In The News

For East Asia, Crisis Prompts a Rethinking of Dependence on Exports

Keith Bradsher March 5, 2009
For many years, East Asian exporters in Singapore, Hong Kong and Taiwan have enjoyed a massive growth in surplus. But all that has changed. As trade withers away, exporters in East Asia are suffering because consumers, retailers and other importers in the West are cutting back on their purchases, orders and have even gone to the extreme of stopping orders altogether. The question is, how to...

Fixing Global Finance: An Interview with Martin Wolf

March 5, 2009
Martin Wolf, Chief Economics Commentator and Associate Editor for the Financial Times, talks about his new book “Fixing Global Finance,” and the current financial crisis. In this interview with Nayan Chanda, editor of YaleGlobal, Wolf explains why global imbalances caused the financial crises, outlines the steps for ending this destructive cycle, and offers suggestions on how to help ensure...

A Faltering Solidarity? EU Resists Eastern Bailout Pleas

March 4, 2009
The word “bailout” is not the exclusive property of American officials – it has been buzzing on the lips of leaders around the world as the crisis develops. The European Union has found itself in an especially tight spot since its member countries have experienced very different levels of economic hardship. While it is working towards a common recovery plan, the pressure is revealing old fissures...

Why Skilled Immigrants Are Leaving the U.S.

Vivek Wadhwa March 3, 2009
One of the reasons for success of the US economy as the world’s engine of innovation and growth has been its ability to attract talents from abroad. But thanks to contentious changes in the US immigration policy, especially a temporary worker visa program known as H-1B, it is no longer the land of opportunity. There are indications that immigrants, unsuccessful at obtaining the right to stay and...

Mounting US Debt Burden Threatens Poorer Nations

David Dapice March 2, 2009
US prices ballooned, and then burst. Now the government must borrow heavily once again to stave off an abrupt collapse in values and demand. Such heavy borrowing, 12 percent of the country's GDP this year, depends on the willingness of other countries to buy US debt. But solvent countries and sovereign wealth funds are nervous about their own stockpiles and the health of the global economy:...

The Ties That Bind

Nayan Chanda February 26, 2009
Globalization has suffered two setbacks. First, skyrocketing prices for oil and the financial crisis which destroyed trillions of dollars of wealth and sent the whole world into a recession. Evoking World War I and the Great Depression, observers such as Financial Times columnist Martin Wolf suggested that the economic crisis will stoke protectionism and nationalism and therefore halt...

Hollywood Meets Bollywood as India's Movies Go Global

Nandini Lakshman February 24, 2009
The success of the film Slumdog Millionaire – a work of globalization in itself with the work of a British director, Indian actors and setting, and a US distributor – could mean more cooperative ventures between Bollywood and Hollywood. Films produced in each location have distinct flavors, and yet producers sense the opportunity for expanding audience numbers, by setting up offices and hiring...