RESEARCH AND COMMENTARY
Eswar Prasad, January 09, 2009, The Brookings Institution
America faces a profoundly altered financial landscape and a rapidly shifting world economic order. To meet the challenges of maintaining strong domestic economic growth and restoring global financial stability, we need a national agenda that tackles a broad range of domestic economic policy issues and promotes constructive engagement with the global economy. Read More
RESEARCH AND COMMENTARY
Martin Neil Baily, December 11, 2008, The Brookings Institution
The economy is the number one concern in the minds of main street Americans. The $700 billion bailout package was aimed at rebuilding financial institutions, but it is now up to the new president to restore confidence in consumers and workers. Read More
RESEARCH AND COMMENTARY
Martin Neil Baily, Robert E. Litan and Matthew S. Johnson, November 2008, The Brookings Institution
In the third installment of the Fixing Finance series, Martin Baily, Robert Litan and Matthew Johnson conduct a thorough analysis of the origins of the financial crisis. They conclude that the crisis had its origins in an asset price bubble that interacted with new kinds of financial innovations that masked risk, with companies that failed to follow their own risk management procedures, and with regulators and supervisors who failed to restrain excessive taking. Read More
RESEARCH AND COMMENTARY
Alice M. Rivlin, November 12, 2008, NewsHour
Alice Rivlin and other economists discuss Treasury Secretary Henry Paulson's announcement Wednesday that the government will shift its focus from buying troubled assets to shoring up institutions that manage credit cards, auto loans and other types of borrowing. Read More
RESEARCH AND COMMENTARY
Douglas W. Elmendorf, October 27, 2008, Marketplace
Three weeks after the $700 billion bailout, Kai Ryssdal of Marketplace chats with Doug Elmendorf about the bailout and who's lining up to get their share. Read More
RESEARCH AND COMMENTARY
Ralph C. Bryant, October 02, 2008, The Brookings Institution
Ralph Bryant discusses the possibility of the U.S. financial crisis spreading to the international exchange rate markets, and proposes specific actions for central banks to take, including ongoing and enhanced cooperation on a global scale, coordinated monetary policy action and improvement of standards. Read More
RESEARCH AND COMMENTARY
Mauricio Cárdenas, September 30, 2008, The Brookings Institution
As the financial crisis has widened, some analysts have asked the U.S. government to consider debt relief for American families who are struggling with mortgages they can no longer afford. Mauricio Cardenas explains how a previous crisis in Colombia offers lessons for the U.S. and argues that U.S. government debt relief is a bad idea. Read More
RESEARCH AND COMMENTARY
Eswar Prasad, September 25, 2008, Project Syndicate
As other emerging markets watch the U.S. financial crisis with caution, they might be even more wary to adopt the free-market principles that guided the development of the U.S. financial markets. Eswar Prasad argues that this is the wrong lesson to take from the crisis, however, and urges emerging markets to instead learn from the U.S. lessons on fraud, corruption, and government interference and regulation. Read More
RESEARCH AND COMMENTARY
M. Ayhan Kose and Eswar Prasad, September 24, 2008, The Brookings Institution
As the U.S. financial crisis continues to unfold, what is the likely impact on emerging markets, such as China, India and Brazil? Eswar Prasad and M. Ayhan Kose release new research examining economic decoupling between industrial and emerging markets and discuss the likely effects of the crisis. Read More
RESEARCH AND COMMENTARY
Mauricio Cárdenas, September 22, 2008, The Brookings Institution
The U.S. financial crisis has profound implications for emerging markets given the integrated and global nature of today’s economy. Mauricio Cardenas, director of Brookings’s Latin America Initiative, examines the likely impact on Latin American economies and discusses how they might deflect some of the aftershocks from the U.S. economic crisis. Read More
RESEARCH AND COMMENTARY
Kenneth Rogoff, September 17, 2008, The Financial Times
As the financial sector continues to suffer and the crisis grows deeper, Ken Rogoff examines the future costs of fixing the U.S. system and explores issues of regulation and the strength of the U.S. economy in a globalized context. Read More
VIDEO
David H. McCormick, September 16, 2008
At a Brookings conference on consumer payments, sponsored by the Initiative on Business and Public Policy, David H. McCormick, under secretary for international affairs at the U.S. Treasury Department, addressed the current difficulties in U.S. financial and housing markets. "We are ... confident," said McCormick, "in the resilience and diversity of the U.S. economy and that we will move through these difficulties, just as we have moved through difficult periods in the past."
VIDEO
Douglas W. Elmendorf, September 15, 2008
Lehman Brothers declared bankruptcy; the federal government took control of AIG; and Merrill Lynch was bought out by Bank of America. Douglas Elmendorf examines the current situation on Wall Street and what it could mean for Main Street, and notes that the next president could face tremendous economic challenges.
RESEARCH AND COMMENTARY
Kenneth Rogoff, September 15, 2008, Project Syndicate
A year into the global financial crisis, several key central banks remain exposed to their countries’ shaky private financial sectors. In a new op-ed, Ken Rogoff explains why central banks must pull the plug sooner or later and how banks should approach regulation and view the market. Read More
RESEARCH AND COMMENTARY
Martin Mayer, July 29, 2008, The New York Times
Martin Mayer argues that Congress has given the Bush White House yet another chance to operate outside the Constitution by giving Treasury Secretary Henry Paulson the go-ahead for his two-part plan to salvage Fannie Mae and Freddie Mac, the government-sponsored mortgage companies — a blueprint that violates fundamental American principles in two worrisome ways. Read More