Last Friday, 7 March, 2014, Shanghai Chaori Solar Energy Science and Technology Co Ltd defaulted on its 1 billion yuan ’Chaori-11 bond‘ when it failed to pay in full the coupon due that day. The default should not have taken investors by surprise as the company has been struggling over the past few years due to general weakness in the solar panel market.
Recently IMF Managing Director Christine Lagarde noted: “In too many countries, the benefits of growth are being enjoyed by far too few people”. She was making the point that high levels of inequality are a global concern.
2014 is shaping up to be another challenging year for bond markets in Asia after a see-saw 2013 which saw prices rise at the start of the year, and then fall back on news that the US Federal Reserve plans to reduce or ‘taper’ its quantitative easing operations.
The effects of global climate change are multifaceted. Pacific nations are highly vulnerable to the impacts, including intensified storm surges, cyclones, and rising sea levels.
International experience has shown that fiscal policy can play a leading role in promoting a shift toward a more inclusive economic model, balanced income distribution, and improved living standards.
Asian stock markets have been under pressure recently from an announcement by the US Federal Reserve that “quantitative easing”, or QE as it is commonly referred to, is likely to be tapered off in the near future.
Last week, the development economics world was shaken by an open clash between two of its most distinguished luminaries—Amartya Sen and Jagdish Bhagwati. One is a Nobel Prize winner in the field of economics, and the other is widely believed to be worthy of one.
As articulated by Cavoli, Rajan, and Siregar (2004) in their survey of East Asian financial integration, financial integration is a multidimensional process closely associated with development of financial markets.
The discussions around the post-2015 development agenda – and the work of the High Level Panel of Eminent (HLPEP) persons – were seen controversially in the last months. Some felt that the consultation led by the HLPEP would lead into a kitchen sink report, which would cover every possible development concern.
More than 220 proposals have been advanced for a global development framework to succeed the Millennium Development Goals (MDGs), which come to an end in 2015.