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India less vulnerable to external shocks

NEW DELHI: Indian economy is less vulnerable to external shocks as it is mainly driven by household consumption and government spending, and not dependent on hot money which can move out quickly, Standard & Poor’s Rating Services said on Tuesday. The US-based rating agency expects the current account...
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Preventing Sovereign Debt Restructuring

At a recent private conference on sovereign debt restructuring, an old friend argued that, in addition to talking about what to do once a country has crossed a tipping point and needs to restructure its debt, efforts should also be made at prevention. It is, of course, a...
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Fallen Shibboleths and Victorian Virtues

I was a discussant at a CIGI-Institute for Policy Dialogue conference on sovereign debt restructuring at Columbia University in September hosted by Joe Stiglitz and Domenico Lombardi. In my remarks on one of papers, I identified a key challenge in the global economy: insufficient global aggregate demand that...
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Dollar edges higher ahead of U.S. durable goods report

The dollar edged higher against its major rivals in pre-holiday trade on Wednesday, as investors awaited the release of U.S. durable goods data due later in the day for further indications on the strength of the economy. The U.S. dollar index, which measures the greenback’s strength against a...
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Fed Pushed Toward December Hike Last Month, Despite Concern

WASHINGTON — A solid core of Federal Reserve officials rallied behind a possible December rate hike at the central bank’s last policy meeting, but central bankers also debated evidence the U.S. economy’s long-term potential may have permanently shifted lower. After a summer and early fall that saw the...
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