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Begin New Search Political Geography Global Focus Author Paola Subacchi

1. The G7’s Task for Restoring Growth and Stability

Author:
Stephen Pickford and Paola Subacchi
Publication Date:
04-2017
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
Most G7 countries are facing political and economic uncertainties, and long-standing structural problems.The short-term outlook is reasonably positive, but longer term prospects are more challenging. These challenges have underlying economic causes stretching back many years, fostered by low productivity growth, stagnating real incomes and living standards, rising inequality and technological change. G7 countries should address short-term weaknesses, reduce political and policy uncertainties, and tackle these longer-term problems as well. Acting together to address these challenges will be more effective: (1) short-term and medium-term measures to boost growth should focus on fiscal actions (including infrastructure spending), normalizing monetary policy, completing financial regulatory reforms, and structural policies; (2) tackling policy uncertainties requires international consensus on consistent policies, starting with greater certainty over the direction of trade policy and over the Brexit negotiations. Sending positive signals on trade cooperation will be difficult, but the G7 could make progress on some specific issues such as a code of practice against competitive exchange rate devaluations; (3) an agenda to emphasize fairness could include: fair trading arrangements, implications of financial regulation for fairness and agreement on international corporate taxation to ensure companies pay their fair share of taxes.
Topic:
International Relations, International Security, and International Affairs
Political Geography:
Global Focus

2. The People’s Money: How China Is Building a Global Currency

Author:
Paola Subacchi
Publication Date:
11-2016
Content Type:
Book
Institution:
Columbia University Press
Abstract:
Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation—and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge? In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
Topic:
International Trade and Finance and Monetary Policy
Political Geography:
China, Global Focus, and Global Markets
Publication Identifier:
9780231543262
Publication Identifier Type:
ISBN