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September 27, 2018

Puerto Rico
Will the Proposed Restructuring of COFINA Bonds Assure Puerto Rico’s Return to Debt Sustainability?

Puerto Rico’s government and the bulk of the holders of Puerto Rico’s Sales tax backed bonds (COFINA) appear to have reached agreement on restructuring terms (details here). The deal will reduce Puer…

Will the Proposed Restructuring of COFINA Bonds Assure Puerto Rico’s Return to Debt Sustainability?

November 13, 2018

Puerto Rico
Could Maria’s Legacy Be a New Debt Trap for Puerto Rico?

President Trump is right to worry that disaster aid will end up bailing out the holders of Puerto Rico's bonds, but there are better solutions to that particular problem than cutting off disaster aid…

Could Maria’s Legacy Be a New Debt Trap for Puerto Rico?

November 10, 2018

United States
Happy 243rd Birthday to the United States Marine Corps!

The Marine Corps turns 243 years-old today. On November 10, 1775, the Continental Congress adopted a resolution to create a Marine force composed of two battalions. Since then, the Marines have been …

USMC birthday

November 8, 2018

Monetary Policy
The Role of the U.S. Federal Reserve

The role of the Federal Reserve has transformed in the past decade, as it has deployed trillions of dollars to boost the U.S. economy while expanding its regulatory oversight of the nation’s financia…

Federal Reserve

October 30, 2018

Economics
The Fed Should End Forward Guidance

In the Wall Street Journal earlier this month, we examined the change over time in the market reaction to Fed “forward guidance” on future interest rates. During the crisis, with the Fed’s policy…

The Fed Should End Forward Guidance

October 30, 2018

China
Where Will the Yuan Go Next? China's Big Choice

China could widen the trading band around its currency in response to Trump's tariffs, but that wouldn't give it full policy autonomy. It would still need to defend the new edge of any trading band.

Where Will the Yuan Go Next?  China's Big Choice

October 24, 2018

Transnational Crime
Taking Stock of the Global Fight Against Illicit Financial Flows

A growing number of actors have joined the fight against dirty money. The success of global efforts to combat illicit financial flows, however, remains uncertain. 

A cash withdrawal of Ethiopian Birr at a bank in Addis Ababa.

October 18, 2018

Italy
Does Italy Threaten a New European Debt Crisis?

Italy’s populist government has relished defying the European Union, and its latest showdown with Brussels could threaten the continent’s fragile recovery—and the global economy.

Conte

October 18, 2018

Venezuela
What Latin America Should Tell China About Venezuela

Bankrolling the region’s biggest humanitarian disaster won’t win Beijing many friends.

Venezuelan Foreign Minister Jorge Arreaza (2nd L) talks with China's Foreign Minister Wang Yi (2nd R) during a meeting at the Ministry of Foreign Affairs in Beijing on December 22, 2017.

October 17, 2018

Zimbabwe
Zimbabwe’s Falling Expectations

Zimbabwe is experiencing an economic crisis that is neither surprising nor terribly illuminating.

Supporters of President Emmerson Mnangagwa's ruling ZANU-PF party celebrate after the Constitutional Court confirmed Mnangagwa's disputed July 30 election victory in Harare, Zimbabwe August 24, 2018.