By William Kring As the more lethal and contagious Delta variant of COVID-19 spreads across the globe, concerns continue to mount about the duration of the global pandemic and its growing social and economic costs. Just last week, the International Monetary Fund (IMF) trimmed its global economic growth forecast and cited rising debt levels and […]
By Samantha Igo and Ember Larregui The past few months have been marked by extreme weather events unprecedented in their frequency and severity, racking up nearly $298 billion in damages so far this year. In the face of the pandemic and the worsening climate crisis, the International Monetary Fund (IMF) announced a historic allocation of […]
Due to the COVID-19 pandemic, the year 2020 saw the sharpest economic downturn since the Great Depression. In 2021, the world economy is showing signs of a broad, albeit uneven recovery. The existing gaps of vaccination rollouts, economic fundamentals, and varying monetary and fiscal responses in different countries pose challenges in the areas of financial […]
By Yaechan Lee Financial crises can serve as catalysts for reinforcing and diversifying anti-crisis safety nets. Following the 2008 financial crisis, improvements were made to the network of crisis support known as the Global Financial Safety Net (GFSN), born out of the recognition of inefficiencies and the under capacity of existing anti-crisis institutions and arrangements. […]
In the seven decades since World War II, how has international banking changed and evolved to the present day? A new journal article by Non-Resident Senior Fellow Robert N. McCauley, Patrick McGuire and Philip Wooldridge explores the structural and cyclical factors behind the international banking industry, including its evolution in the 1950s, the role of regulatory arbitrage […]
The International Monetary Fund (IMF) provides a global public good when it lends emergency balance of payments support to countries that otherwise could not access such financing at comparable terms. No country borrows from the IMF lightly, and only does so as a last resort in the face of an economic crisis. In exchange for […]
By Rachel Thrasher The growth of Bangladesh’s pharmaceutical sector into an economic powerhouse has helped the country meet the necessary criteria for graduation from Least Developed Country (LDC) status. But upon graduation, the country will need to begin bringing its policy landscape into compliance with the trade and intellectual property rules at the World Trade […]
By Jake Werner In both Beijing and Washington, the recent history of mutual gain in the US–China relationship is increasingly seen as an exercise in self-deceit. Where shared benefits were once recognized, elites on both sides now perceive the national interests and even the national character of the other to be incompatible with their own. […]
Macroeconomic policy has long been dominated by the use of the dynamic, stochastic general equilibrium (DSGE) and computable general equilibrium (CGE) models, used for predicting economic outcomes. Despite this popularity, a systematic and realistic assessment of DSGE and CGE models was missing, until economist Servaas Storm recently analyzed the shortcomings of the models and their […]
By Jeronim Capaldo Is the US economy running too hot, such that more spending is bound to drive up inflation with no benefit for growth and employment? Many experts think so. Would more trade be beneficial for economic growth and employment? On this, too, many agree. In answering these and other macroeconomic questions, multiple sources […]