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News And Commentary

A low-growth decade

The response to the 2008 financial crisis may have been inevitable, but it was mistaken, writes Brian Reading. 'Bail-outs' over the last decade have transferred resources from the 'have-nots' to the 'haves'. The overall result has exacerbated inequality and social divisions, and depressed economic growth.

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Building China's unified pension system

China's 13th five-year plan includes policies for a unified, national pension system. These are intended to consolidate dozens of funds run by local governments. But regional resistance and central agencies' concerns need to be overcome. Much will depend on how much political capital Beijing is willing to expend.

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Defending the dismal science

Critics are quick to cite how most economists failed to foresee the source or severity of the 2008 financial crisis. But recent normalisation of the world economy, which is returning to sustainable equilibrium, makes it easier to argue that economics as a science has benefited policy-makers, writes Miroslav Singer.

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China 'building international leverage'

China's bonds-to-equity foreign investment redeployment is part of strategic efforts to gain international leverage and value, as Beijing seeks to emulate the successes of the US and other Anglo-Saxon countries in borrowing abroad at low rates of interest and investing outside the country for much higher returns.

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Learning from Danish example

Theresa May, deprived of a majority on the 8 June, cannot master her struggle at home and with the EU unaided. The British should form some kind of national unity government, writes Joergen Oerstroem Moeller. It should be possible – as Denmark did 25 years ago – to establish a compromise between the key parties.

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June Bulletin - China's caution

China's economy has been accelerating – defying expectations that had been damped by worries of a 'hard landing' and geopolitical uncertainty. Expansionary government policy has helped the growth picture. The economy is taking in its stride higher US interest rates, confirmed by Fed tightening on 14 June.

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'Uberising' France

Emmanuel Macron yesterday won an overwhelming majority in the French National Assembly. He has ‘uberised’ the political system, seeing off hundreds of established politicians. But his willingness to promote progress poses challenges to fundamental aspects of French culture, writes Jean-Jacques Barbéris.

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Kohl and currencies

Helmut Kohl, the former German chancellor who died on Friday aged 87, was inextricably bound up with three great monetary transformations. He did much else besides, writes David Marsh. Most importantly, he presided over the expensive but bloodless merging of East and West Germany in 1990.

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Meeting CalendarView All Forthcoming Meetings

Promoted Meeting VIEW PHOTO GALLERY

OMFIF launches the fourth annual Global Public Investor report devoted to public sector asset ownership and management across a range of official institutions around the world. Panelists included representatives from Abu Dhabi Investment Authority, Bank of Latvia and Caisse des Dépôts et Consignations.

Gold market opportunity cost is worth paying

OMFIF Chart

Gold market opportunity cost is worth paying

Two years ago some commentators predicted that the price of gold could fall below $1,000 an ounce and that the market was heading for a downward spiral. Today the precious metal costs around $1,250 an ounce, and its price has been on an upward trend since the start of the year.

GCC deficits likely to persist through to 2021

OMFIF Chart

GCC deficits likely to persist through to 2021

In 2013 oil export revenues exceeded $1.2tn for GCC economies. The IMF projects these revenues will fall to $720bn by the end of 2017. Since oil revenues make up on average more than 45% of tax revenues, the resulting budget deficits in GCC countries are unlikely to recover in the near term.

Investment Clock: Beware summer shocks for equity markets

OMFIF Chart

Investment Clock: Beware summer shocks for equities

The Investment Clock is in the 'overheat' phase of the business cycle after the strongest surge in global growth and inflation since the 2008 financial crisis. Stock markets often move sideways over the summer and volatility tends to rise. Negative surprises could come from doubts about Trump's ability to implement planned stimulus measures.

Riksbank leaves rates unchanged despite rising inflation

OMFIF Chart

Riksbank leaves rates unchanged despite rising inflation

After a long period of deflation, Sweden's inflation rate seems to be heading towards the Riksbank's target of 2%. However, having reached 1.8% in February, the consumer price index slipped to 1.3% the following month.

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OMFIF advisers' confidence in French president

Advisory Board

OMFIF advisers' confidence in French president

This month’s advisers network poll deals with the outcome of the French parliamentary election. Members of the network were asked: ‘Will Emmanuel Macron’s La République En Marche! (REM) party secure an absolute majority, a majority relying on ad-hoc coalitions with smaller groupings, cohabitation or other outcomes in June’s parliamentary elections?’