Published On  Jan 29,  2012






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Not Right Time to Privatise Ethiopia’s Prized Enterprises

Rushed privatisation of big public enterprises is unwise, current economic realities in Ethiopia rightly show, argues Tsehai Alemayehu - - professor of economics and finance at Savannah State University, US. Maintaining the enterprises under public ownership will be vital for facilitating economic transformation, he states.


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Vicious Inflation Therapy Prompts Fiscal Conservatism 

The years after the great depression of the 1930s were dominated by Keynesian economic thinking, which suggests that there must be a continuous increase in the level of inflation in order to achieve economic growth and, hence, to reduce unemployment. In other words, there exists a positive long-term relationship between inflation and economic growth.


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Growth Demands Reinventing State

In the 66 years since World War II ended, virtually all centrally planned economies have disappeared, largely as a result of inefficiency and low growth. Nowadays, markets, price signals, decentralization, incentives, and return driven investment characterize resource allocation almost everywhere.


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Reducing Reserve Requirement Not Enough

Ethiopians need financing for doing business in an environment of economic expansion, but restrictive regulations, such as the purchase of government bonds, are making it difficult to get it, argues Yohannes Woldegebriel - - a lawyer who served in four public prosecution offices in various capacities. Removing regulatory burden is essential, he insists.


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Massaging Liquidity Problem No Long-term Cure

The two new directives issued by the central bank cannot guarantee banking sector liquidity as long as the binding investment in government bonds remains, argues Abdulmena Mohammed Hamza - - an accounts manager at Portobello Group Ltd, London. Suspending the directive that imposes the mandatory investment is the only plausible, sustainable solution, he advises.


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Domesticated Banks Pave Global Future

A glaring fact of the recent financial crises is that banks act too selfishly without any due concern for social benefits, argues Bob Diamond, chief executive officer (CEO) of Barclays, a global investment bank based in the United Kingdom (UK). Saving the world from the credit debt glut calls for citizen-based banking services, he asserts.


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Industrialisation Comes Back

Changing global economic dynamics will not change the relevance of industrialisation for economic growth, argues Justin Yifu Lin, chief economist and senior vice president for Development Economics at the World Bank Group (WBG). As far as the reality goes, he states, value addition is the way for development.


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Deregulated Services Promote Job Creation

All available narratives about the lingering global economic crisis have their own faults, as they focus on short-term goals rather than long-term ones, argues Raghuram Rajan, former chief economist for the International Monetary Fund (IMF), currently an economic advisor for the prime minister of India. It is only if conflicts of interests between states and the public can amicably be resolved that stable recovery is possible, he concludes.


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Rational Pessimism Ahead

Significant leverage in saving the global economy from an even deeper recession lies in the hands of politicians, reckons Joseph Stiglitz, professor of economics at Columbia University and a Nobel laureate in economics. But, he argues, gridlock is typical of national politics in many developing countries, paving the road for rational pessimism in the coming year.


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Asia Enters Storm

Global economic interdependence has diffused the negative externalities of recession to the emerging Asian economies to an extent that they no longer are safe, argues Laura Tyson, professor of economics at the University of California. Even if finding new growth sources might help, it is not a panacea, she asserts.


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