For Home Prices in London, Check the Tokyo Listings

2019-03-14T12:53:06-04:00April 10, 2018|

By Claudio Raddatz Kiefer and Jane Dokko

April, 10, 2018

Versions in عربي (Arabic);  中文 (Chinese), Español (Spanish),  Français (French), 日本語 (Japanese),  Português (Portuguese)

Hong Kong viewed from Victoria Peak. House prices across countries and cities are increasingly moving in tandem (Photo: Fraser Hall/Robert Harding/Newscom).

If house prices are rising in Tokyo, are they also going up in London?

Increasingly, the answer is yes.

In recent decades, house prices around the world […]

Understanding and Managing Financial Interdependence

2019-03-15T09:13:26-04:00November 8, 2017|

By Maurice Obstfeld

November 8, 2017

(photo: AlexLMX and David Hunt/iStock)

The 18th Annual Jacques Polak Annual Research Conference last week opened with Managing Director Christine Lagarde noting the ebb and flow of capital movements into emerging market and developing economies since the turn of the millennium. She asked three questions at the heart of the discussion, and to which speakers returned consistently during the conference: […]

Europe: Toward A More Perfect Union

2017-04-15T13:56:55-04:00February 15, 2013|

During the years that followed the euro’s introduction, financial integration proceeded rapidly and markets and governments hailed it as a sign of success. The financial symptoms of the crisis in Europe are thankfully receding with a new sense of optimism in markets. But the underlying problems—lack of convergence of productivity and the structural flaws in the architecture of the monetary union—have only been partially addressed.

Latin America: Riding the Global Financial Waves

2017-04-15T14:07:01-04:00June 17, 2012|

Simulations show that despite increasing financial integration, output costs associated with global financial shocks in Latin America have declined in the past 15 years. Of course, the progress made so far does not make the region immune, but has helped it to ride more safely through the recent global financial waves. As we’ve pointed out previously, the region should take precautions in case of a bigger global downturn. But so far it can take credit for its hard work on the policy front.

India: Linked or De-linked from the Global Economy?

2017-04-15T14:16:35-04:00October 25, 2011|

With economic growth expected to continue at a reasonably good clip this year and next, it’s all too easy to think there’s not much to worry about. Even as Diwali celebrations begin across India, the outlook for the world economy is fairly uneven and uncertain. More worrisome than the subdued global growth outlook, risks are building up especially in Europe—and these include an extreme scenario with financial disruption. Although India’s economy has generally been less prone to external forces than many others, we still need to contend with the larger than typical risks in the global economy. These risks harken the need for a new wave of reforms. What does the more somber darker global outlook mean for India? And exactly what policies are needed?

Exploring Economic Policy Frontiers After the Crisis: 2010 IMF Research Conference

2017-04-15T14:31:02-04:00November 19, 2010|

The crisis has forced economists and policy makers to go back to their drawing boards. Where did they go wrong, and what implications does the crisis have for both macroeconomic theory and macroeconomic policy making? This was the topic of this year’s IMF Jacques Polak Research Conference. The twelve papers presented at the conference provided rich fodder for discussion. Here, Olivier Blanchard shares some flavor of the major themes, including: (i) the increased attention to fiscal policy; (ii) the scope for monetary policy to lessen the adverse ‘real economy’ effects of financial disruptions; (iii) the role of international capital flows in weakening financial stability; and (iv) the prominence of regulatory issues and the interplay with the real economy.
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