BANGKOK – By now, most countries in Asia and the Pacific have proposed some sort of post-pandemic recovery package. Many include investments in sustainability, which the United Nations has repeatedly urged governments to undertake. Some plans currently include only budget totals, with policymakers yet to allocate the spending
CAMBRIDGE – Massive fiscal and monetary stimulus programs in the United States and other advanced economies are fueling a raging debate about whether higher inflation could be just around the corner. Ten-year US Treasury yields and mortgage rates are already climbing in anticipation that the US Federal Reserve – the de facto global central bank – will be forced to hike rates, potentially bursting asset-price bubbles around the world. But while markets are probably overstating short-term inflation risks for 2021, they do not yet fully appreciate the longer-term dangers.