Dame DeAnne Julius

Nota: Este archivo abarca los artículos publicados por el autor desde el 1 de julio de 2007. Para fechas anteriores realice una búsqueda entrecomillando su nombre.

General view of the reception area of Palazzo Reale during the first day of the G20 on 22 July 2021 in Naples, Italy. Photo by Ivan Romano/Getty Images.

When G20 leaders meet in Rome later this week, they will review progress made in the four months since they last gathered and agree on priorities and actions for the coming year. An unexpected success in 2021 was the agreement by more than 130 countries on a global minimum corporate tax rate. The G20 can build on this success and agree to develop a global carbon price, which could provide a powerful impetus to achieve net-zero carbon emissions by 2050.

The net-zero goal is ambitious and time is running out. Global investment firm RockCreek estimates that reaching net-zero by 2050 will require more than US$3 trillion of investments per year, while according to the UN emissions must drop 7.6 per cent every year from 2020 to 2030 to meet the 1.5°C Paris Agreement target.…  Seguir leyendo »

US President, Joe Biden, signs the American Rescue Plan into law on 11 March 2021 at the Oval Office. Photo: Getty Images.

Joe Biden is proving to be both bold in his fiscal ambitions and brave in his choice of battles. This is especially true of the latest effort by the US president and Treasury Secretary, Janet Yellen, to wade into the labyrinth of corporate taxation. Obscure regulations have long shaped the financial structure of international companies which exploit legitimate loopholes to save on tax. There are therefore substantial benefits to reform – not least helping to fund Joe Biden’s multitrillion dollar spending plans. But reform, of course, will require overcoming systemic inertia and entrenched political opposition. The campaign will also test Biden’s ability to mobilize coalitions to drive change.…  Seguir leyendo »

Fearless Girl statue outside the New York Stock Exchange. Photo by Noam Galai/Getty Images.

Among the many unusual features of the pandemic-induced downturn is the disconnect between depressed real economies and buoyant financial markets. This is particularly evident in the US, where output fell 9.5% in the second quarter while the S&P 500 index rose by one-fifth.

This may suggest a huge financial bubble is in the making, or at least a highly optimistic view of a COVID-19 vaccine and treatments. Another possibility is that markets have a better grasp of the economic dynamics of a post-pandemic world than most nervous consumers and governments.

Certainly, markets have been helped by central bank largesse. In March, major central banks reacted forcefully to the possibility of a serious credit crunch with lending guarantees and bond purchases.…  Seguir leyendo »