About Ulrich VolzUlrich Volz is head of the Department of Economics at SOAS University of London.
For a number of years, the central banks of the major advanced economies have pursued historically unprecedented ultra-low interest rate policies and negative interest rate policies. Facing the zero lower bound problem, they have also implemented various asset purchase programs, known as “quantitative easing,” with the aim of reducing long-term interest rates. There has been growing evidence that advanced countries’ unconventional monetary policies (UMPs) have caused significant spillovers to the financial markets of emerging market economies (EMEs). Read more.
By Ulrich Volz. Posted February 3, 2015
Many Asian countries have set ambitious targets for climate change mitigation. Governments all over the region are devising green growth strategies, aiming to reconcile economic growth with low carbon emissions as well as trying to limit other forms of environmental degradation such as soil, water, and air pollution. What is needed is no less than a “green transformation” to put green growth at the heart of development (OECD 2013). To achieve such a green transformation, large investments will be needed in renewable energy generation, energy efficiency, smart transportation networks, and many other areas that will help the shift toward sustainable patterns of production and consumption. Read more.
By Ulrich Volz. Posted March 29, 2012
The current European crisis has highlighted the policy mistakes that were made in the process of European financial and monetary integration. It has exposed major deficits in the eurozone’s institutional framework, including insufficient macroeconomic policy coordination and the lack of a crisis response mechanism (which then had to be negotiated in the midst of crisis). One of the major failures that led to the current European predicament was that national and European policymakers allowed the build-up of huge macroeconomic imbalances within the eurozone. Wages and prices in southern “periphery” countries (with Ireland being an honorary member of the south) rose much more quickly than in the northern “core” countries such as Germany. The resulting loss of economic competitiveness of the periphery countries has led to a growth crisis that fed into a sovereign debt crisis after government finances were severely strained during the global financial crisis. Read more.
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