Sebastian Mallaby says that the Federal Reserve's recent data dump is a reminder that, two years ago, too-big-to-fail financial institutions drove the world to the brink of a 1930s-style disaster. If regulators don't break them up or otherwise restrain them, they may do worse next time.
At a time when more and more nations are resorting to capital controls and currency intervention, India shows there is another way. Sebastian Mallaby discusses India's intriguing refusal to become a currency warrior.
Published in Spiegel, this interview with German Finance Minister Schäuble provides insight into the relationship between Minister Schäuble and his American counterpart, Secretary Geithner, as well as the German position on the latest financial developments like the recent move towards quantitative easing.
GOP election gains make it less likely Congress will enact needed deficit cuts and more fiscal stimulus, and the Fed's quantitative easing plan could create new bubbles, says CFR Distinguished Visiting Fellow Peter Orszag.
The Federal Reserve's move to inject an added $600 billion into the banking system is bad policy, straining the international monetary order and U.S. credibility abroad, writes CFR's Sebastian Mallaby.
This second installment of the Capital Flows Quarterly series investigates two factors that could substantially alter the long-run value of the U.S. dollar: the dollar's reserve status and the sustainability of U.S. international debt.
By ending the yuan's peg to the U.S. dollar, China will deflect pressure over its currency policy at the upcoming G20 meeting. But tensions will persist over the pace of reform, says CFR's Steven Dunaway.
Benn Steil's article in the Spring/Summer edition of the CATO Journal argues that restraining excessive debt accumulation will require significant changes in the U.S. corporate taxation regime and the principles underlying the conduct of U.S. monetary policy.
Sebastian Mallaby argues that China's furious reaction to criticism of its exchange rate hints at vulnerabilities. While China's autocratic system was good at quickly delivering a stimulus, it is not so good at tackling trickier structural challenges such as revamping its currency policy.
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 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.