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Sinn, Hans-Werner
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3 articles of this author have been cited in the European Press Review so far.
Hans-Werner Sinn on the winners and losers after the crisis
After surviving the global economic crisis the world is now divided into two groups of countries, writes the Munich economist Hans-Werner Sinn in the business paper Világgazdaság. While some are booming others are lagging behind and grappling with new problems: "The Bric countries - Brazil, Russia, India and China - belong to the first group. ... The second, led by the United States, consists of countries with debt problems. ... In Europe as well, the situation is twofold. The former boom countries Greece, Ireland and Spain are still plagued by recession, and their gross domestic products will continue to shrink. ... By contrast Europe's biggest economy Germany is experiencing a surprisingly healthy economic recovery. ... The explanation for this divided world is that countries like Greece, Spain and the US which were financed by huge capital imports are now increasingly having difficulty rustling up foreign capital. By contrast capital-exporting countries now enjoy a liquidity surplus as their capital shies away from the 'saturated' economies. This surplus credit boosts consumption and investment, sparking an economic upturn."
» full article (external link, Hungarian)
More from the press review on the subject » Fiscal Policy, » Economic Policy, » Global
The US and Europe, two different ways out of the crisis
In their efforts to overcome the crisis the US will adopt the Italian model while Europe will go the way of the Japanese, economics professor Hans-Werner Sinn predicts in business paper Világgazdaság: "The first eleven months of the recession were as bad as the first eleven months of the Great Depression of 1929. … Many experts expect the US to play the Italian card: using inflation to reduce public debt and keeping the currency low to maintain international competitiveness. … This should lead to further devaluation of the dollar, boost demand for exports and make American imports more expensive. … The opposite is happening in Europe. … It's unlikely that Europe will play the Italian card. … On the contrary, it looks set to go the Japanese way. After its bank crisis in 1987/89 Japan suffered two decades of stagnation and deflation, with state debt increasing at an exorbitant rate. Avoiding such a scenario is the main task of Europe's economic policy in the coming years."
» full article (external link, Hungarian)
More from the press review on the subject » Financial Markets, » Europe, » U.S.
Hans-Werner Sinn on economic and political change
Munich-based economics professor Hans-Werner Sinn reflects in the daily Világgazdaság on the economic and political changes shaking the world: "Panta Rei. Everything flows. This Greek aphorism often comes to mind when I think of the economic and political changes I have witnessed in my lifetime. Before they occurred they were just as unthinkable as they seemed natural after the fact. Communism collapsed. Germany was reunited. The United States elected a black president. And now Asia is overtaking the West and challenging America's hegemony. ... The powers of globalisation set free by the fall of communism have created a better world in which countries are moving closer together and inequalities are being ironed out. ... Nevertheless the development of the world is not to be had without problems. Carbon dioxide emissions are rising quickly, fossil fuels are becoming rapidly depleted and global warming is accelerating. ... [Consequently] the world's biggest challenge in the decades to come will be to maintain peace."
» full article (external link, Hungarian)
More from the press review on the subject » International Relations, » Global
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