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Comment,
Sept/Oct
2012
The euro’s naysayers have it all wrong. True, the continent’s powerhouses have yet to agree on a clear plan to save the common currency, as each one is seeking to secure the best deal for itself. But they all also know that the collapse of the eurozone would be a political and economic disaster, so they will ultimately pay whatever price is necessary to keep it together.
Essay,
Jan/Feb
2012
Confidence in the dollar and the euro continues to falter, threatening the international monetary system. The world has faced such monetary collapse before: in the 1930s, with disastrous results, and less catastrophically in the 1970s. Understanding these two precedents is crucial to successfully navigating the crisis today.
Essay,
Jul/Aug
2011
Many economists argue that global financial imbalances fueled the recent recession. To prevent future crises, world leaders are trying to even out the balance sheet. They need not worry: it turns out that a rebalancing is already under way.
Snapshot,
June 9, 2011
As the race to replace Dominique Strauss-Kahn at the IMF heats up, emerging markets finally have a shot at the head table. Here's why they might fail to seize it -- and what it will mean.
Essay,
Nov/Dec
2010
A major strategic challenge for the United States in the coming decades will be integrating emerging powers into international institutions. To hold the postwar order together, the United States will have to become a more consistent exemplar of multilateral cooperation.
Snapshot,
July 9, 2010
The recent G-20 meeting in Toronto ended with the world's largest economies promising to cut deficit spending. But such a course is unwise and unlikely to lead to growth -- it is time for finance ministers to take on the speculators who are calling for retrenchment.
Essay,
May/June
2010
Attempting to prevent future financial crises by drafting new global regulations will do more harm than good. If governments adopt the same regulations, they will make the same mistakes. Instead, financial regulation must be the task of individual governments and not multilateral committees.
As the Zambian economist Dambisa Moyo argues, the concept of foreign aid is flawed -- not just because corrupt dictators divert aid for nefarious or selfish purposes but also because even in reasonably democratic countries, aid creates perverse incentives and unintended consequences.
Response,
May/June
2009
Does the current financial crisis resemble Japan's "lost decade" of the 1990s? It may be even worse, argues Robert Madsen. Not so, replies Richard Katz.
Essay,
Jul/Aug
2002
A debate is unfolding over a new IMF proposal to avert future Argentina-style financial meltdowns: an international "Chapter 11" that would let a country declare bankruptcy, just like a troubled firm. Such a plan would represent an improvement over the current approach -- but it will not eliminate financial crises altogether.
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