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/Commentary |
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Not Right Time to Privatise Ethiopia’s Prized Enterprises |
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Rushed privatisation of big public enterprises is
unwise, current economic realities in Ethiopia
rightly show, argues Tsehai Alemayehu - dralem3@gmail.com
- 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
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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 |
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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 |
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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 - johanwaa@hotmail.com - 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 |
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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 - abham2010@yahoo.co.uk
- 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 |
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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 |
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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 |
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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 |
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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 |
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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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