Empirical evidence suggests deleveraging episodes accompanied by a housing crisis will take on average five and a half years across high-income OECD countries (or seven years when accompanied by a banking crisis (Aspachs-Bracon et al. 2011, IMF 2012).
Group items matching
in title, tags, annotations or urlEurozone: Looking for growth | vox - 0 views
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Little resolution of banking-sector difficulties in the Eurozone suggests that deleveraging and credit will probably remain slow and impaired for much longer than previously thought. Recoveries that happen without credit are, on average, a third longer than recovery episodes with credit (Darvas 2013).
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Damages to trend growth are notoriously difficult to assess,
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As Boardroom Struggle Ends, Volkswagen Looks to the Future - NYTimes.com - 0 views
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As Boardroom Struggle Ends, Volkswagen Looks to the Future
Learning about global value chains by looking beyond official trade data: Part 1 | vox - 0 views
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Gross trade accounting: A transparent method to discover global value chain-related information behind official trade data: Part 1
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With the rapid increase in intermediate trade flows, trade economists and policymakers have reached a near consensus that official trade statistics based on gross terms are deficient, often hiding the extent of global value chains. There is also widespread recognition among the official international statistics agencies that fragmentation of global production requires a new approach to measure trade, in particular the need to measure trade in value-added. This led the WTO and the OECD to launch a joint “Measuring Trade in Value-Added” initiative on 15 March 2012, which is designed to mainstream the production of trade in value-added statistics and make them a permanent part of the statistical landscape.
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All the estimation methods used in recent efforts to measure trade in value-added are rooted in Leontief (1936). His work demonstrated that the amount and type of intermediate inputs needed in the production of one unit of output can be estimated based on the input-output structures across countries and industries.
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A Look Behind the Headlines on China's Coal Trends - NYTimes.com - 0 views
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A Look Behind the Headlines on China’s Coal Trends
An inside look at China's 'new normal' economy - MarketWatch - 0 views
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Opinion: An inside look at China’s ‘new normal’ economy
After Bangladesh, Seeking New Sources - NYTimes.com - 0 views
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Bennett Model helped pioneer the exporting of garments from China in 1975, the year before Mao Zedong died,
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Buying from Bangladesh, said Mr. Model, “has been politically incorrect ever since problems started there, so a lot of major players had already been looking for alternatives.”
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Western executives are checking on potential new suppliers in southern Vietnam, central Cambodia and the hinterlands of Java in Indonesia.
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Efforts to Revive the Economy Lead to Worries of a Bubble - NYTimes.com - 0 views
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The Federal Reserve is well into its third round of “quantitative easing,” in which it buys longer-term assets to bring down long-term lending rates.
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In March, a smaller percentage of working-age people were actually working than at any other time since 1979.
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In March, a smaller percentage of working-age people were actually working than at any other time since 1979.
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The euro crisis: The non-puzzle of peripheral pain | The Economist - 0 views
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Mystery mostly solved, then; the rich periphery's riches relative to Germany were largely a short-run phenomenon driven by a dramatic short-run divergence in house price trends.
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Investors who bet that productivity growth would be much faster in the south were wrong.* All the prices and wages set on the basis of the expectation of faster productivity growth were correspondingly wrong and needed to adjust. Real effective exchange rates were badly out of alignment.
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Two things began happening in the euro zone in 2007. Growth in the number of euros spent every year began slowing, and the distribution of euro spending within the euro area began shifting back northward.
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A photo that makes North Korea look a lot less scary - 0 views
Why the future looks sluggish - FT.com - 0 views
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Why the future looks sluggish
How to Get a Job at Google - NYTimes.com - 0 views
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How to Get a Job at Google
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noted that Google had determined that “G.P.A.’s are worthless as a criteria for hiring, and test scores are worthless. ... We found that they don’t predict anything.”
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“Good grades certainly don’t hurt.” Many jobs at Google require math, computing and coding skills, so if your good grades truly reflect skills in those areas that you can apply, it would be an advantage.
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China Exports Pollution to U.S., Study Finds - NYTimes.com - 0 views
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“We’re focusing on the trade impact,” said Mr. Lin, a professor in the department of atmospheric and oceanic sciences at Peking University’s School of Physics. “Trade changes the location of production and thus affects emissions.”
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“Dust, ozone and carbon can accumulate in valleys and basins in California and other Western states,” the statement said.Black carbon is a particular problem because rain does not wash it out of the atmosphere, so it persists across long distances, the statement said. Black carbon is linked to asthma, cancer, emphysema, and heart and lung disease.
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The study’s scientists also looked at the impact of China’s export industries on its own air quality. They estimated that in 2006, China’s exporting of goods to the United States was responsible for 7.4 percent of production-based Chinese emissions for sulfur dioxide, 5.7 percent for nitrogen oxides, 3.6 percent for black carbon and 4.6 percent for carbon monoxide.
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Ceiling Collapse at Shoe Factory in Cambodia Kills 2 - NYTimes.com - 0 views
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“We visually always inspected them, but you need true engineers,” he said.
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Europe's work is far from over - The Washington Post - 0 views
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Perhaps it should not be surprising that Europe still looks to be in serious trouble. Growth has been dismal; the euro-zone gross domestic product has been below its 2007 level for six years, and little growth is forecast this year.
Five lessons from the Spanish cajas debacle for a new euro-wide supervisor | vox - 0 views
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just the three most problematic Spanish cajas (Bankia, CatalunyaCaixa and Novagalicia) have had capital deficits (to be covered partly or fully by the taxpayer) of €54 billion – over 5% of Spanish GDP, a larger amount than what Spain will have to request from the European rescue funds.
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governance played a critical role in the development of the Spanish crisis. In the Spanish case, the supervisor, confronted with powerful and well connected ex-politicians decided to look the other way in the face of obvious building trouble.
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There is no intimation by anyone of outright corruption in the Banco de España supervisory role, and given the professionalism of the institution it is unlikely that there was any.
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The Morning Ledger: Europe Prepares for Nightmare Scenario - The CFO Report - WSJ - 0 views
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But euro-zone members would probably have to take a big hit on loans to the country and banks could face heavy losses on their exposure to the Greek economy.
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Contingency planning is ramping up on the corporate side, too. One European supermarket group has been looking closely at its suppliers’ financing requirements. “The key thing for them is how their working capital cycle is funded and whether they can get access to the banks that they normally would use, which may themselves be in a liquidity squeeze,” a treasury official at the company tells CFO European Briefing. “Our job is to ensure the channels of liquidity are open. If we can keep that going, a lot of the disruption can be minimized relatively quickly.”
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Meanwhile, some portfolio managers are dumping debt of southern European countries, while others are piling into U.S. and German issues,
Bringer of Prosperity or Bottomless Pit? 'Putting the Virtuous in the Dock Rather than the Real Offenders' - SPIEGEL ONLINE - 0 views
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You should look at it more holistically. We wouldn't have been able to increase our exports if the other countries had behaved like us and had not increased their demand for an entire decade.
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Excluding Greece from the union would be the completely wrong approach. Greece's problem is its inefficiency in terms of public finances. That can be corrected.
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Starbatty: In my experience, speculators are only successful when political promises diverge from economic reality, as has become clear in Greece.
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