Monetary Issues

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Tom Keatinge

Since 2011, FATF, the international body charged with developing policies to combat money laundering and terrorism financing, has had Turkey on its gray list of high-risk and non-cooperative jurisdictions. Here's why.

Piotr Zalewski

Many market watchers were relieved when Turkey's central bank recently raised its lending rate. Turkey's prime minister was not one of them.

Yuri Takhteyev and Mariana Mota Prado

Bitcoin presents regulating agencies with difficult questions: Should they try to control it? Can they? If that sounds familiar, it should. The world faced these same questions in the early days of the Internet. Whether Bitcoin is more like AOL or Google, of course, is yet to be seen. Still, how governments choose to respond to it could change global finance for good.

Philip Shishkin

In just a few short years, Eugene Gourevitch has gone from Kyrgyzstan's premier financier and confidant of the ruling family, to wanted man, to FBI informant. His story shows just how business gets done in many corners of the post-Soviet world.

Essay, Nov/Dec 2013
Charles W. Calomiris and Stephen H. Haber

Conventional wisdom sees banking crises as apolitical, the result of unforeseen and extraordinary circumstances. In reality, the same politics that influence other aspects of society also help explain why some countries, such as the United States, suffer repeated banking crises, while others, such as Canada, avoid them altogether.

Essay, Nov/Dec 2013
Alan Greenspan

The former chair of the U.S. Federal Reserve asks how so many experts, including him, failed to see the 2008 financial crisis approaching. An important part of the answer to that question is a very old idea: Keynesian “animal spirits,” the irrational elements of decisionmaking that have been left out of economic forecasting for too long.

Alasdair Roberts

It is easy to get caught up in the debate about the merits of different candidates for chair of the U.S. Federal Reserve, but doing so misses a larger point. The real story is the intensity of the fight itself, which is evidence of a shift of power toward central bankers that began under U.S. President Ronald Reagan and has been aggravated since the financial crisis of 2008.

Alexander Reisenbichler and Kimberly J. Morgan

Although the common wisdom is that Germany's success is the hard-won reward for strict economic management, the country owes much of its good fortune to the eurozone crisis. Immigrants and investors’ cash are flowing into the country from the rest of Europe, in order to escape the dire conditions that Merkel and EU technocrats helped create through their hard-line focus on austerity, structural reforms, and price stability.

Review Essay, Jul/Aug 2013
Adam S. Posen

Central bankers have always carried a mystique far beyond justification, whether they are cast as malicious, incomprehensible, or all-powerful. Neil Irwin's new book on monetary policy during the financial crisis should dispel these myths once and for all.

Robert Greenstein

To get out of its economic hole, the United States needs to cut spending and increase revenue. But policymakers must not let new taxes harm low-income working families, who have the fewest resources to contribute to reducing the deficit anyway.

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