This paper analyzes the evolution of sovereign credit ratings in the wake of the global financial crisis by studying changes in actual, shadow, and relative ratings between 2008 and 2012. For countries that do not have a rating from the major rating agencies, shadow ratings are estimated as a...

This paper, based on the introductory remarks made at the two-day conference on "The State of the Economy, the State of the World," is an idiosyncratic stocktaking of the trajectory of economics from Adam Smith to contemporary times, with special attention to the rise of development economics....

The many and varied crises in the world economy since 2007 seem to have different origins and iverse manifestations. This paper contends that there is however a structural shift beneath the global economy that is now reaching a critical mass, and that accounts for many of these crises, despite...