GLOBAL FINANCE
The Magic of the Market
Martin Feldstein
Will the most dramatic interventions in financial markets since the Great Depression result in a long-term expansion of the role of government? Can America survive trillion-dollar deficits and restore growth? Will the need for closer policy coordination forge a more integrated Europe? What long-term effects will the financial crisis have on emerging markets?
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| RECENT COMMENTARIES | FEATURED COMMENTARIES | MOST READ COMMENTARIES |
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How to Create a Depression
Martin Feldstein Series: The Magic of the Market 2012-01-16European political leaders may be about to agree to a fiscal plan which, if implemented, could push Europe into a major depression. It would be much smarter to focus on the difference between cyclical and structural deficits, and to allow deficits that result from so-called "automatic stabilizers."... read Comments: 7 Recommended: 3 Read: 41796
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The French Don’t Get It
Martin Feldstein Series: The Magic of the Market 2011-12-28
The French government doesn’t seem to understand the real implications of the euro, which it shares with 16 other EU countries. French officials have now reacted to the prospect of a credit rating downgrade by lashing out at Britain, which is not in France's position precisely because it retains its own currency.... read Comments: 10 Recommended: 1 Read: 26136
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Europe is Not the United States
Martin Feldstein Series: The Magic of the Market 2011-11-29A key argument made by European officials and other defenders of the euro has been that, because a single currency works well in the US, it should work well in Europe as well. But, while both are large, continental, and diverse economies, the similarities end there.... read Comments: 8 Recommended: 0 Read: 25469
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America’s Economic Stalemate
Martin Feldstein Series: The Magic of the Market 2011-10-26
The US appears trapped in a dangerous economic stalemate, as Republicans and Democrats harden their positions ahead of the 2012 congressional and presidential elections. But that also means that there is reason to hope for renewed progress once the elections are past.... read Comments: 1 Recommended: 0 Read: 12777
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Europe’s High-Risk Gamble
Martin Feldstein Series: The Magic of the Market 2011-09-27The markets are fully aware that Greece, being insolvent, will eventually default. Why, then, are political leaders in France and Germany trying so hard to prevent – or, more accurately, to postpone – the inevitable?... read Comments: 4 Recommended: 2 Read: 30475
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China’s New Currency Policy
Martin Feldstein Series: The Magic of the Market 2011-08-23
The Chinese government may be about to let the renminbi-dollar exchange rate rise more rapidly in the coming months than it did during the past year. There are two fundamental reasons why the authorities might choose such a policy: reducing its portfolio risk and containing domestic inflation.... read Comments: 2 Recommended: 0 Read: 27849
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Why is America’s Budget Deficit So Large?
Martin Feldstein Series: The Magic of the Market 2011-07-29America’s enormous budget deficit is now exceeded as a share of national income only by Greece and Egypt among all of the world’s major countries. And the economic downturn since 2008 is only part of the reason.... read Comments: 8 Recommended: 1 Read: 23382
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What’s Happening to the US Economy?
Martin Feldstein Series: The Magic of the Market 
2011-06-29
The US economy has recently slowed dramatically, and the probability of another economic downturn increases with each new round of data. This is a sharp change from the economic situation at the end of last year – and it represents a return to the very weak pace of expansion since the recovery began in the summer of 2009.... read Comments: 26 Recommended: 2 Read: 75051
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After the Greek Default
Martin Feldstein Series: The Magic of the Market
2011-05-26The Greek government, the European Commission, and the IMF are all denying what markets perceive clearly: Greece will eventually default on its debts to its private and public creditors. But even a default will provide no guarantee of a return to fiscal sustainability – and it will not fix Greece's equally unsustainable trade deficit.... read Comments: 4 Recommended: 1 Read: 32244
| The G-20’s Empty Gestures | Martin Feldstein 
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