Once again, the Federal Reserve has postponed the date of exit from the zero lower bound. We show that the pace of the tightening cycle matters more than the exact timing of the first interest rate hike for the macroeconomy.

We draw six political economy lessons from the actual dynamics of climate negotiations and their connection to the new macroeconomic normal emerging in the aftermath of the 2008 crisis. A specific proposal follows.

The Bangladesh central bank has a long tradition of favouring socially sustainable financing behavior. It was thus natural to extend its mission to the question of climate change mitigation and adaptation investments, both internally and externally in the global financial system.

Four guide-posts for efficient low-carbon finance are proposed: remove subsidies for high-carbon technologies, improve the cost-effectiveness of low-carbon subsidies, encourage private sector innovation, and maintain transparent public policy tools that support cost-benefit accounting.

As the pace of action looks set to rumble on, countries should seek to make progress on resolving several key issues including the free-rider problem.

The aim of this webpage, co-hosted by France Stratégie and CEPII, is to provide a medium for experts and non-experts to discuss the merits and the limits of the various proposals and initiatives in the field of international finance. It is intended to become a forum where the debate on the financial system’s contribution to the energy transition can flourish.

The decision to change the exchange rate regime of the renminbi taken by the Chinese authorities at the beginning of August might be less a response to the economic downturn than a further step, against all odds, in a bold but risky financial liberalization agenda.

Ils n’avaient de commun qu’une croissance vigoureuse et la volonté de briser l’hégémonie des pays avancés dans les grandes institutions internationales. Ils étaient presque unanimement considérés comme des terres d’avenir appelées à rapidement reléguer les vieux pays, et en particulier l’Europe, dans la deuxième division de l’économie mondiale.

Les turbulences boursières sont un symptôme des multiples difficultés de la transition de l'économie chinoise vers un nouveau régime de croissance.

Le 18 septembre, l’ouvrage annuel du CEPII, L’économie mondiale 2016, publié par La Découverte dans sa collection Repères, sera dans toutes les bonnes librairies. Ses deux rédactrices en chef vous en dévoilent, dès à présent, quelques-uns des principaux enseignements.