Hugo Erken works as a senior economist at RaboResearch Global Economics & Markets.
He is a country analyst for the US, Canada, Mexico, India and a number of other South Asian countries. In addition, he works on economic forecasting, scenario analysis and a wide range of macro-economic topics, with a special interest in the labour market and productivity. Previously, Hugo was an analyst for China, the euro area, Germany and France.
Hugo graduated in International Economics at Radboud University Nijmegen and wrote his PhD dissertation on Productivity, R&D and Entrepreneurship at the Erasmus University Rotterdam. Previously, Hugo has worked for the Dutch Ministry of Economic Affairs, the Dutch Ministry of Social Affairs and Employment, and the CPB Netherlands Bureau for Economic Policy Analysis.
Special
The US had announced USD 50bn of tariffs on Chinese exports and China has responded with a matching USD 50bn of tariffs on US exports. But the US has now raised the ante with a further unspecified USD 200bn of tariffs on Chinese goods - and the threat of a further USD 200bn if China responds again in kind. What is the possible impact and what might happen next?
Special
The macroeconomic impact of the recently announced tit-for-tat trade-restrictive measures by the NAFTA partners and the EU deviates to a substantial degree between the parties involved, with the smaller ones getting the worst of it. This suggests that trade wars favour bigger economies like the US and EU.
Special
Scenario analyses shows that a surge in oil prices results in a global economic loss of 0.4ppts-0.9ppts between 2018 and 2022. The economic impact, however, is very unevenly distributed among countries. We distinguish three groups: the vulnerable ones, the lucky ones, and the uncomfortable ones.
Economic Comment
Vrijdag 1 juni zijn Amerikaanse importtarieven van 25 en 10 procent ingegaan op respectievelijk staal en aluminium afkomstig uit de EU, Canada en Mexico. Het risico is echter groot dat de maatregelen een opmaat vormen naar een trans-Atlantische handelsoorlog.
Special Dutch version
In this publication we look at three different indications pointing at increasing US recessionary risks. Our treasury yield curve model suggests a 27% probability of a recession in the 17-month window. This probability is much higher than the recession expectation of the NY Fed.
Economic Comment
What are the similarities between trade wars, capital flight from emerging markets caused by an acceleration of the Fed tightening cycle and… Formula One?
Special
US trade and monetary policy will have a substantial effect on the Indian economy. We calculate a Indian capital flows model to assess the impact of an acceleration of the Fed’s tightening cycle. Our results show that India would lose USD 22bn in missed capital inflows up to 2022.
Economic Comment
The EU is temporarily exempted from the steel and aluminium tariffs in the US. While seeking permanent exemption, it might be difficult for the EU to increase defence spending to the satisfaction of the US, due to the possibly massive costs involved.
Economic Comment
De spanningen lopen verder op nu Trump China op de korrel neemt. De EU heeft juist een ontheffing gekregen op hogere tarieven. De ontheffing is echter tijdelijk. Hoe gaat het nu verder? En welke sectoren lopen het meeste risico als spanningen escaleren?