Robert Kahn argues that the West should be ready to impose more robust economic sanctions against Russia, in order to deter it from further infiltrating or destabilizing Ukraine. Russia's economic complexity means sanctions would meaningfully reduce Russian wealth and growth, since Russian oligarchs and business leaders have significant financial stakes in the West.
Though strategists have long feared that China's quest for natural resources would lead to ever-higher prices, a breakdown in trade, and perhaps even wars, Elizabeth Economy and Michael Levi write that a stunning WTO rebuke of Chinese exports restrictions shows that the global system is far more resilient than the worriers have claimed.
Benn Steil's latest op-ed in the Wall Street Journal, co-authored with Dinah Walker, explains why the ECB's anticipated foray into more aggressive monetary stimulus next week won't have any significant effect on the availability and cost of private-sector credit. The ECB believes that its ongoing bank stress tests will help revive the eurozone's moribund banking industry, but we argue that the tests are counterproductive without a mechanism in place to assure sufficient recapitalization of banks that fall short—as there was in the United States in 2009.
In his testimony before the House Committee on Foreign Affairs, Michael A. Levi argues that as the crisis in Ukraine continues and the United States seeks new leverage against Russia, the United States should allow energy exports but be modest about what they can accomplish.
Though calls are mounting for the United States to help free Europe from Russian influence by exporting shale gas, Michael Levi writes the most useful thing that Europe could import is not American gas itself but the open economic model that has enabled the U.S. natural gas industry to thrive.
As Russian officials on Thursday announced new military operations in several regions near the Ukrainian border, it becomes clear that the country isn't just dealing with a political crisis. Its economy is also in jeopardy.
Benn Steil and Dinah Walker argue that the ECB's bank stress tests will roil rather than calm markets if recapitalization funds are not set aside in advance, as they were in the case of the highly successful U.S. tests in 2009.
Peter R. Orszag argues that new legislation giving health-care providers full responsibility for patient care, costs, and outcomes is an encouraging step toward increasing the quality of care supplied per Medicare dollar spent.
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 administrationís 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 todayís 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