Economics

Foreign Affairs Article

Iceland's Saga

Author: Ólafur Ragnar Grímsson

By all rights, Iceland -- a remote Arctic island inhabited by just 320,000 people -- should be a forgotten backwater. And for most of its history, it was.

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Foreign Affairs Article

Blind Oracle

Author: Richard Katz

In his recent essay "Never Saw It Coming" (November/December 2013), Alan Greenspan makes two central arguments: first, that virtually no one foresaw the 2008 U.S. financial crisis and, second, that irrational "animal spirits" were the root cause.

See more in United States; Financial Crises

Video

Stalled by Winter Weather, Economic Growth Projected to Regain Momentum

Speakers: Lewis Alexander, Takatoshi Ito, and Vincent Reinhart
Presider: Sebastian Mallaby

Harsh winter weather appears to have dealt the global economic recovery a temporary setback, but growth is projected to pick up again later this year. Nomura's Lewis Alexander, Takatoshi Ito from the University of Tokyo, and Vincent Reinhart of Morgan Stanley discuss the current state of the global economy with CFR's Sebastian Mallaby.

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Audio

Stalled by Winter Weather, Economic Growth Projected to Regain Momentum

Speakers: Lewis Alexander, Takatoshi Ito, and Vincent Reinhart
Presider: Sebastian Mallaby

Harsh winter weather appears to have dealt the global economic recovery a temporary setback, but growth is projected to pick up again later this year. Nomura's Lewis Alexander, Takatoshi Ito from the University of Tokyo, and Vincent Reinhart of Morgan Stanley discuss the current state of the global economy with CFR's Sebastian Mallaby.

See more in Global; Economics

Must Read

NYT: Nobel Winner’s Frank Advice to China’s Leadership

Author: Jonathan Schlefer

"While Mr. Spence has come away impressed with how 'curious and open' Chinese officials are, he also doesn't mince words about how serious China's problems are. With the global economy increasingly dependent on China, the danger is that the nation is 'on a collision course with its own growth model,' he said in an interview."

See more in China; Economics

Must Read

Project Syndicate: China’s Risky Reforms

Authors: Ian Bremmer and David Gordon

"For outsiders, the reform process also poses risks that extend well beyond the global economic fallout of a sharp Chinese slowdown. The country's neighbors, particularly Japan, have the most to fear. If reforms become broadly unpopular or expose dangerous divisions within the leadership, the government will have good reason to divert public attention from controversies at home by picking fights abroad."

See more in China; Economics

Must Read

Financial Times: Courts, Voters and the Threat of Another Euro Crisis

Author: Gideon Rachman

"Two of the most respected institutions in Germany, the Bundesbank and the constitutional court, are now on record as registering profound objections to the policies underpinning the euro.

As long as the German economy is strong, such laments are unlikely to churn up mainstream German politics. But when things get tough, as they inevitably will at some point, the intellectual groundwork has been laid for a "stab-in-the-back" theory that will explain Germany's problems by reference to the illegal and improvident acts of the European institutions."

See more in Europe; Economics; Politics and Strategy

Primary Sources

Federal Reserve Chair Semiannual Monetary Policy Report to the Congress

These semiannual reports and testimony are required by the Federal Reserve Act and are submitted to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services. The Monetary Policy report and related testimony are the Federal Reserve's analysis of "the conduct of monetary policy and economic developments and prospects for the future."

See more in United States; Financial Crises; Monetary Policy

Must Read

Brookings Essay: Monnet's Brandy and Europe's Fate

Author: Strobe Talbott

"Monnet is once again exerting his influence, this time from beyond the grave. The crisis in the eurozone has focused minds in key capitals on cobbling together institutional measures of the sort that he believed were necessary for monetary union. As a result, his vision of a united Europe may well survive and, over time, succeed."

See more in Europe; Economics

Transcript

Fueling the Chinese Economy

Speakers: Elizabeth C. Economy and Michael A. Levi
Presider: James M. Lindsay

China's growing demand for natural resources has been a boon for commodity producers, but it has also raised concerns about its effects on the global economy. Following the publication of their new book, By All Means Necessary: How China's Resource Quest is Changing the World, CFR Fellows Elizabeth C. Economy and Michael Levi join CFR's Director of Studies James M. Lindsay to discuss some of their findings.

See more in China; Economics

Transcript

Can Bitcoin Go Mainstream?

Speaker: Gavin Andresen
Presider: Douglas A. Rediker

Despite being criticized by many economists as being inherently deflationary and eyed with suspicion by government financial regulators, Bitcoin continues to grow in popularity. Gavin Andresen from the Bitcoin Foundation and Douglas Rediker of the Petersen Institute of International Economics discuss what Bitcoin is and where it is headed in the future.

See more in Global; Economics; Technology and Science

Must Read

Project Syndicate: Death by Finance

Author: Dani Rodrik

"This is not the first time that developing countries have been hit hard by abrupt mood swings in global financial markets. The surprise is that we are surprised. Economists, in particular, should have learned a few fundamental lessons long ago."

See more in Global; Financial Markets

Video

Can Bitcoin Go Mainstream?

Speaker: Gavin Andresen
Presider: Douglas A. Rediker

Despite being criticized by many economists as being inherently deflationary and eyed with suspicion by government financial regulators, Bitcoin continues to grow in popularity. Gavin Andresen from the Bitcoin Foundation and Douglas Rediker of the Petersen Institute of International Economics discuss what Bitcoin is and where it is headed in the future.

See more in Global; Economics; Technology and Science