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.
Speaker: Justin Yifu Lin Presider: Harry G. Broadman
Justin Yifu Lin discusses how stimulus measures may be applied to boost global demand, taking into account the challenges such efforts face in poor nations, emerging economies, and wealthy countries alike.
CFR's Brad Setser examines U.S. Treasury Secretary Timothy Geithner's statements about the need to rebalance China's economic relations with the United States and says China shouldn't be overly concerned about the risks of U.S. inflation.
Listen to experts discuss how the Euro has impacted the economies of member countries during the last ten years, and the complexities of navigating monetary policy amongst differing national interests.
This session was part of the 2009 International Affairs Fellows Conference.
Benn Steil argues that Keynes's General Theory demonstrably misapprehends the nature of money and the monetary system, and that shorn of its theoretical foundation, "fiscal stimulus" cannot be considered a harmless remedy.
The scale of financing needed to support the U.S. fiscal deficit—together with the Federal Reserve’s policy of keeping U.S. interest rates low to ward off deflation—has revived concerns about a sudden and sharp depreciation of the U.S. dollar. This Center for Preventive Action Contingency Planning Memorandum by Brad W. Setser examines potential triggers and indicators of such a crisis and posits concrete policy options to limit U.S. vulnerability to the possibility of a plummeting dollar.
Listen to Benn Steil, senior fellow and director of international economics at CFR, discuss his new book, Money, Markets, and Sovereignty, which he coauthored with Manuel Hinds, former finance mininster of El Salvador.
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.