Stephen Grenville

Should Australia join the Asian Infrastructure Investment Bank?

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The US is concerned about China's growing influence in Asia but with the UK and New Zealand confirming they will join the bank, the pressure is on for Australia to sign up.

Will the Trans-Pacific Partnership be a good deal for Australia?

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With negotiations at a critical stage and the potential ramifications for our economy so large, it is surprising how little public debate there has been concerning this trade deal.

Did the G20 go far enough on financial stability?

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The G20's stipulation of new and substantial capital requirements for large banks is a positive step, but more needs to be done to ensure the safety of the global financial system.

The IMF switches sides on infrastructure spending

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The fund argues that the time is right for an infrastructure push to spur flagging growth.

Australia's strange fixation with state-owned enterprises

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There's more to foreign investment regulation than placing limits on government-owned firms.

The folly of fearing SOEs

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The market is a powerful operational framework for a successful economy, but successful economies have often found an important place for government-owned enterprises as well.

Why credit ratings agencies don't make the grade

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Despite credit ratings agencies' poor record of endorsements during the GFC and the European debt crisis, they still wield considerable influence over financial decision-making.

The limits of the 'Great Convergence'

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The potential for poorer economies to catch up to richer ones has long been a dominant economic narrative, but an OECD report suggests that outcome may prove elusive for some emerging countries.

The lessons for the IMF in Argentina's debt drama

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The US Supreme Court's ruling against Argentina over sovereign immunity fails to recognise that a nation's debt problem is a burden shared by the debtor and its creditors. A sensible restructuring framework is needed.

What to make of the IMF's watershed?

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Emerging countries are now larger than advanced economies in one important respect, according to the IMF's World Economic Outlook. But behind the Fund's forecasts there's a far more nuanced story.

What Abbott's business delegation can learn in Asia

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Delaying FTAs with Japan and China would not mean a failed Asian tour for the Prime Minister, especially if the members of his business delegation recognise the enormity of the Asian economic relationship.

Why China is unlikely to have a 'Lehman moment'

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If you're waiting for a 2008-like financial crash in China, expect to wait a long time.

How not to bail out a country

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Emergency bailouts are still creating moral hazard for both debtor and creditor countries. Taxpayers are bearing the long-term cost, while bondholders walk away unscathed.

Why the TPP needs China

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Obama's TPP is in trouble. He should persevere, and push for a truly comprehensive deal that includes China.

Why there won't be a repeat of the Asian financial crisis

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Fear of another Asian market crisis is misguided. Most emerging economies have learned their lesson from 1997 by ditching dubious policies, tightening financial regulation and trimming budget deficits.

The international economy in 2014

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2014 will present brighter prospects for the US and UK, although some fiscal adjustment is needed. Volatile capital flows will trouble emerging economies and debt forgiveness will be needed for a European recovery.

The case against 'secular stagnation'

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Larry Summers' gloomy argument that ‘secular stagnation’ is to blame for low growth ignores the real, fixable problems that major economies are facing.

Naysayers, feel the Asiaphoria

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It’s understandable Larry Summers is sceptical of Asian convergence. But there’s too much evidence to ignore pointing to the region’s rapid growth.

Think global, act local on monetary policy

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International discussions have largely declared monetary policy to be a domestic issue, but the distortion of extreme quantitative easing on the global economy requires a coordinated policy response.

Crisis response lessons left unlearned

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Policy makers failed to learn from the Asian crisis when responding to the European and American financial dramas, throwing future crisis responses into doubt.

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