Richard Haass
explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more.
If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
The half-century since the official demise of the Bretton Woods system of fixed exchange rates has shown the benefits of what replaced it. While some may feel nostalgic for the postwar monetary system, its collapse was inevitable, and what looked like failure has given rise to a remarkably resilient regime.
explains why the shift toward exchange-rate flexibility after 1973 was not a policy failure, as many believed.
坎布里奇—秘密也许是政府所拥有的最有价值的资产之一:特洛伊木马、恩尼格玛密码、曼哈顿计划、珍珠港突袭、六日战争、赎罪日战争等便是几个最有名的例子。但某些时候,政府对秘密的渴望很难与国家利益挂钩——甚至有可能成为国家利益最危险的威胁。当外国政府的卑劣利益获得了秘密提示、用于推动它们的意图时,这一威胁会变得更大。
一个显例便是中国的国际发展金融。中国已成为该领域新的重要行动方。中国拥有为数巨大的储蓄、基础设施知识和贷款意愿,这对于发展中国家来说是一件大好事。可悲的是,巴基斯坦、斯里兰卡、南非、厄瓜多尔和委内瑞拉在这方面教训惨痛,中国发展金融常常为经济带来腐败的糖衣,而接踵而至的将是险恶的金融(有时还有政治)宿醉。
当各国面临节节攀升的工程成本,试图搞清楚形势和解决办法时,会发现它们的债务的融资条款被秘密的合约所笼罩。此外,合同会限制借款人(如国有企业)让政府知晓条款,更不用说大众了。
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