376 Results for:

January 21, 2015

Financial Markets
Quarterly Update: Foreign Ownership of U.S. Assets

Foreign ownership of U.S. assets has increased significantly since 1945, growing especially quickly over the past two decades. This growth is the result of a general increase in cross-border investme…

July 15, 2014

Wars and Conflict
Trends in U.S. Military Spending

Military budgets are only one gauge of military power. A given financial commitment may be adequate or inadequate depending on the number and capability of a nation's adversaries, how well a country …

July 2, 2015

Europe and Eurasia
Greece Fallout: Italy and Spain Have Funded a Massive Backdoor Bailout of French Banks Greece Fallout: Italy and Spain Have Funded a Massive Backdoor Bailout of French Banks

In March 2010, two months before the announcement of the first Greek bailout, European banks had €134 billion worth of claims on Greece.  French banks, as shown in the right-hand figure above, had…

June 24, 2015

Europe and Eurasia
A Full Greek IMF-Debt Default Would Be Four Times All Previous Defaults Combined A Full Greek IMF-Debt Default Would Be Four Times All Previous Defaults Combined

Since the IMF’s launch in 1946, 27 countries have had overdue financial obligations of 6 months or more.*  But the amounts involved have always been small, never exceeding SDR 1bn ($1.4bn). This …

June 23, 2015

Europe and Eurasia
Greece and Its Creditors Should Do a Guns-For-Pensions Deal Greece and Its Creditors Should Do a Guns-For-Pensions Deal

IMF Chief Economist Olivier Blanchard has said that Greece needs to slash pension spending by 1% of GDP in order to reach its new budget targets.  The Greek government continues to resist, arguing…

June 5, 2015

Europe and Eurasia
Greece-Troika Gap Over Primary Surpluses Has Shrunk Dramatically Greece-Troika Gap Over Primary Surpluses Has Shrunk Dramatically

Greece has announced that it will not pay the IMF the €300 million due to the Fund on June 5.  Instead, it will “bundle” the payments due to the Fund over the course of June into one payment of ab…

June 1, 2015

Monetary Policy
Are Fed Watchers Watching the Wrong People? Are Fed Watchers Watching the Wrong People?

One effect of the financial crisis was to change how the Fed conducts monetary policy.  This could be long-lasting and important.Prior to the crisis, the Federal Open Market Committee (FOMC) set a…

May 21, 2015

China
Are China’s RMB Swap Lines an Empty Vessel? Are China’s RMB Swap Lines an Empty Vessel?

As our recent CFR interactive shows, central bank currency swaps have spread like wildfire since the financial crisis.  In 2006, the Fed had only two open swap lines outstanding, with Canada and M…

August 22, 2013

United States
Quarterly Update: The U.S. Economic Recovery in Historical Context

How does the current recovery, which, according to the National Bureau of Economic Research, officially started in June 2009, compare to those of the past? The following charts provide a series of an…

April 9, 2015

Financial Markets
Central Bank Currency Swaps Since the Financial Crisis CFR Central Bank Currency Swap Interactive

Central bank currency swaps are becoming the new cross-border tool of choice in financial crisis management.  This interactive explores the rapid growth of currency swaps since 2007 and its implicati…