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.
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.
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.
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.
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.
Where are Asia’s economies headed to in the short and long term? What shape are they in to withstand future financial crises? And how can they respond to the yawning rich-poor divide, now a key concern among Asian and global policymakers? These were some of the key points discussed over the first two days of business at our 47th Annual Meeting, held in Astana, Kazakhstan.
Almost 1,500 years ago in the sixth and seventh century, southern Kazakhstan was part of the famous Silk Road that carried goods, ideas and cultural influences from as far as China to Europe.
Asian success stories have broken down the old distinctions between rich countries and poor, developing and developing, development assistance providers and aid recipients.
We’ve wrapped up our 47th Annual Meeting in Astana today with plenty of food for thought on what lies ahead for our vast, diverse region.
Thomas Piketty, a young French economist, has redefined the relationship between capital and inequalities in his book Capital in the Twenty-First Century.