Japanese Economic Recovery and the Macroeconomic Policy Mix Sukanya Bose

Japanese macroeconomic policy during the prolonged depression of the 1990s has been the reverse of what Keynes had recommended as the anti-deflationary strategy. The paper explores the three main pillars of macroeconomic policy for the Japanese economy in the recent years: financial policy, fiscal policy and monetary policy. japanese_recovery (Download the full text in PDF format)

Oil Prices and the World Economy C.P. Chandrasekhar and Jayati Ghosh

The recent rise in world oil prices has led to fears of renewed inflation and possibly even recession as governments attempt to reduce inflationary pressures through fiscal and monetary contraction. In this edition of Macroscan, C. P. Chandrasekhar and Jayati Ghosh consider the causes of the oil price rise and assess the implications for the world economy. oil_prices_world_economy (Download the full text in PDF format)

The ‘Cotton Initiative’ at the Cancun Ministerial Meet Parthapratim Pal

A prominent feature of the Cancun Ministerial meet was a debate about how high subsidies given to cotton farmers by developed countries is adversely affecting cotton exporters from some West African countries. On the first day of the Cancun Ministerial meet, Benin, Burkina Faso, Chad and Mali pointed out that as a result of subsidies given to cotton in richer countries, exports of these four West African countries have suffered. They argued that subsidies given to farmers in developed countries induce overproduction of cotton in those countries. This surplus cotton is dumped in the international market at an artificially cheap…