have been increasingly decoupled from the real sector. The financial infrastructure that enables this […]
Climate policy faces the challenge of dealing with pervasive and massive externalities compounded by crucial market failures. The price system, left to its own devices, is incapable of adequately dealing with this challenge and requires the support of appropriately crafted policy. However, this policy needs to be as pervasive as the climate challenge itself. Only […]
The US dollar continues to dominate the international monetary and financial system, but it plays an outsized role that puzzles many scholars. In fact, the US share of both world gross domestic product (GDP) and global trade has declined post-war. However, some recent work on the dollar has looked beyond the US economy to the […]
The Federal Reserve’s decision to offer ultimately open-ended swap lines to other central banks in the wake of disturbances to the global financial system in 2007 has attracted considerable academic attention and some political controversy. While empirical research has generally found that the post-2008 swaps were effective in providing dollar liquidity, some members of the […]
The outbreak of COVID-19 is a human tragedy that is rapidly becoming an economic tragedy as well. As the world’s health systems are under strain to combat the virus, the present Global Financial Safety Net (GFSN) is similarly struggling to respond to the severe financial strain governments are facing around the world. A high degree […]