The Asian Housing Bubble Burst

by C.P. Chandrasekhar and Jayati Ghosh, Triple Crisis [This article first appeared in Hindu Business Line.] Everyone knows the role played by housing bubbles in the pre-crisis booms that ended in spectacular crashes in the United States in 2008, as well as in other countries like the UK and Ireland, and then Spain. But many …

The Great Job Disaster

by C.P. Chandrasekhar and Jayati Ghosh, Triple Crisis Note: This article first appeared at TheHinduBusinessLine.com In the desperate search for evidence that the global recession has bottomed out and the recovery has arrived, the story told by the long-term trend in unemployment levels and rates is being missed. Early this year, the International Labour Organisation …

Country Income Shares in PPP

by Jayati Ghosh, Triplecrisis.com The UNDP’s latest Human Development Report 2013 (entitled “The rise of the South”) has one particularly striking chart that it uses to make the point about the recent growing economic significance of some “emerging” nations. In Chapter 1, Chart 3 suggests that just three countries (Brazil, China and India) together account …

Is South-South Economic Interaction Any Better for Poor Countries?

by Jayati Ghosh, from Triple Crisis Blog It used to be believed that that economic interaction between developing countries (South-South integration) would necessarily be more beneficial than North-South links. The latter were seen as reproducing the global division of labour that emerged by the mid 20thcentury, whereby much of the developing world essentially specialized in …

Credit to Small Enterprises: The silent crisis

by Jayati Ghosh, from Triple Crisis Blog A new BIS working paper by Cecchetti and Kharroubi makes a point that is becoming more widely known, especially after the continuing financial crises experienced globally since 2008. This is that the level of financial development is good only up to a point, after which it becomes a …