Word: stocke
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Dates: during 1990-1999
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...continuation of economic growth in the U.S., crucial to keeping the world economy moving, relies on a stock-market bubble that will not continue indefinitely to defy both the law of gravity and economic rationality. Growth prospects have dramatically lessened in Europe, sweeping away any hope of a significant reduction in the still unacceptably high levels of unemployment. This has the potential to heighten tensions between the imperatives of economic national policies and the policy criteria set by the European central bank. Such tensions will put to the test the stability of the Continent's new currency, the euro, earlier...
...board focused on the U.S. as the key engine of world growth. Many indicators are encouraging. The unemployment rate of 4.3% is the lowest in 28 years. Inflation is under 2% and shows no signs of heating up. The run-up in the stock market since 1994 has added an extra $10 trillion to the assets of American households. And Washington's success in finally reversing three decades of government deficits has opened up a new era of "surplus politics," says Robert Hormats, vice chairman of Goldman Sachs International, "which is a huge change in the nature of our economy...
Nevertheless, this rosy picture has blemishes. Private-sector savings in the U.S. have hit a historic low: -4% of gross domestic product, according to Hormats. "This private-sector deficit is enormous," he says. People feel flush enough, due to their soaring stock portfolios, to keep buying consumer goods on credit--the so-called "wealth effect." But a drop in the Dow Jones index or some other shock could quickly erase those paper gains and choke off the spending boom. So while the Clinton Administration is touting consumption-driven growth, Dresdner Bank's Ernst-Moritz Lipp is critical. "We shouldn...
...most serious threat to world financial and economic health is a collapse of the U.S. dollar, which could come when foreign investors finally deem the current account deficit to be out of hand. That would make the U.S. less attractive to foreign investors and depress the stock market, turning the wealth effect that has made Americans so willing to buy on credit into a bad hangover. And if Americans curtail their buying, that will kill the main engine of recent U.S. expansion, which in turn will stunt other economies, particularly Asian and Latin American countries that aim to build their...
...helped international markets shake off Brazil's latest shudder. The downside is that emerging economies are largely off the horizon of foreign portfolio managers, who feel safer on Wall Street no matter how giddy its prices. As Naim notes, Amazon.com now has a market capitalization that exceeds the entire stock market of Argentina...