Bottom Line: In the face of uncertain capital flows, an international network of swap lines would help to ensure adequate liquidity and act as a significant enhancement of the global financial safety…

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that China's growth prospect lies somewhere between hard-landing and muddle-through scenarios. However, uncertainty remains and is already being felt strongly and likely to put increasing pressure on emerging markets through trade contraction and financial contagion. For the United States, fragility in emerging markets is the critical risk and will dominate economic decision-making for months if not years to come.

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.

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn discusses the relationship between labor market data, inflation, and U.S. monetary policy.