Stephen Grenville

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

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'

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

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?

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

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'

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

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

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.

In the line of rogue US firepower

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Emerging markets such as India and Indonesia need protection against the disruptive policy adjustments in the US, but will find little support from the IMF.

Finger-wagging at the wrong growth culprits

It’s not sensible to bemoan lower emerging economy growth, as the IMF is doing while it plays catch-up with adjustments that occurred two years ago.

Tricks of the trade negotiations

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Between the TPP, the RCEP, bilateral free-trade negotiations and the Doha Round, Australian officials will be pretty busy. But each of these negotiating streams has trade-offs.

A case for economic optimism amid the pundits' gloom

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Economic pessimists are agonising over the world's longer-term growth prospects, but repairing balance sheets, policy mistakes and political ineptitude is not an impossible task.

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