A Conversation With Robert J. Shiller

Speaker: Robert J. Shiller
Presider: Peter R. Orszag
Introductory Speaker: Robert E. Rubin

Robert J. Shiller discusses the importance of economic irrationality, crowd behavior, and other elements of behavioral finance in understanding the global economy and making effective economic policy.

See more in Global; Economics

Other Report

Global Economics Monthly March 2016

Author: Robert Kahn

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the International Monetary Fund (IMF) deserves credit for effectively responding to the global and European financial crises. However, the institution will face different and potentially more difficult challenges in the next five years as it struggles to come to terms with a changing international power order and lending rules that are not well suited to address future crises.

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Foreign Affairs Article

The IMF’s Next Five Years

Author: Robert Kahn

In the next five years, the International Monetary Fund (IMF) will face new challenges as it struggles to come to terms with a rapidly changing global marketplace and with lending rules poorly suited for the crises the institution will likely face. These challenges will force the IMF to scrutinize and adjust its lending rules. A broader issue is also at play: financial markets are becoming bigger more quickly than the institution’s resources are, and IMF rescue alone may be insufficient in the future . How the financing burden is shared with other official creditors will help determine whether the fund is an effective leader of the global effort to prevent and resolve economic crises in the coming decades.


See more in Global; International Finance; International Organizations and Alliances


State Capitalism

Author: Joshua Kurlantzick

The combination of new technologies, the perceived failures of liberal economics and democracy in many developing nations, the rise of modern authoritarians, and the success of some of the best-known state capitalists have created an era ripe for state intervention. In State Capitalism, Joshua Kurlantzick ranges across the world—Brazil, China, Russia, South Africa, Thailand, Turkey, and more—and argues that the increase in state capitalism across the globe has, on balance, contributed to a decline in democracy.

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Primary Sources

Issued by the Office of Management and Budget, the Budget of the United States Government is a collection of documents that contains the budget message of the President, information about the President's budget proposals for a given fiscal year, and other budgetary publications that have been issued throughout the fiscal year. Other related and supporting budget publications, such as the Economic Report of the President, are included, which may vary from year to year.

See more in United States; Budget, Debt, and Deficits


Conservative Globalizers: Reconsidering the Rise of the Rest

Author: Miles Kahler
World Politics Review

As the most powerful emerging economies—Brazil, China, and India—slow after years of unprecedented growth, panic over their challenge to global order seems unfounded. But stalled performance does not make them irrelevant, and advanced economies should integrate them into global economic institutions, writes Miles Kahler in World Politics Review.

See more in Global; Financial Markets; Emerging Markets

News Release

New CFR Ebook Evaluates U.S. Economic Competitiveness

A new Council on Foreign Relations (CFR) ebook, How America Stacks Up: Economic Competitiveness and U.S. Policy, examines how the United States has responded to global economic competition and benchmarks the United States against other advanced economies. The ebook is an invaluable resource in the 2016 presidential election cycle for assessing the Obama administration’s economic legacy and looking at priorities for the next administration.

See more in United States; Competitiveness