Greenberg Center for Geoeconomic Studies Publications Archive

Book Market Madness

Market Madness

Author: Blake Clayton

CFR adjunct fellow Blake Clayton draws on a century's worth of statistical data to offer a revolutionary new look at volatility and crisis in oil markets. Clayton explores the conditions in which oil supply fears arise, gain popularity, and eventually wane, and demonstrates the significant effects these stories have on financial markets.

See more in Global; Financial Markets; Oil

Op-Ed

Obama Should Push to Give Workers a Stake

Author: Peter R. Orszag
Bloomberg View

Here's a good idea that I'd like to see prominent in President Barack Obama's State of the Union speech tonight: shared capitalism. That is, stock-ownership plans or simple profit-sharing schemes for corporate employees. These plans have been shown to effectively align workers' incentives with those of the company's equity owners, but they have not received much attention lately.

See more in United States; Presidents and Chiefs of State

Op-Ed

Match Workers to Jobs

Authors: Edward Alden and Robert Maxim
The Hill

The United States once had the world’s most efficient market for matching willing workers with available jobs. As recently as 2000, scarcely one-in-ten unemployed workers had been out of a job for more than six months, compared with more than half of unemployed workers in the major European nations.

See more in United States; Labor

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.

See more in United States; Financial Crises

Op-Ed

A New Direction for Global Health

Authors: Mitchell E. Daniels Jr., Thomas E. Donilon, and Thomas J. Bollyky
Project Syndicate
Dramatic changes in urbanization, global trade, and consumer markets – which occurred over decades in wealthy countries – are happening at a faster rate, and at a much larger scale, in still-poor countries. These trends have brought substantial health benefits, but have given rise to significant challenges as well.

See more in Global; Health

Other Report Spillovers From Falling Oil Prices: Risks to Mexico and the United States

Spillovers From Falling Oil Prices: Risks to Mexico and the United States

Authors: Michael A. Levi, Alexandra Mahler-Haug, and Shannon K. O'Neil

U.S. policymakers who worry about the impact of energy developments on geopolitics typically think of high oil prices as bad news and low prices as an unalloyed good. But a sustained drop in oil prices can be dangerous as well. This paper investigates Mexican vulnerability to falling oil prices—and spillovers to the United States—to show how troublesome such a development might be.

See more in Mexico; Oil; Budget, Debt, and Deficits

Op-Ed

Europe’s Dodgy Bank Stress Tests

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil and Dinah Walker analyze the market reaction to the publication of the European Central Bank's long-awaited bank stress test results. The ECB's coddling of stress-tested banks — through the use of inflated inflation estimates and generous treatment of tax offsets against future profits which may never arise — precipitated a sell-off of bank stocks in a period when broad European indexes were up significantly. Unlike with the successful 2009 U.S. stress tests, there is no credible backstop of public funds available for Eurozone bank recapitalization, which would account for the ECB's reluctance to draw attention to the sector's undercapitalization.

 

See more in Europe; Banks and Banking

Article

NCDs and an Outcome-Based Approach to Global Health

Authors: Thomas J. Bollyky, Ezekiel Emanuel, Eric Goosby, David Satcher, Donna E. Shalala, and Tommy Thompson
The Lancet

Once thought to challenge only affluent countries, cardiovascular disease, cancer, diabetes, and other non-communicable diseases (NCDs) are now the leading cause of death and disability in low-income and middle-income countries. International efforts should focus on specific NCDs and risk factors that are prevalent in poor working-age (younger than 60 years) people in low-income and middle-income countries, and for which there are low-cost interventions that can be integrated with existing global health platforms.

See more in Global; Health

Op-Ed

Why the World Missed the Oil Price Crash

Author: Michael A. Levi
The Washington Post

The recent oil price crash came as a surprise to many observers due to several critical misconceptions about oil markets, writes Michael Levi. As for prices going forward, “only the reckless would bet with any confidence on one particular outcome.”

See more in Global; Oil