In The News

Global Corporate Tax System: Financial Times

José Antonio Ocampo July 12, 2019
The world’s largest economies can rescue globalization by tackling inequality and reforming the international taxation system. In 2013, the OECD improved information exchange. Still, multinationals, especially digital firms, rely on subsidiaries to minimize taxes with as much as 40 percent of profits going to tax havens. India is among the countries pressing for reform and suggesting large...

Trade War a Boon for Bangladesh: Bloomberg

Arun Devnath July 9, 2019
As the United States targets China in a trade war, clothing firms are taking steps to diversify manufacturing locations to spread risk. Inquiries from manufacturers are on the rise in Bangladesh, and one company expects its US exports to more than double this fiscal year. “The South Asian nation, which is the world’s second-largest garment exporter, has seen the value of its overseas sales rise...

Climate Change and Reinsurance: Insurance Journal

Don Jergler June 26, 2019
Insurance companies purchase their own insurance – known as reinsurance – for select risks. Climate change presents “high exposure risk” for the industry – including property damage, failure to disclose risks or prevent disruptions, explains Don Jergler for Insurance Journal, reviewing a while paper on climate change and reinsurance implications. The paper points to increasing litigation,...

Facebook’s Libra: Project Syndicate

Katharina Pistor June 24, 2019
Corporations are increasingly eager to resume control over traditional government responsibilities. The latest example: Facebook released a white paper on plans to develop a borderless cryptocurrency system with a group of central banks, regulators and 27 partner companies. Facebook along with Uber, Lyft, Visa, PayPal, Mastercard, eBay, and other firms – but not commercial banks – are...

US Dollar Could Lose Special Standing: CNBC

James McCormack June 18, 2019
The US dollar may eventually lose its standing as the world’s leading reserve currency due to protectionist policies, including sanctions and tariffs, as well as policy decisions abroad. “The primary reasons for the dollar’s continued dominance are inertia and the lack of viable alternatives, neither of which U.S. policymakers should find comforting for the longer term,” explains James McCormack...

Global Recession on Way: South China Morning Post

Anthony Rowley June 14, 2019
With trade tensions, increased protectionism and major economies in no mood to cooperate, global recession is inevitable and possibly even reach crisis levels. Monetary easing or fiscal stimulus may not be effective if countries are intent on isolation. Global trade growth is at its slowest and Anthony Rowley compares current economic troubles with previous recessions: “The renewed slowdown in...

Global Poverty Reduction Slows: Brookings

Homi Kharas, Kristofer Hamel, Martin Hofer and Baldwin Tong June 12, 2019
The bulk of the world’s extremely poor population lives in Africa, but rates worldwide have slowed. The achievements of Asian economies like India cannot be denied, yet as more people escape poverty, life becomes harder for those left behind – this is known as the base effect. In 2015, the United Nations established goals for the year 2030, and Africa lags on ending extreme poverty, defined as...