Economy

The new global tax deal arrives (but expect bumps ahead)

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Nearly 140 countries have agreed to a new global tax deal, which was years in the making. Estonia, Hungary and Ireland, the last holdouts, joined the agreement at the last moment, after getting some concessions.  The redesign calls for a global minimum corporate tax rate of 15 per cent and for multinational giants to pay their “fair share” of […]

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    Book Review: How China Escaped Shock Therapy: The Market Reform Debate by Isabella M. Weber

Book Review: How China Escaped Shock Therapy: The Market Reform Debate by Isabella M. Weber

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In How China Escaped Shock Therapy: The Market Reform Debate, Isabella M. Weber explores the contestations behind China’s path to economic reform, showing how it committed to ‘experimental gradualism’ rather than the shock therapy of immediate market liberalisation. This meticulous and wide-reaching book sheds light on the history of marketisation reforms in China and the factors that led it to […]

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    Will vaccine mandates boost the economy? Economists think so

Will vaccine mandates boost the economy? Economists think so

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A survey explored US economists’ views on President Biden’s vaccine mandates. Will the mandates promote a faster and stronger economic recovery? Romesh Vaitilingam writes that the 42 economists who took part in the survey were unanimous in replying “yes”, with many adding nuanced comments. 

Following the Biden administration’s announcement of its intention to require that anyone at a firm with more […]

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    Leasing a licence to drive a taxi or giving a cut of the fares to a ride-sharing company?

Leasing a licence to drive a taxi or giving a cut of the fares to a ride-sharing company?

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Taxi drivers in the United States pay upfront to buy or lease a medallion and keep the fares for themselves. With Uber or Lyft drivers, instead, no medallion is required, but they must pay a proportion of the fares to the ride-share companies. Sydnee Caldwell and colleagues conducted a series of experiments and found a strong aversion to the medallion lease […]

September 11th, 2021|Economy, Sydnee Caldwell|0 Comments|
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    Conflicts of interest may bias research in finance and economics

Conflicts of interest may bias research in finance and economics

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Economists have explicitly recognised the possibility that regulatory agencies may be captured by those whom they are supposed to regulate. However, the economics profession has been much more hesitant about recognising similar conflicts of interests that may exist in economics and finance research (i.e., academic capture). Thorsten Beck and Orkun Saka report on the related discussions and research recently […]

How good are multinationals for you?

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The expanded presence of multinational enterprises in the world raises questions about how a country benefits from foreign direct investment. Kasper Vrolijk looks at global value chains (firms organising production across multiple countries) and “superstar firms”, those accounting for a large share of overall economic activity, with market concentration. He suggests that governments might have to adopt firm-specific policies, weighing […]

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    What does the future hold for global stock exchanges after COVID?

What does the future hold for global stock exchanges after COVID?

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The COVID pandemic is altering the face of stock exchanges worldwide and threatens the continued hegemony of the American NASDAQ and the New York Stock Exchange (NYSE). Tensions between the US and China and Brexit contribute to the crisis. Alissa Kole writes that developed market stock exchanges, remade as technology companies, will face an uphill battle in light of unfolding political and […]

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    Spending money or having money? Judging people’s wealth from their spending habits 

Spending money or having money? Judging people’s wealth from their spending habits 

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People spend money on things that are conspicuous, or highly visible to others, to project wealth. But we shouldn’t assume people are wealthy based on their spending habits. Some people prefer to save most of their income; others spend more than would be financially advisable. Heather Kappes warns us that when we infer people’s wealth by what we see […]

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    Billionaire private investment is good for the space industry, whether we like it or not.

Billionaire private investment is good for the space industry, whether we like it or not.

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This month sees two billionaires – Richard Branson and Jeff Bezos – perform suborbital flights on vehicles designed by their own companies. Hanh Nguyen-Le tracks the recent history of billionaire space projects, from space tourism, to operating commercially and contracting with the federal government. Despite billionaires’ unpopularity with much of the public, they argue that billionaire-involvement in space is […]

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    Book Review: The Pay Off: How Changing the Way We Pay Changes Everything by Gottfried Leibbrandt and Natasha de Terán

Book Review: The Pay Off: How Changing the Way We Pay Changes Everything by Gottfried Leibbrandt and Natasha de Terán

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In The Pay Off: How Changing the Way We Pay Changes Everything, Gottfried Leibbrandt and Natasha de Terán offer a new account of the history and workings of payments infrastructures, showing how the movement of money is crucial to understanding financial power today. Offering careful and accessible insight into the basics of payments and intelligent analysis of the Fintech boom, this […]

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