The WHO’s tobacco treaty in 2005 was hailed as a crucial tool for controlling one of the world’s most lethal substances and as a model for confronting other global health problems. Ten years later it is a qualified success, write CFR’s Thomas J. Bollyky and David P. Fidler.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that with sovereign debt woes in Greece and Ukraine testing markets and governments, now might be the time for policymakers to rethink the architecture for resolving debt crises.
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.
While the death of King Abdullah of Saudi Arabia may not change the course of Saudi oil policy, Meghan O'Sullivan writes that interesting changes to the Kingdom's cabinet roster and other energy policies could be closer than most realize.
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.
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.
The United States needs new policies designed to help people develop the skills they need to manage economic change with greater personal security. Matthew J. Slaughter and Robert B. Zoellick lay out a jobs-policy overhaul to support innovation and adapt to changing needs.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the Russian economy is not yet facing a full-blown economic and financial crisis. An upturn in inflation and a deeper recession will be the real tests in the coming months.
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.
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.
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.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that unless Japan begins to undertake structural economic reforms, its growth will be almost entirely dependent on easy money, increasing global economic tensions in 2015.
Thanks to the spending bill that House and Senate leaders have negotiated, the federal government will avoid a shutdown. And that's great. Unfortunately, though, that’s the highest praise that can be attached to the deal.
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.
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.
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.”
In Money, Markets, and Sovereignty, the authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization. More
In The Closing of the American Border, Edward Alden goes behind the scenes to tell the story of the Bush administration’s struggle to balance security and openness in the wake of the September 11, 2001, terrorist attacks. More
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. More
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. More