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International Finance
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Does Fitch’s Downgrade of U.S. Debt Really Matter?The ratings agency’s decision will have no consequences for the U.S. dollar’s global role, but it highlights the country’s darkening fiscal outlook and governance challenges.
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Why Washington Should Give Up the World Bank PresidencyTo boost the Bretton Woods institutions, and parry challenges from Beijing, Washington should give up the World Bank presidency.
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The Dollar: The World’s Reserve CurrencyThe dollar’s role as the primary reserve currency for the global economy allows the United States to borrow money more easily and impose painful financial sanctions. Other countries are beginning to consider alternatives.
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A Conversation With David MalpassWorld Bank President David Malpass discusses the overlapping challenges facing developing countries and opportunities for action.
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Are Cryptocurrencies Still the Future of Money?Since the creation of Bitcoin in 2009, cryptocurrencies have exploded in popularity and accrued over $1 trillion in collective value. But market volatility in 2022 threatened the crypto ecosystem—after peaking at over $68,000 in November 2021, the price of Bitcoin fell to under $17,000 twelve months later. This instability has brought new scrutiny to the industry and the countries that have embraced Bitcoin as currency: El Salvador and the Central African Republic. Financial regulators are now calling for more crypto oversight, but global efforts to regulate the industry have stalled. Given this simultaneous rise in global popularity and concern, what lies ahead for digital currency and the future of finance?
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Cryptocurrencies, Digital Dollars, and the Future of MoneyThe dizzying rise of Bitcoin and other cryptocurrencies has created new challenges for governments and central banks. Increasing popularity and high levels of market volatility have raised the stakes of the digital asset experiment.
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China's Rising Holdings of U.S. Agency BondsChina has discovered, once again, that the best alternative to a U.S. Treasury bond is a U.S. Agency bond...
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Three Steps to Strengthen the U.S. Treasury's Foreign Exchange ReportThe analytics used in the U.S. Treasury's Foreign Exchange Report should be updated to better capture the significant state flows that no longer appear as part of many country's disclosed foreign exchange reserves.
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China’s COVID-19 Comeback Rides On the Strength of Chinese HouseholdsIn 2023, China’s economic recovery will depend on the ability of the government to stimulate domestic consumption and on the resilience of Chinese households.
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Twenty-Seventh Term Member ConferenceThe Stephen M. Kellen Term Member Program is supported by a generous gift from the Anna-Maria and Stephen Kellen Foundation.
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Secular InflationAfter enjoying a long period of deflationary conditions, the global economy is being pushed by a wide range of forces toward a new and more difficult equilibrium.
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Virtual Roundtable: Assessing China's Growth Prospects After the Twentieth National CongressMichael Pettis, professor of finance at the Guanghua School of Management at Peking University in Beijing and coauthor of Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace, discusses China's growth prospects after the Twentieth National Congress.
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How to Boost Microfinance in the United StatesThere is a market for microfinance in the United States but a change in regulatory framework is needed for the sector to thrive.
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Debt Distress: Can Emerging Markets Withstand Rising Costs?Struggling to make ends meet as inflation and interest rates climb, many emerging markets will have to pursue difficult debt restructuring with international creditors.
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What in the World Is a Global Minimum Tax?For years, large corporations have exploited international tax laws to pay less taxes. But last year, 137 countries backed a potential solution: a 15 percent corporate tax applied regardless of a company’s location. The reform could raise global tax revenues by more than $150 billion a year, but as advocates garner political support, there are significant roadblocks.