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The Arab Winter and Investment Stability
The Arab Spring presented investors with unique investment opportunities and participation in the process of re-building North-African nations. Transitional justice and political change have been historically known for bringing forth foreign investment players who can shape these emerging economies despite the political and regulatory risks. And these risks do exist. Surprisingly, however, some nations portray [...]
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Global Trade – Not What You Think
As Congress approved three Free Trade Agreements (also known as Trade Pacts) with South Korea, Panama, and Colombia, I get the impression that there are two leading narratives. The first, this approval is driven mainly by internal political forces, the need to build coalitions around ‘currency wars’ legislation and the Jobs Act. The second, the [...]
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Libya’s Shadow on Sovereign Wealth Funds
As Libya’s citizens rebuild their lives and economy, undoing the corruption in the Libyan Investment Authority (LIA), the sovereign wealth fund in which Muammar el-Qaddafi’s regime allegedly stashed and misused Libya’s oil wealth, is becoming a priority. The National Transitional Council is debating who should take over Libya’s Central Bank and the LIA’s assets – an [...]
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The United Nations and Global Markets – Understanding the Scene
It is hard to underestimate the power of the United Nations as a global institution this month when more than 100 heads of states and thousands of dignitaries gathering in New York to attend the United Nations General Assembly annual meeting and other satellite events. The stakes are high. Officials from all over the world [...]
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A Gold(en) Opportunity? The State Is Back
The rush to gold as a safe haven has triggered endless articles and comments on the soft, shiny metal, its nature, and its value limits. How high? How low? Clearly, the discussion has been dominated by demand for gold in times of inflation and rising uncertainty. The supply, however, deserves its own attention. Not only [...]
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U.S. and Middle East – On Perception of Economic Power
The United States and its Middle East ally, Israel, once again, share a similar fate. This time, however, the context is somewhat unexpected. Over the last decade the perception of economic power played a significant role in both countries’ foreign policy and military capabilities. Now, in a surprisingly coordinated timing, their people question the use [...]
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It’s the Lawyers, Stupid!
It is hard to find a magazine or a corporate board which does not deal with fiscal deficits and a mounting debt these days. It is the talk of the day. Terms which used to be the territory of Chief Economists and macro analysts become an integral part of the broader business community. Yet, corporate [...]
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The Arab Spring 2.0
How do you say innovation in Arabic? Good question. Innovation is not the first word that comes to mind when thinking of the Middle East and North Africa region, also known as MENA. Openness, space, creativity are some of the necessary building blocks for innovation, which have been lagging behind in MENA in recent years. [...]
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The Economic Reality of Unilateral Declaration of Independence
For many of us in the Northeastern U.S., September is just another fall, with leaves in magnificent colors and kids going back to school. Yet, this coming September may be a different one. Those who follow Middle East politics hear about ‘The Black September’, a foreseen diplomatic Tsunami in the region following a Palestinian unilateral [...]
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Back to Financial Protectionism?
The financial world is constantly occupied with the linkage between nationalism and financial decisions. Can a Frenchwoman run the leading global financial institution, the IMF, without a dominant European view? Can a Canadian stock exchange TMX be sold to a UK stock exchange LSE without threatening Canada’s financial sovereignty? Warnings about financial protectionism following the [...]
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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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