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Data Papers on Savings and debt



The Impact of Minimum Wage Legislation The Impact of Minimum Wage Legislation
Julian Gough, World Economics, March 2017
Minimum wage policies are powerful political tools, but the economic effects are unlikely to be in the interests of society as a whole. Wages should be left to the free operation of market forces. Minimum wage rate policies are only effective in low-wage industries: the ... More


Defending Development Defending Development: An Evaluation of the Multidimensional Poverty Index
Raadhika Vishvesh, World Economics, March 2017
The need to define development has witnessed many attempts to condense a country’s economic deprivation into a single figure. In order to target poor citizens, it is important to classify those who are ‘non-poor’ by a poverty statistic. Crucial steps in the creation and ... More


Neglect Private Debt at the Economy’s Peril? Neglect Private Debt at the Economy’s Peril?: Applying Balance Sheet Recession Analysis to the Post Bail-in Cyprus Economy
Leslie G. Manison & Savvakis C. Savvides, World Economics, March 2017
The role of private debt as a cause of financial crises and prolonged recessions is often neglected. In Cyprus policy concern has focused on government debt despite the problem of a rapid growth of private debt and its wasteful use. Private debt in Cyprus stands at over ... More


The Indian Economy: From Growth to Stagflation to Liberal Reform The Indian Economy: From Growth to Stagflation to Liberal Reform
Deepak Lal , World Economics, March 2016
This paper considers the optimistic scenario that India was on a high growth path and would follow China’s path with a lag (as its reforms started in 1991 compared with China’s in 1980) which would produce an economic miracle. This did not happen and since 2011 India’s ... More


The Liquidity Consequences of the Euro Area Sovereign Debt Crisis The Liquidity Consequences of the Euro Area Sovereign Debt Crisis
William A. Allen & Richhild Moessner, World Economics, March 2013
We examine the liquidity effects of the euro area sovereign debt crisis on euro area banks as a group, on intra-euro area financial flows and on international liquidity. The lending capacity of the euro area banking system has been much weakened, despite the remarkable ... More


Life after Debt Life after Debt: The Greek PSI and its aftermath
Miranda Xafa, World Economics, March 2013
The Greek debt exchange (PSI) that took place in March 2012 was unprecedented in two ways: it was the biggest sovereign default ever and the first within the euro area. This paper examines the debt exchange and the subsequent debt buyback with a view to drawing lessons ... More


The Great Depression, the Great Recession and the Next Crisis The Great Depression, the Great Recession and the Next Crisis
Professor Chong-Yah Lim & Hui-Ying Sng, World Economics, September 2011
The paper discusses and pinpoints three strategic factors that led to the global Great Depression of the early 1930s. After the Great Depression, the lessons learned were encapsulated in Keynesianism and Monetarism. The unanticipated and unprecedented global Great Reces ... More


Global Financial Crisis, Protectionism and Current Account Deficit Global Financial Crisis, Protectionism and Current Account Deficit: South Africa on the brink?
Peter Draper, Andreas Freytag & Sebastian Voll, World Economics, June 2011
The recent financial and economic crisis, and the resurgence in the popularity of emerging markets has raised fears in these economies of a resumption in capital flight or a sudden stop of capital inflows. The latter, in particular, is intensively discussed in South Afr ... More


Understanding the Greek Crisis Understanding the Greek Crisis: Unlocking the puzzle of Greek banks’ deteriorating performance
Michael Mitsopoulos & Theodore Pelagidis, World Economics, March 2011
This paper focuses on the distortions that the Greek public debt has imposed on the Greek banking system, and suggests how these can be unwound. The low level of competitiveness of the Greek economy, which is well below the competitiveness of the developed countries, po ... More


On Economic Growth and Domestic Saving in India On Economic Growth and Domestic Saving in India
Tarlok Singh, World Economics, March 2011
This study examines the economic growth and domestic saving in India. The onset of gradual economic reforms since the 1980s provided some fillip to growth, and the momentum was carried forward through the adoption of a wide-ranging structural adjustment program since th ... More


Why is the Chinese Saving Rate so High? Why is the Chinese Saving Rate so High?
Guonan Ma & Wang Yi, World Economics, March 2011
China’s saving rate is high from many perspectives – historical experience, international standards and model predictions. Furthermore, the average saving rate has been rising over time, with much of the increase taking place in the 2000s. What sets China apart from the ... More


Why Hasn’t the US Economic Stimulus Been More Effective? Why Hasn’t the US Economic Stimulus Been More Effective?: The debate on tax and expenditure multipliers
F. Gerard Adams & Byron Gangnes, World Economics, December 2010
Recently questions have been raised about the effectiveness of fiscal stimulus policies, and about whether stimulus to a recessionary economy should be in the form of tax cuts or expenditure increases. This paper evaluates alternative empirical approaches to measuring t ... More


The Euro Crisis The Euro Crisis: It isn’t just fiscal and it doesn’t just involve Greece
Clas Wihlborg, Thomas D. Willett & Nan Zhang, World Economics, December 2010
The crisis in Greece and other mainly southern Eurozone countries has been discussed primarily as a fiscal issue. Current account deficits of the same countries have received less attention in spite of the relatedness of current account and fiscal deficits. We argue tha ... More


The Unfolding Sovereign Debt Crisis The Unfolding Sovereign Debt Crisis
Bob McKee, World Economics, December 2010
After the excessive expansion of new forms of private sector credit over two decades of disinflation, a huge pyramid of global liquidity was accumulated. That sparked a boom in asset prices (stocks, bonds and real estate) way beyond anything experienced in the growth of ... More


Greek Economic Statistics: A Decade of Deceit Greek Economic Statistics: A Decade of Deceit: So how come the rating agencies missed it again?
Brian Sturgess, World Economics, June 2010
This paper looks at the recent problems in official Greek economic data on public finances, whose reliability has been impaired by inappropriate accounting methods, the application of poor statistical methods and deliberate misreporting. Data on deficits and debt have b ... More


Debt and Deleveraging Debt and Deleveraging: The global credit bubble and its economic consequences
Susan Lund & Charles Roxburgh, World Economics, June 2010
In this article, McKinsey Global Institute researchers assess the increases in debt and leverage in ten mature economies and four emerging economies – breaking down that data by each country’s financial, household, non-financial business and government sectors. The auth ... More


Reasons for Remitting Reasons for Remitting
Oded Stark, World Economics, September 2009
This article presents a set of reflections on what gives rise to remittances, which constitute a major part of the impact of migration on economic development in the migrants’ own countries. The collage of reasons presented serves to illustrate that remittance behaviour ... More


Making Fiscal Space Happen! Making Fiscal Space Happen!: Managing fiscal policy in a world of scaled-up aid
Peter S. Heller, Menachem Katz, Xavier Debrun, Theo Thomas, Taline Koranchelian & Isabell Adenauer, World Economics, September 2006
Debt relief and the scaling up of aid to low-income countries should allow for increased fiscal space for expenditure programs to spur long-term growth and reduce poverty. But as discussed in Peter Heller’s article “Pity the Finance Minister” (World Economics, Vo ... More


How to Reform Europe’s Fiscal Policy Framework How to Reform Europe’s Fiscal Policy Framework
Lars Calmfors & Giancarlo Corsetti, World Economics, March 2003
The current budgetary problems of some EU member states have intensified the debate on Europe’s fiscal policy framework. It is not enough to change the interpretation of the Stability and Growth Pact. More fundamental revisions of the EU Treaty are needed in order to ... More


The Rebirth of the Corporate Bond Market The Rebirth of the Corporate Bond Market
Bill Robinson, John Raven & Christopher Chua , World Economics, June 2001
There has been a major switch from equity to debt finance in recent years, associated with a fall in the long-term rate of interest. The paper explores the macro-economic causes of the sea change in interest rates (lower budget deficits, independent central banks, lo ... More