Economics

Op-Ed

How Fed Policy Roils Emerging Markets

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil's latest op-ed in the Wall Street Journal, co-authored with Dinah Walker, shows that developing countries running large current account deficits have seen their economies whipsawed by volatile capital flows triggered by unconventional monetary policy at the Fed and elsewhere in the developed world. The clear lesson for such countries is that they should pursue policies which constitute "currency manipulation" in Washington, thereby setting the stage for rising global trade tensions.

See more in United States; Financial Markets; International Finance

Must Read

FT: The Scandal at the Vatican Bank

Author: Rachel Sanderson

"After a decade of paedophilia scandals, the allegations of financial impropriety seemed set to unleash another storm of criticism and had to be addressed. Outside auditors as well as financial risk consultants were already coming into the Vatican but the arrest of Scarano made the case for reform unavoidable. "We cannot have any more scandal. It is so shameful," a senior member of the Vatican's financial administration said."

See more in Holy See/Vatican; Banks and Banking

Ask CFR Experts

What action, if any, should be taken by outside actors to support reform in Myanmar?

Asked by Talee
Author: Joshua Kurlantzick

Despite impressive changes over the past three years, Myanmar (or Burma) now faces growing insecurity and rising disappointment among citizens that reform has not brought higher standards of living. Interethnic and interreligious unrest now threaten to halt reforms altogether, depress much-needed investment, and could even lead to broader regional tensions.

Read full answer

See more in Burma/Myanmar; Peace, Conflict, and Human Rights; Economics

Must Read

Project Syndicate: An Agenda to Save the Euro

Author: Joseph E. Stiglitz

"If the eurozone adopts the program outlined above, there should be no need for Germany to pick up any tab. But under the perverse policies that Europe has adopted, one debt restructuring has been followed by another. If Germany and the other northern European countries continue to insist on pursuing current policies, they, together with their southern neighbors, will wind up paying a high price."

See more in Europe; Financial Crises

Video

Europe 2014: An Outlook from the ECB

Speaker: Jörg Asmussen
Presider: Steve Liesman

Jörg Asmussen reflects on the European Central Bank's role in overcoming the eurozone crisis and the economic challenges for Europe ahead in 2014.

See more in Europe; Economics