Saturday 11 Jul 2020 | 21:45 | SYDNEY
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Stephen Grenville's picture
People | experts Stephen Grenville
Nonresident Fellow
Lowy Institute
Stephen Grenville's picture
Areas of ExpertiseRegional economic integration; Australia's economic relations with East Asia; international financial flows and the global financial architecture; financial sector development in East Asia

The globalisation of our discontent

Globalisation is currently everyone's whipping boy. Not only is everyone criticising it, but they also have ready answers on how to fix it. Unfortunately many of these glib solutions, if implemented, would diminish the very real benefits of globalisation. Politicians on both the left and right are

A renegotiated TPP may not be in our interest

After a decade of negotiation, the Trans-Pacific Partnership was signed a year ago by its 12 participants, to come into force when ratified by the partners' legislatures. America's ratification is the key, and as President Obama had achieved 'fast track authority', Congress should either agree or

Don’t blame globalisation

While Donald Trump plans to fix America’s economic malaise by blocking imports from Mexico and China, the latest IMF World Economic Outlook laments the slow growth of global trade. They can’t both be right. It is almost exactly 200 years since David Ricardo set out the advantages of countries

How’s the Australian economy going?

Sometimes a picture is worth a thousand words. Australia ( the red line) has outperformed all the main advanced economies (which fall within the blue segments) for increase in GDP and per-capital GDP, is lower than almost all on unemployment (Japan is lowest, New Zealand a bit lower than

Overlapping claims in the Timor Sea

Senator Wong urges the Australian government to commit to an international process of dispute resolution to settle the maritime border between Australia and Timor Leste. The conciliation process currently underway in The Hague goes quite some distance in this direction, providing each side with the

Japan's economy travels a narrow road

Desperate times call for desperate measures. The International Monetary Fund seems to have lost hope that monetary and fiscal policy can shift the Japanese economy out of its deflationary torpor. The IMF, usually the embodiment of conservative mainstream economics, has published this working paper

How well did the IMF handle the 2010 Greek crisis?

'IMF admits disastrous love affair with the euro led to immolation of Greece'. So runs a press headline about the IMF Independent Evaluation Office (IEO)'s new report on the 2010 Greek crisis. It was already widely accepted that the IMF's handling of the crisis was badly flawed, so the IEO's

Globalisation and income distribution

Many political pundits see widening income disparities as the key factor in the Brexit vote and associate these with a single cause — globalisation. There is no doubting that income distribution within individual countries has become more unequal in recent decades, but is globalisation the

South China Sea: A course-correction needed

Tuesday's South China Sea adjudication demonstrates that the UNCLOS framework is totally unsuited to sorting out the complex conflicting claims in the South China Sea in a way that the relevant parties will accept. By effectively announcing the Philippines as winner and China as loser, the tribunal'

The economics of Brexit

A vote to leave would represent an immediate and profound shock to our economy. That shock would push our economy into a recession and lead to an increase in unemployment of around 500,000, GDP would be 3.6% smaller, average real wages would be lower, inflation higher, sterling weaker, house prices

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