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Global Macro Shifts: Trade and Taxes in a World with Borders

Author: Dr. Michael Hasenstab, Executive Vice President, Portfolio Manager, Chief Investment Officer, Templeton Global Macro

Date: May 2017

US House Republicans’ proposed tax cuts may help provide an important long-term boost to US economic growth, although offsets to the revenue lost from these tax cuts are still unclear. One possibility that has been discussed in previous GOP proposals is a form of a value-added tax, which most countries already have.

Templeton Global Macro examines this policy option and its likely impact on:

  • Prices and exchange rates
  • Longer-term macroeconomic outlook
  • Different domestic sectors and trade flows
  • International trade relations

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Topic Papers

DateTitleFormat
August 2017

Global Investment Committee Allocation Views

Major themes that frame our tactical asset allocation as at 1 August 2017: continued global growth, inflationary pressures and business cycle remains positive.
PDF
July 2017

Global Investment Committee Allocation Views

Major themes that frame our tactical asset allocation as at 5 July 2017: continued global growth, inflationary pressures and business cycle remains positive.
PDF
June 2017

Global Investment Committee Allocation Views

Major themes that frame our tactical asset allocation as at June 1, 2017: synchronized global growth, inflationary pressures and the business cycle remains positive.
PDF
May 2017

Global Macro Shifts: Trade and Taxes in a World with Borders

Templeton Global Macro examines the possibility of a value-add tax and its likely impact on prices and exchange rates, longer-term macroeconomic outlook, different domestic sectors and trade flows, and International trade relations.
Summary
May 2017

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
PDF
April 2017

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
PDF
March 2017

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
PDF
February 2017

Global Investment Committee Absolute Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’Uneven global growth and low government bond yields drive our search for defensive investments.
PDF
February 2017

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
PDF
January 2016

Global Investment Committee Absolute Return Allocation Views

FT Solutions’ monthly view on key investment themes, which can be expressed in a variety of portfolios that FT Solutions offer to clients. This month: Modest global growth; elevated global equity valuations and low global government bond yields drive our search for defensive investments.
PDF
January 2017

Global Macro Shifts: Latin America – The Rise and Fall of Populism

This issue of Global Macro Shifts believes Latin America’s experience with populism has important lessons and warnings for the developed world at a time when orthodox economic policymaking appears to be at risk of falling out of favor.
PDF
January 2017

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
PDF
December 2016

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
PDF
November 2016

Global Investment Committee Absolute Return Allocation Views

FT Solutions’ monthly view on key investment themes, which can be expressed in a variety of portfolios that FT Solutions offer to clients. This month: Modest global growth; elevated global equity valuations and low global government bond yields drive our search for defensive investments.
PDF
November 2016

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
PDF
October 2016

Global Investment Committee Absolute Return Allocation Views

FT Solutions’ monthly view on key investment themes, which can be expressed in a variety of portfolios that FT Solutions offer to clients. This month: Modest global growth; elevated global equity valuations and low global government bond yields drive our search for defensive investments.
PDF
October 2016

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
PDF
September 2016

Global Investment Committee Absolute Return Allocation Views

FT Solutions’ monthly view on key investment themes, which can be expressed in a variety of portfolios that FT Solutions offer to clients. This month: Comparative economic growth and divergent outlook for monetary policy support long exposure to the Norwegian Krone.
PDF
September 2016

Global Investment Committee Allocation Views

This monthly publication details the FT Solutions Global Investment Committee’s viewpoints on multiple global equity, fixed income and alternative asset classes that drive the asset allocation decisions for FT Solutions-managed portfolios.
PDF

 

Archive

DateTitleFormat
June 2016

Global Macro Shifts: Emerging Markets: Mapping the Opportunities

This issue of Global Macro Shifts argues that the key to successful investment in emerging markets lies in distinguishing the more resilient markets from the more vulnerable ones.
Summary
February 2016

Global Macro Shifts: Inflation: Dead, or Just Forgotten?

In this edition of Global Macro Shifts, Templeton Global Macro team provides compelling evidence that challenges widespread fears of deflation across the global economy.
Summary
November 2015

Global Macro Shifts: Japan: The Quest for Growth and Inflation

This edition of Global Macro Shifts takes a fresh look at Japan, breaking down the factors that have brought Japan to a crossroads and the obstacles the economy still faces.
Summary
July 2015

Global Macro Shifts: China: Searching for a New Equilibrium

This edition of Global Macro Shifts provides an in-depth look at the challenges and opportunities China faces as it continues to grow.
Summary
May 2015

Medical Malpractice Insurers Analyzing Liabilities First

How medical malpractice insurance providers can improve the efficacy of their investments on both the liability and asset sides of the balance sheet.
PDF
February 2015

Global Macro Shifts: Global Growth: Headwinds or Tailwinds

This edition of Global Macro Shifts provides a counterpoint to recent pessimistic forecasts for global growth.
PDF