This weekend, the world welcomed the surprise victory of Hassan Rouhani, the most “moderate” of approved candidates in Iran’s presidential election. Commentators voiced optimism over potential changes in policies, amid ongoing economic sanctions against Iran’s nuclear program, but coming changes to Iran’s foreign relations are likely overstated. Iranian elections are notoriously hard to predict, and [...]
Particularly when that bank has a history of involvement with fraud and mismanagement. The proper level of financial regulation is a complex topic, about which people can have honest differences. But, reasonable people would agree that a bank having a history of involvement with fraud and mismanagement (and a recipient of one of the largest [...]
EU ministers apparently made little progress last week on terms under which the European Stability Mechanism (ESM) would recapitalize weak banks, though they still hope for an agreement by end month. That said, if a draft plan circulated by European Commission Secretariat is a guide, we are seeing another step in the disappointing (and risky) retreat from last year’s promise to decisively break [...]
Can a moderate change the landscape?
There are many ways to define rebalancing within the euro area: relative prices, trade, productivity, unit labor costs, etc. I’d argue that one could see it in the employment data as well, although it will take a long time to work its way through. Basically, Spaniards should move to Germany and vice versa to enjoy [...]
The best way to level the playing field for taxes on businesses of all types would be to abolish the corporate profits tax altogether.
Thomas Grennes
Thoughts From Across the Atlantic
Thomas Grennes is a professor of economics at the North Carolina State University and a former visiting faculty member at the Stockholm School of Economics in Riga. His research has dealt with various aspects of international economics, including open economy macroeconomics, international finance, and international trade in agricultural products. Recent research topics have included macroeconomic aspects of the Great Moderation, offshore outsourcing, sovereign wealth funds, and the relationship between government debt and economic growth. Earlier work dealt with emerging market issues in the Baltic countries and Russia and trade and macro policies in Sub-Saharan Africa. Economic history topics include the Columbian Exchange of plants and animals, the effects on food markets of introducing mechanical refrigeration, and the integration of Tsarist Russia into the world grain market. When he is not involved in economics, he enjoys mountain hiking.
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