In The News

Quartz: US Tax Bill Is a Massive Victory for Globalization

Tim Fernholz December 21, 2017
The US tax bill is a big win for corporations, with corporate income taxes reduced during a time of record profits, reports Tim Fernholz for Quartz. Emboldened multinationals may expect other countries to do the same. “The US corporate tax rate is being cut by 40%, and rather than taxing global earnings, the US will move to a territorial system, with foreign revenue taxed at a bare minimum,” he...

The Statesman: The Cryptocurrency Conundrum

Vasu Garg December 11, 2017
Investors are contributing to Bitcoin’s rapid rise. Bitcoin and Ethereum are among 900 digital currencies based on algorithms issued by private creators rather than governments. Such currencies and their software offer blockchain capabilities. “The safety, integrity and balance of ledgers within cryptocurrency systems is maintained by a community of parties referred to as miners,” Vasu Garg...

The Wall Street Journal: US Tax Overhaul Raises Alarms Among Foreign Executives

Robert Wall, Nina Trentmann and Natalia Drozdiak December 1, 2017
US proposals to cut taxes for corporations and wealthy individuals are troubling executives of foreign firms. The United States is the world’s largest market for many companies and tax changes can affect global profits, explains a team of writers for the Wall Street Journal. Reduced taxes could mean reduced government revenues and increased uncertainty that slow consumer spending. Some...

Caixin: China to Roll Out Red Carpet for Foreign Financial Firms

Peng Qinqin, Wu Hongyuran, Zhang Yu, Yang Qiaoling and Han Wei November 21, 2017
China may do more to open its financial industry to foreign investors, lifting ownership caps for banks as well as securities, funds, and futures industries, according to a team from Caixin. “Sixteen years after China agreed to liberalize foreign access to its financial sector as part of its World Trade Organization accession commitments, overseas investors still complain about barriers...

Project Syndicate: Why Do Cities Become Unaffordable?

Robert J. Shiller July 18, 2017
Cities, as vibrant economic hub, can become unaffordable. Inequality rises, eventually driving some residents away. “If too many lifelong inhabitants are driven out by rising housing prices, the city itself suffers from a loss of identity and even culture,” explains Robert Shiller, professor of economics at Yale University. “As such people depart, an expensive city gradually becomes an enclave of...

Bloomberg: Britain’s Financial Power Is Already Seeping Away

Alessandro Speciale, Gavin Finch and Steven Arons June 26, 2017
The writing is on the wall for Great Britain as banking officials increasingly question London’s ability to endure as a global banking center after British citizens demonstrated isolationist tendencies by voting to exit from the European Union in 2016. Major banks based in the United States, Japan and elsewhere consider relocating operations from London to Frankfurt: “an exodus would jeopardize...

MarketWatch: How Globalization Sunk Many Americans Deeper in Debt

Erik Loualiche June 1, 2017
International trade has uneven effects for regions of the United States and was particularly damaging for communities that relied on manufacturing – with high rates of underemployment, unemployment and debt. Household debt in the United States doubled from 2000 to 2007, peaking at $13 trillion in 2008, and nearly a third of US household debt could be attributed to import competition and...