Greenberg Center for Geoeconomic Studies Publications Archive
Benn Steil's essay in the July/August issue of Foreign Affairs looks at the international consequences of U.S. monetary policy action. He argues that developing-nation governments are coming to see the need for engineering current-account surpluses and large dollar-reserve stockpiles as a means of insulating themselves against Fed-induced capital-flow whiplash. As this amounts to "currency manipulation" in the eyes of U.S. policymakers, trade tensions are apt to grow.
See more in Ukraine; United States; Monetary Policy; International Finance
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.
See more in Russia and Central Asia; Sanctions
FDR Treasury official Harry Dexter White was the leading architect of the Bretton Woods international monetary and financial system. But he was also a vital agent for Soviet intelligence in the 1930s and '40s. This article brings to bear startling new archival evidence to illuminate his motives.
See more in Intelligence; History and Theory of International Relations; Russian Federation; United States
Edward Alden discusses the struggle to overcome the legacy of the 1986 Immigration Reform and Control Act and argues that increases in border enforcement over the past thirty years may be the strongest argument for why immigration reform in 2013 would not be a repeat of 1986.
See more in Mexico; Immigration; Migration; United States
If the eurozone splinters, it will have been an avoidable disaster.
See more in EU; Financial Crises; Germany
The main health threat in developing states today is not plagues or parasites but illnesses such as cancer and diabetes, noncommunicable diseases long associated with the rich world.
See more in Diseases, Noncommunicable; Global
China seems to want the yuan to dethrone the dollar as the global reserve currency. But don't expect China's currency to take over anytime soon.
See more in China; Monetary Policy
Washington claims that the country's borders are more secure than ever, but the truth is that no one knows for sure.
See more in United States; Border and Port Security
The United States' fiscal future depends on whether the country can limit health-care costs.
See more in United States; Health Policy and Initiatives
As the Zambian economist Dambisa Moyo argues, the concept of foreign aid is ﬂawed -- not just because corrupt dictators divert aid for nefarious or selﬁsh purposes but also because even in reasonably democratic countries, aid creates perverse incentives and unintended consequences.
See more in United States; Foreign Aid
Sebastian Mallaby's update to his January/February 2007 essay "Hands Off Hedge Funds."
See more in United States; Business and Foreign Policy
Globalization has brought huge overall benefits, but earnings for most U.S. workers -- even those with college degrees -- have been falling recently; inequality is greater now than at any other time in the last 70 years. Whatever the cause, the result has been a surge in protectionism. To save globalization, policymakers must spread its gains more widely. The best way to do that is by redistributing income.
See more in United States; Globalization; Labor
Global financial instability has sparked a surge in "monetary nationalism" -- the idea that countries must make and control their own currencies. But globalization and monetary nationalism are a dangerous combination, a cause of financial crises and geopolitical tension. The world needs to abandon unwanted currencies, replacing them with dollars, euros, and multinational currencies as yet unborn.
See more in International Finance
The massive growth of hedge funds has sparked warnings of instability and demands that the industry be regulated. But the fear of hedge funds is overblown, based on a misunderstanding of their role in the international financial system. In reality, hedge funds do not increase risk; they manage it -- and policymakers, rather than clamping down, should make sure hedge funds have the tools to perform this function well.
See more in Emerging Markets
See more in Trade; International Organizations and Alliances
See more in Global; Trade
See more in Global; Immigration
See more in Fragile or Failed States; United States
See more in Global Governance
The debate over whether two giant U.S. banks should be "nationalized" has stoked new debate over when, and how, the government should intervene in financial markets.
See more in United States; Financial Crises