In this Nikkei op-ed, Roger Kubarych analyzes the early challenges facing the Obama administration with regards to the economic crisis. He writes that the ugly stock market response to the Geithner plan will make it all the harder to recapitalize the U.S. financial system without taxpayers footing the bill.
Speakers: William H. Donaldson, Stephen Friedman, and Ernest Patrikis Presider: John Gapper
A Council on Foreign Relations meeting discussing the possibility of rethinking financial market regulation to avoid cycles of boom and bust. This meeting is part of the McKinsey Executive Roundtable Series in International Economics.
The U.S. Treasury's refusal to save Lehman Brothers suggests its willingness to assume risk to protect private institutions may be at an end. If so, what are the broader implications for global markets and the U.S. economy?
One year ago, with spectacular timing, a Wall Streeter named Richard Bookstaber published a book on financial engineering. He called it "A Demon of Our Own Design," and his argument was that a new breed of "quants" had created a system too complex to be manageable. In this Washington Post op-ed, Sebastian Mallaby agrees with Dr. Bookstaber that—in the wake of Bear Stearns—modern financial engineering has become harder to defend.
Investment has grown rapidly in China in recent years, reaching more than 40 percent of GDP. Despite good progress on bank and enterprise reforms, this paper from the IMF argues that weaknesses remain that could contribute to inefficient investment decisions, and that the regulation of state lending to state-owned companies needs to be reformed further if productive investment is to be maintained.
Four former chairmen of the U.S. Securities and Exchange Commission have welcomed ongoing moves toward greater global convergence on market regulatory standards, saying they are key to the success of U.S. investors.
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.
The authors argue that it is essential to begin working now to expand and establish rules and norms governing armed drones, thereby creating standards of behavior that other countries will be more likely to follow.
The author examines Pakistan's complex role in U.S. foreign policy and advocates for a two-pronged approach that works to quarantine threats while integrating Pakistan into the broader U.S. agenda in Asia.
Learn more about CFR’s mission and its work over the past year in the 2014 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »