Benn Steil’s op-ed in the March 30 edition of the Wall Street Journal, co-authored with Emma Smith, looks at presidential campaign charges that China is engaged in “currency manipulation” to boost net exports. They show that the aims of China’s pegged exchange rate regime have varied over the past two decades, and have not always been mercantilist. In recent months, with capital flowing out of China at a prodigious rate, its interventions have been to keep its currency up—not down. Launching a trade war with China over currency management, as Donald Trump and Bernie Sanders intend, would therefore be nonsensical—as well as damaging to U.S. interests.
The government of India filed suit on March 3 in the World Trade Organization (WTO) seeking to overturn a new U.S. tax on high-skilled migrants that India says discriminates against its citizens and would damage some of its most successful companies. The case marks the first time that a country's immigration laws have been challenged using the rules of a trade agreement, writes CFR’s Edward Alden.
Volatile food prices have become a frequent feature of the global economy. The Maurice R. Greenberg Center for Geoeconomic Studies and the International Institutions and Global Governance program at the Council on Foreign Relations convened a score of experts to examine the consequences of past, and future, spikes in global food prices.
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.
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