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A New Banking Crisis?

Bad Numbers Today, there are over $3 trillion in stressed loan assets, compared to around $1 trillion of US sub-prime loans which was the catalyst for the 2008/2009 crisis. The World Bank estimates the ratio of non-performing loans (“NPLs”) to total gross loans is comparable the 2009 levels of 4.2% in 2009. Several loci of […]

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Can Uganda Step Up to New Economic Challenges?

photo: Mark Nelson Leif Rosenberger: Former Professor of Economics, US Army War College & Former Chief Economist at CENTCOM and PACOM Back in the 1970s, Uganda was one of the worst run economies in the world. Uganda suffered through a lost decade when Idi Amin was in power in the 1970s. Thankfully, Uganda’s economic performance dramatically […]

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New Pragmatism: Economics and Economic Policy for the Future

  New pragmatism is an original, paradigmatic and heterodox theoretical concept within the field of economic science, which attempts to address current civilizational challenges and factors that will determine the future functioning of economic systems. It strives to advance economic theory in a direction that allows a more in-depth and accurate cognition of the economic […]

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Matchmaking Finance and Infrastructure

The world economy – and emerging market and developing economies in particular – display a gap between infrastructure needs and its finance (Canuto, 2014). On the one hand, infrastructure investment has fallen far short of what would be necessary to support potential growth. On the other hand, abundant financial resources in world markets have been facing […]

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The IMF’s Flexible Credit Line

The policy conditions attached to the disbursement of an IMF loan have long been the subject of controversy. In the wake of the global financial crisis, the IMF introduced a new lending program—the Flexible Credit Line—that allowed its members to apply for a loan before a crisis took place. If approved, the member can elect […]

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Are Advanced Economies Ready for Recovery, Really? Or Global Reflation As China Begins Tightening

Until recently, the conventional wisdom was that China’s contribution to global reflation would be increasingly accompanied by those of the US and Europe. Yet, the realities may look grimmer than anticipated. Usually, the term ‘reflation’ is used to describe the first phase of economic recovery after a period of contraction. More recently, ‘global reflation’ has […]

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