Policy reforms aimed at boosting long-run growth often have side effects – positive or negative – on an economy’s vulnerability to shocks and their propagation. Macroeconomic shocks as severe and protracted as those since 2007 warrant a reconsideration of the role growth-promoting policies...

The decline in macroeconomic volatility from the 1980s to the onset of the Great Recession did not, in general, translate into more microeconomic stability. While microeconomic volatility can reflect growth-generating processes, such as creative destruction and re-allocation of resources,...

"Touted as one of the main engineers of Singapore's economic growth, Dr. Goh's collection of writings and speeches seek to shed light on the various challenges that China faced in the early 90s. His arguments and analyses were presented clearly and concisely while being firmly established upon...