Real wages have typically fallen sharply after a major currency crisis and devaluation but have then begun recovering within a couple of years. The pace at which they have picked up has varied...

In our view, the debate over whether Greek exit from the euro or the slump in China’s stock market poses the greater threat to the rest of the world is missing the point that neither actually has to...

The fall in oil prices and the appreciation of the US dollar will cause global imbalances to widen over the coming years. China’s surplus could rise up the political agenda once more while the euro...

Beyond its impact on investor sentiment, which we expect to be temporary, the slump in China’s equity market is unlikely to have much effect on the global economy. Indeed, we doubt that it will even...