Paola Subacchi
An Era of Currency Wars?
LONDON – Once again, the risk of “currency wars” has been invoked by a leading policymaker. The term was coined in 2010 by Brazil’s finance …
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Seeking to boost recovery at home, some advanced-country central banks have increased money supply sharply, sending return-hungry investors to developing countries in search of higher returns. That dynamic, many experts and developing-country officials warn, will lead to competitive exchange-rate devaluations. Should advanced countries tighten monetary policy? What are the consequences for global cooperation if they don’t?
Currency War Drums
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Simon Johnson
Germany’s Gold Delusion
WASHINGTON, DC – Germany’s gold is on the move. For the first time since official gold transactions became more transparent, the Bundesbank …
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Ronald McKinnon
The Unloved Dollar Standard
PALO ALTO – Since World War II’s end, the US dollar has been used to invoice most global trade, serving as the intermediary currency for cle…
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Mohamed A. El-Erian
Beggar Thy Currency Or Thy Self?
NEWPORT BEACH – Not many countries nowadays seek a strong exchange rate; a few, including systemically important ones, are already actively …
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Gordon Brown
National Drift or Global Mastery
LONDON – As world business leaders gather in Davos, a long-overdue paradigm shift in monetary policy – subordinating the targeting of inflat…
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Lawrence H. Summers
Will the Global Economy Add Up?
CAMBRIDGE – This year has begun on a note of cautious optimism for the global economy. Europe is back from the brink. The United States did …
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Andres Velasco
Monetary Regime Transition in the Emerging World
SANTIAGO – Is inflation targeting – the rule that most of the world’s major central banks (though not the United States Federal Reserve) use…
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Jose Antonio Ocampo
The Federal Reserve and the Currency Wars
NEW YORK – The United States Federal Reserve’s recent decision to launch a third round of “quantitative easing” has revived accusations by B…
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Jean Pisani-Ferry
Central Banks on the Offensive?
FRANKFURT – It looks like a coordinated offensive: on September 6, the European Central Bank outlined a new bond-buying program, letting mar…
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