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The Financial Times published my letter to the editor last week responding to Gillian Tett’s article “Will sovereign debt be the new subprime?” I elaborated on the risks of increasing public debt in the U.S. and other developed countries, and warned that mere perception of an excessive supply of sovereign debt can reduce the real value of that debt. Here’s my letter:
On Monday, October 5, IMF Managing Director Dominique Strauss-Kahn and Princess Maxima of the Netherlands, an international development advocate and the UN Special Advocate for Inclusive Finance for Development, launched the IMF’s new Access to Finance Project at
As part of CGD’s efforts to track the impact of the financial crisis, I have been leading a series of conference calls to discuss how recent policy responses—or the lack thereof—may affect poor people in the developing world. Our latest call on the prospects for Russia suggests that the government could—and should—do more.
Well, the World Bank’s senior management has really done it this time: As my colleague Joel Meister reported today, Congress has reacted to its intransigence on carbon accounting and coal-fired power by deleting budgetary support for the Bank’s Clean Technology Fund. After cr
Eldis, the online aggregator of development policy, practice and research at the Institute of Development Studies in Sussex, is conducting a survey to identify "the most significant new piece of development research of 2008." This strikes me as having roughly the same statistical validity as American Idol does for when it comes to finding new singing talent. Still, as with Idol and other talent shows, the entertainment value of a popularity contest is hard to dispute!
Today Bloomberg News reports that Russia's national monopoly, Gazprom, has shut down all natural gas shipments to the Ukraine as part of an escalating price war that has created an energy crisis in Europe.
We are at the start of what promises to be an unusually difficult year in the global economy. Policy decisions in the United States and other rich world countries will matter immensely for poor and vulnerable people living in developing countries.