Financial Crises

Foreign Affairs Article

Big Ben

Author: Adam S. Posen

The biggest revelation offered by Ben Bernanke’s memoir of his time as chair of the U.S. Federal Reserve is just how much the public, the media, and especially elected officials have misunderstood the real lessons of the 2008 financial crisis and the subsequent Great Recession—events that defined Bernanke’s tenure, which began in 2006 and ended in 2014. 

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Testimony

Energy Prices and Crisis Risks

Author: Robert Kahn

Robert Kahn testified before the Senate Committee on Foreign Relations, describing the crisis risks generated by persistently low oil and gas prices. He argued that the risks are especially acute for energy exporters such as Venezuela and Nigeria, and that such countries need sizable policy adjustments in the immediate future.

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Testimony

Greece's Euro Future and U.S. Policy

Author: Robert Kahn

In his testimony before the Senate Committee on Foreign Relations' Subcommittee on Europe and Regional Security Cooperation, Robert Kahn argues that although Greece's direct trade and financial links to the U.S. economy are small and there is less of a direct systemic threat to the United States than when the crisis began in 2009, the risks are still material.

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News Release

Kenneth Rogoff Joins CFR as Senior Fellow for Economics

Kenneth S. Rogoff, a Harvard University professor and former chief economist at the International Monetary Fund, will contribute his expertise to the Council on Foreign Relations as a senior fellow for economics in the Maurice R. Greenberg Center for Geoeconomic Studies. He will continue to be the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University. 

See more in Global; Financial Crises; Budget, Debt, and Deficits

Op-Ed

Greece’s Lesson for Ukraine: More Populism, Please

Author: Stephen Sestanovich
Wall Street Journal

Can Western governments learn anything from the Greek fiasco that will produce a better result in Ukraine?  There are countless differences between the two situations, but one big similarity should worry us: In both countries an economic crisis has begotten a political crisis, and the two have begun to feed on each other.

See more in Greece; Ukraine; Financial Crises; Politics and Strategy

Foreign Affairs Article

What Caused the Crash?

Author: Athanasios Orphanides

Crises are an inevitable outgrowth of the modern capitalist economy. So argues Martin Wolf, chief economics commentator for the Financial Times, in his authoritative account of the 2008 financial crisis. Instability reveals itself in the form of shocks; even a seemingly small deviation from the norm can set off a major crisis.

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Op-Ed

The Great Deglobalizing

Author: Joshua Kurlantzick
The Boston Globe

During a seemingly successful trip to Asia in November, Barack Obama announced several breakthroughs. Among them was a promise that the United States and Asian nations would proceed toward the Trans-Pacific Partnership, or TPP, a free-trade deal that, if enacted, would create a free trade area with a total gross domestic product of more than $27 trillion.

See more in Global; Globalization; Financial Crises

Op-Ed

How the Fed Flubbed It

Author: Sebastian Mallaby
The Atlantic

CFR Senior Fellow Sebastian Mallaby reviews economic historian Barry Eichengreen's newest book Hall of Mirrors, which argues that history should have guided U.S. and European central bankers toward better decisions during the 2008 financial crisis.

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