Watkins contra Moyo

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The more serious difficulty with Dead Aid is the evidence base. Take the argument three decades of aid have served only to increase poverty and reduced economic growth. In fact, there is a large body of academic work pointing in the opposite direction: on average, aid tends to raise growth levels. Establishing causality from [...]

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Political Theory and Monty Python

A clip from Monty Python on government and sovereignty.
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Patten suggests a title for Bush’s memoirs

“The Cost of Dick Cheney”
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When the great General George C. Marshall – whose memoirs of World War II and of his tenure as America’s Secretary of State would have been worth every penny – was offered $1 million by a publisher in the1950’s for his autobiography, the old man replied, “Why would I want [...]

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Sinn defends German stimulus efforts

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Recently, The Financial Times asked where the German economists are who defend Germany’s policies, voicing the presumption that they disagree with their government’s policies but are too cowardly to say so publicly, thus conforming to the rituals of the German “consensus society.”

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Eichengreen on global currency based on SDRs

Bottom line: unlikely.
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But difficult does not mean impossible. If China is serious about elevating the SDR to reserve-currency status, it should take steps to create a liquid market in SDR claims. It could issue its own SDR-denominated bonds.

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Ocampo for a global currency

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That issue [a global currency] should be at the top of the agenda when the IMF’s International Monetary and Financial Committee next meet.
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The reform should also allow for a mechanism for countries to exchange their current dollar (and euro, yen, and pound) assets for SDRs, thus avoiding the disruptions that could [...]

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