Robert Kahn testified before the Senate Committee on Foreign Relations, describing the crisis risks generated by persistently low oil and gas prices. He argued that the risks are especially acute for energy exporters such as Venezuela and Nigeria, and that such countries need sizable policy adjustments in the immediate future.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the International Monetary Fund (IMF) deserves credit for effectively responding to the global and European financial crises. However, the institution will face different and potentially more difficult challenges in the next five years as it struggles to come to terms with a changing international power order and lending rules that are not well suited to address future crises.
Max Boot and Benn Steil argue that a Trump presidency would undermine the liberal international order which the United States painstakingly constructed and cultivated after the Second World War. This would, they believe, gravely damage America’s security and standing in the world.
In the next five years, the International Monetary Fund (IMF) will face new challenges as it struggles to come to terms with a rapidly changing global marketplace and with lending rules poorly suited for the crises the institution will likely face. These challenges will force the IMF to scrutinize and adjust its lending rules. A broader issue is also at play: financial markets are becoming bigger more quickly than the institution’s resources are, and IMF rescue alone may be insufficient in the future . How the financing burden is shared with other official creditors will help determine whether the fund is an effective leader of the global effort to prevent and resolve economic crises in the coming decades.
What will China’s economic slowdown mean for the globe? The Maurice R. Greenberg Center for Geoeconomic Studies and the Asia Studies program at the Council on Foreign Relations convened a group of experts in economics, finance, government, political science, and military affairs to find out.
U.S. leaders still haven't quite figured out the right formula for the greatest geopolitical challenge facing the United States this century: managing China's rise. But that may have changed Monday, when President Barack Obama welcomed leaders from the 10 member countries of the Association of Southeast Asian Nations for a two-day summit at Sunnylands in California, the so-called Camp David of the West.
Today, nations increasingly carry out geopolitical combat through economic methods, but United States still too often reaches for the gun over the purse to advance its interests abroad. In Geoeconomics and Statecraft, Robert Blackwill and Jennifer Harris show that geoeconomic warfare requires a new vision of U.S. statecraft.
The United States is not the only place possessed by populism, and this week the results from Iowa coincided with a new lurch toward the gutter in formerly sane Britain. The country once governed by Bill Clinton-imitating centrists is now beset by its own version of Trump-Cruzery: a xenophobic nativism that would divorce Britain from Europe in defiance of ordinary good sense.
The special exemptions for tobacco products in the TPP trade deal say less about cross-border investment rules generally, and more about the unique nature of tobacco under U.S. and international law, writes CFR's Thomas Bollyky.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the idea of capital control is less radical than it seems; although comprehensive liberalization is theoretically the ideal option, capital controls may be China’s best chance to end the panic roiling global markets.
Benn Steil and Emma Smith’s article explains the difference between using rate hikes and balance-sheet reductions to tighten monetary policy and shows why Richard Koo is mistaken in arguing for the Fed to do the latter.
In Market Madness, Blake C. Clayton shows that predictions of dwindling oil supplies and a rise in prices have been empirically proven incorrect. Technological advances and geopolitical shifts have repeatedly prompted sudden, severe drops in oil prices—exactly like the one we are experiencing today.
In By All Means Necessary, Elizabeth C. Economy and Michael Levi explore the unrivaled expansion of the Chinese economy. China is now engaged in a far-flung quest, hunting around the world for resources, and deploying whatever it needs in the economic, political, and military spheres to secure them. More
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