In this report, Benn Steil shows that the financial crisis is the inevitable bust of a classic credit boom, and explains how monetary, taxation, and home ownership promotion policy combined with other features of the financial system to fuel an unsustainable buildup in debt. He recommends significant reforms to reverse the debt financing bias and make the system more resilient to falls in asset prices. This report is also available in Arabic.

As the economic crisis has spread from financial markets to real economies in countries around the world, governments have understandably focused on short-term measures to contain the damage. But in order for policymakers to tackle today’s global economic crisis, this report argues, they must go beyond bailouts and stimulus packages and focus on one of the crisis's root causes: imbalances between savings and investment in major countries. This report is also available in Arabic.

This report looks at Russia's rise as an energy power, analyzing its control of supplies and delivery systems and its investments in energy infrastructure across Europe, as well as questions about the potential of its production, recognizing that European dependence on Russian energy will be a reality well into the future and that Europe can increase its energy security only by working with--not against--Russia.

North Korea has long been a serious concern to Washington. Now, with President Kim Jong-Il reportedly in bad health and possibly naming a successor, the United States must consider possible outcomes should the situation deteriorate and the current North Korean government collapse. This report examines the challenges that these scenarios would pose--ranging from securing Pyongyang's nuclear arsenal to providing humanitarian assistance--in the context of the interests of the United States and others in its valuable recommendations.

This report comprehensively analyzes Ukraine's difficulties, related to both domestic conditions and foreign policy, and recommends ways for the United States to encourage Ukraine on a path of stability and integration with the West.

This report lays out a thoughtful agenda for U.S. policy toward the Democratic Republic of Congo, arguing that what happens there should matter to the United States—for humanitarian reasons as well as economic and strategic ones.

Unlike during the Cold War, the threat of nuclear attack now comes from rogue states that receive their weapons from sovereign nations. In this report, Michael A. Levi outlines how to discourage those nations from giving their nuclear technologies to terrorists, how to prevent accidental transfers, and the role that nuclear attribution plays in contemporary proliferation.

In this report, Bruce W. MacDonald illuminates the strategic landscape of military space competition between the United States and China and highlights the dangers and opportunities the United States confronts in space.

The rise in China's trade surplus, the increase in oil prices, and a slowdown in demand for U.S. assets from private investors abroad has increased the United States' reliance on foreign governments for financing. This report examines whether the United States' ability to secure large quantities of external financing from foreign governments is a reflection of its political power, a constraint on its ability to exercise power, or a combination of the two.

This report outlines the nature of the challenges in Pakistan's tribal areas, formulates strategies for addressing those challenges, and distills the strategies into realistic policy proposals worthy of consideration by the incoming administration.

This report analyzes the debate over U.S. use of assurances against torture, explaining the contexts in which they are used, how they can be conveyed, and what they can contain, and recommends a number of ways to respond to criticism so that the United States can continue using assurances.

In the past three years, many countries have adopted or expanded regimes to review inward foreign direct investment (FDI) for either national or economic security purposes, reducing the quantity and quality of global FDI flows. The policy recommendations in this report aim to correct this protectionist drift by proposing guidelines for how countries can better regulate FDI yet still reap its economic benefits.

In this Council Special Report, Mona Yacoubian and Scott Lasensky make a strong case that the Bush administration’s policy of diplomatic isolation of Syria is not serving U.S. interests, and offer informed history and thoughtful analysis of the country and its external behavior. This report is also available in Italian.

Connections between climate change and national security are receiving unprecedented attention from policymakers and analysts. Joshua W. Busby moves the discussion from broad assessments of the links between climate and security to a plan for action. This report is also available in Chinese.

Since 2000, President Robert Mugabe’s refusal to tolerate challenges to his power has led him to systematically dismantle the workings of Zimbabwe’s economic and political systems, replacing them with structures of corruption, intimidation, and repression. Michelle D. Gavin surveys the current situation in Zimbabwe, identifying current structural and legal impediments to economic and political recovery.

A flexible labor market and an open economy are crucial to economic competitiveness, but can sometimes cause prime-aged and older workers to suffer large, long-term income losses. This report explains why existing government programs, which emphasize retraining and insurance for short-term job loss, don't assuage workers' fears about globalization. It also proposes a shift of resources from existing programs to wage insurance.

With IMF Managing Director Rodrigo de Rato resigning in October, a new report analyzes the reform measures that will be bequeathed to Mr. de Rato's successor, and argues that the reform measures deserve the support of the United States, including the U.S. Congress when it is asked to implement some of the key measures.

This report examines the contributions that an expanded use of nuclear energy can make to improving energy security and reducing global warming while balancing these benefits against the risks and lingering questions over nuclear energy’s safety and security.

This report describes what steps might be taken by Nigerians and the international community to avoid a breakdown of democracy, and possibly stability, in the wake of Nigeria’s April 2007 electoral contest and to tackle Nigeria’s fundamental challenges of governance, security, and development in the longer term.

This report examines the economics of illegal immigration and finds that the fiscal benefits of illegal immigration offset its costs. Further, the report finds that the flexibility provided by the illegal immigration system that benefits the U.S. economy cannot be provided by the legal immigration system.