Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
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October 8, 2008
Monetary Policy
Can the G7 Save the Market?
The Federal Reserve has announced a series of extraordinary measures to unclog credit markets. However, credit markets remain frozen, and as the graph above indicates, the equity markets have respo…
January 8, 2013
Education
Globalization and Rising Inequality: A Big Question and Lousy Answers
While freer trade makes everyone collectively richer, the impacts are unequal. There are winners and losers, and even among the winners there are some who gain a great deal and some who gain very lit…
January 5, 2009
Capital Flows
Shrinking Reserves
The experience of the 1997-98 East Asian crisis encouraged many developing countries to accumulate vast sums of foreign exchange reserves in order to self-insure against future crises. As our chart…
June 5, 2009
Monetary Policy
The return of Bretton Woods Two? (or Bretton Woods 2.1?)
If you read the headlines earlier this week, you might well have concluded that the dollar’s days as the world’s leading reserve currency are numbered. Yu Yongding of China’s Academy of Social Sc…
April 5, 2009
Sign of strength or evidence of weakness? China’s dollar reserves
On Friday, Paul Krugman interpreted China’s call for a new reserve currency as a sign of weakness: “But Mr. Zhou’s speech was actually an admission of weakness. In effect, he was saying that China …
