Despite the dire predictions that have accompanied the decline of global governance, less international cooperation does not necessarily mean disaster. In fact, national governments can prioritize domestic prosperity and social cohesion over multilateralism without harming the global economy.
explains how countries can help the global economy by pursuing their own economic-policy agendas.
Although Russia's war in Ukraine has galvanized Polish society and elevated the country's status internationally, it is also obscuring some deeply troubling domestic political developments. Whether liberal democracy will prevail over reactionary authoritarianism in Poland is now an open question.
about recent domestic and geopolitical developments that will shape the country's future.
发自伦敦——投资者通常会以美联储为中心的视角来看待美元汇率。尽管美联储去年的积极加息周期显然对美元有利,但该货币25%的超常升值应主要归功于通胀和地缘政治冲击。因此随着各界对通胀和不可遏制军事冲突的忧虑减弱,美元也开始走弱,为新兴市场经济体提供了急需的金融救济,同时减少了其他央行的政策收紧压力。
在2022年大部分时间里投资者都在既削弱经济增长又推高通货膨胀的罕见合并冲击下四处避险。基于货币政策比常规情况更不稳定以及发达经济体之间的高度关联性(反映在几乎所有地方的大幅加息),固定收益、外汇和股票市场波动性上升,而作为世界主要储备货币的美元则作为安全避风港占了上风。
此外,虽然美联储在设定加息时间和幅度方面发挥了主导作用,但一系列独立冲击损害了亚洲和欧洲的增长。得益于自身能源独立性以及与这些冲击之间的地理距离,美国经济比大多数国家更不容易受到影响。
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