Hungary, as readers of this blog well know, is struggling with a large budget deficit and a terrible balance of payments problem, which has led to a certain amount of trouble. Specifically the fighting in the streets kind. Now, the Socialist government of Ferenc Gyurcsyany came up with a simple plan to cut the deficit [...]

Italian Finance Minister Tommaso Padoa-Schioppa is going to be a man of his word (and not follow in the path of that other European political leader who was lying about his budget in the morning, in the afternoon, and at night). He assures us of this:
Mr Padoa-Schioppa was adamant any adjustments to the budget, which [...]

Andy Xie is a rare beast, he’s a talented, creative economist. His recent departure from Morgan Stanley, and by implication from the Global Economic Forum, is now being widely commented on in the press (and here).
Andy was really one of the first global economists to start drawing attention to the important impact the rise [...]

With the arrival of Romania and Buglaria as full members of the EU the issue of migration is once more attracting a lot of attention. Stefan Wagstyl recently had an FT piece which gave a fair overview of the kind of debate which is presently going on in the UK, where the substantial (and largely [...]

With the ECB adamant that it will continue to raise rates this would seem to be the most untimely of questions, but there are now signs that this may well be the case.
Firstly this in Bloomberg today:
Federal Reserve to Cut Rates in 2007, Corporate Bond Sales Show
Thinking about refinancing your mortgage in [...]

It was only just over two weeks ago (two weeks, which following the logic of a historical time which seems far from uniform, now seem like half a lifetime) that guest poster P. O’Neill, said this:
For understandable reasons — the addition of 10, and soon to be 12, new member countries, and the constitutional crisis, [...]

The OECD estimates the current potential capacity growth rate of the Italian economy at 1.25% a year. Actually I suspect even this very low number is over-optimistic. Growth since 2002 has been as follows: 2003 - 0.1%: 2004 - 0.9%: 2005 - 0.1%. To be sure forecast growth for this year is somewhat higher, [...]

I recently berated Greg Mankiw (and the top ten world economists he pretends top cite) for the folly of suggesting that fertility rates don’t matter to economists. Well today Mankiw seems to be having (an implicit) rethink. Dependency ratios, it seems, do matter.
Now since dependency ratios are really a function of three factors - fertility, [...]

One of the other books that I picked up while in Helsinki was Reindeer People: Living with Animals and Spirits in Siberia, by Piers Vitebsky. (US paperback coming in December.) He’s an anthropologist at the University of Cambridge, and the reindeer people are his research specialty. The book, however, is an engrossing synthesis aimed at [...]

It is by now well known that the main hope for developed societies subject to rapid population ageing who wish to maintain their relative standard of living lies in increasing their collective productivity more rapidly than they increase their dependency ratio via-a-vis the older age groups. Now in the comments thread on the recent ‘Reform [...]