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Wed, 11 Nov 2009 00:00:00 GMT
While the economic entanglements between the U.S. and China have increased over the last decade, so has the tension. With President Obama visiting China and other Asian nations, Brookings expert Eswar Prasad and Grace Gu of Cornell University discuss the tightening embrace between the two countries—in terms of flows of goods and services, financial capital and people—and the implications.
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Tue, 13 Oct 2009 00:00:00 GMT
The financial crisis has taught us a painful lesson that global macroeconomic imbalances can wreak enormous damage on the world economy. At the G-20 Pittsburgh Summit, leaders committed to a framework that would prevent further damage. Eswar Prasad proposes a Special Drawing Rights scheme that allows G-20 countries to make enforceable policy commitments.
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Thu, 17 Sep 2009 00:00:00 GMT
On September 24, President Obama will chair his first G-20 Summit in Pittsburgh. With the world economy improving, leaders will now focus their attention on economic recovery and restoring financial stability. Experts from Brookings Global Economy and Development program analyze top issues to be addressed at the summit and provide recommendations on how to effectively overcome global economic and governance challenges to ensure recovery now and to prevent future crises.
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Mon, 14 Sep 2009 00:00:00 GMT
The Obama administration's decision to impose tariffs on imports of Chinese tires has been met with a swift and sharp response by China. Eswar Prasad discusses the implications of protectionist measures and warns this U.S.-China spat could have global consequences.
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Mon, 14 Sep 2009 00:00:00 GMT
A year after the bankruptcy of Lehman Brothers and the ensuing near collapse of the U.S. financial system, Eswar Prasad reflects on what led to these circumstances and urges for coordinated solutions to avoid further global imbalances.
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Wed, 19 Aug 2009 00:00:00 GMT
The debate between theorists and practitioners on monetary policy challenges for emerging market economies continues. This paper by Brookings expert Eswar Prasad, Gill Hammond, and Ravi Kanbur addresses the dialogue between academics and policymakers on this issue and sets an agenda for further research.
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Sun, 09 Aug 2009 00:00:00 GMT
Although India’s economy has weathered the global financial crisis quite well, Eswar Prasad says the present political and economic circumstances in India give Prime Minister Manmohan Singh a chance to deliver real reforms, which are crucial for sustained growth that does not leave behind much of the population.
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Sun, 02 Aug 2009 00:00:00 GMT
Eswar Prasad argues that a key component in restoring overall global financial health is to fix growth imbalances in Asia's emerging markets, especially China's excessive dependence on export- and investment-led growth. Prasad encourages financial market development in China to increase private consumption to make growth more balanced and thus help stabilize the world financial and economic systems.
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Tue, 21 Jul 2009 00:00:00 GMT
While the financial crisis slowed the pace of foreign exchange reserve accumulation in late 2008, growth has recently taken off again. China announced its stock of reserves crossed the astounding milestone of $2 trillion this spring. Eswar Prasad and Isaac Sorkin analyze the sources and patterns of reserve accumulation and examine what implications this reserve buildup has for the Chinese and global economies.
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Tue, 16 Jun 2009 00:00:00 GMT
As the global financial crisis persists, some believe that emerging markets have become less reliant on advanced economies. Eswar Prasad and M. Ayhan Kose examine certain aspects of the decoupling hypothesis to see what they indicate for the future of the global economy.
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Thu, 28 May 2009 00:00:00 GMT
U.S. Treasury Secretary Timothy Geithner's first trip to China will feature a range of discussions about global economic issues and the U.S.-China economic relationship. Eswar Prasad outlines some of the critical agenda items and the broader challenges facing these two closely intertwined economies.
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Tue, 19 May 2009 00:00:00 GMT
The financial crisis has re-ignited the debate about the merits of financial globalization and its implications for growth, especially for developing countries. In a new paper, Eswar Prasad and co-authors present a framework for certain economic “thresholds,” such as institutional quality, that once met, can increase the benefits of financial openness.
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Mon, 04 May 2009 00:00:00 GMT
The IMF is considering issuing bonds as a way to increase the amount of money it has available to lend to countries struggling in the wake of the financial crisis. In a new article, Eswar Prasad discusses the bond proposal, including the potential structure and impacts on the demand for U.S. treasuries.
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Tue, 21 Apr 2009 00:00:00 GMT
In a new working paper, Eswar Prasad and co-authors examine the economic policies that can help developing countries manage the process of financial globalization and recommend a tailored approach to balance the risks and benefits of financial integration.
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Thu, 02 Apr 2009 00:00:00 GMT
The reordering of the global economic power structure has created a leadership void among emerging markets. Eswar Prasad believes India is in an ideal position to lead the emerging markets and urges them to step up.
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Thu, 26 Mar 2009 00:00:00 GMT
Leaders of the Group of 20 (G-20) countries met in London on April 2 for their second summit on the global financial crisis. In a new set of articles, Brookings experts addressed the critical issues for policy-makers and offered guidelines for more effective global coordination.
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Mon, 16 Mar 2009 00:00:00 GMT
In an interview with NPR's On Point, scholars Eswar Prasad and Kenneth Rogoff discuss the current banking and global finance issues, and the importance of global leadership as the G-20 Summit approaches.
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Tue, 10 Mar 2009 00:00:00 GMT
What would help governments move beyond short-term solutions to the financial crisis and towards efforts to regain global financial stability? Eswar Prasad proposes creating an insurance pool for the Group of 20 largest economies in order to reduce incentives for reserve buildups and help focus policymakers on the international consequences of domestic actions.
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Thu, 05 Mar 2009 00:00:00 GMT
Almost all of the G-20 countries have agreed to some type of fiscal stimulus plan to get their economies back on track but how strong are the plans and what measures are included? Eswar Prasad and Isaac Sorkin analyze the G-20 stimulus plans in detail in new research.
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Tue, 03 Mar 2009 00:00:00 GMT
Prime Minister Gordon Brown visits Washington this week to push for a “global new deal” to help countries recover from the global financial crisis. In a new Q&A, Brookings’s Eswar Prasad discusses the critical global economic issues for Brown’s Washington agenda.
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Thu, 26 Feb 2009 00:00:00 GMT
In a book review of "China’s Great Economic Transformation," edited by Loren Brandt and Thomas Rawski, Eswar Prasad focuses on critical questions about China's growth rates in recent years, including whether China has changed the laws of economics.
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Tue, 17 Feb 2009 00:00:00 GMT
As the economies of the U.S. and China both struggle under the global recession, what is the future of the U.S.-China economic relationship and how will both countries respond to invigorate economic growth? In testimony to the U.S.-China Economic and Security Review Commission, Eswar Prasad details challenges for both economies and proposes effective policy responses.
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Tue, 03 Feb 2009 00:00:00 GMT
The final version of the fiscal stimulus plan weakened the "Buy American" provision requiring the use of only U.S. iron and steel in construction work funded by the bill. Nevertheless, business groups continue to criticize the provision. In a new Q&A, Eswar Prasad discusses global concerns.
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Fri, 30 Jan 2009 00:00:00 GMT
Is recent sparring between the U.S. and China over currency manipulation a foreshadowing of future economic relations? Eswar Prasad instead proposes a solution: a new “grand bargain” between China and the U.S. for economic cooperation across fiscal and monetary policy, currency flexibility and governance reform at multilateral financial institutions.
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Thu, 29 Jan 2009 00:00:00 GMT
Following the International Monetary Fund’s release of an updated global growth forecast, the Economist.com featured the IMF's chief economist, Oliver Blanchard, as he commented in their Economics focus column. This “Blanchard roundtable”, a weeks worth of commentary by correspondents and outside experts, featured a response by Brookings scholar Eswar Prasad. Prasad argues that improving the public perception of the market holds similar importance to enacting new fiscal policy.
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Wed, 28 Jan 2009 00:00:00 GMT
What is to blame for the global financial crisis? In new commentary, Eswar Prasad dissects the role global macroeconomic imbalances and other drivers might have played in precipitating the crisis and offers solutions for building future global economic stability.
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Wed, 21 Jan 2009 00:00:00 GMT
There is a vast empirical literature analyzing the impact of financial openness on economic growth but far less attention has been paid to its effects on productivity growth. This is surprising given the strong evidence that productivity growth is the main driver of long-term economic growth. In a new working paper, Eswar Prasad, along with M. Ayhan Kose and Marco E. Terrones, argues that financial openness in fact has a positive impact on productivity growth, although the effects are subtle.
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Fri, 09 Jan 2009 00:00:00 GMT
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.
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Mon, 05 Jan 2009 00:00:00 GMT
There is a vast empirical literature analyzing the impact of financial openness on economic growth but far less attention has been paid to its effects on productivity growth. This is surprising given the strong evidence that productivity growth is the main driver of long-term economic growth. In this new commentary, Brookings fellow Eswar Prasad, along with M. Ayhan Kose and Marco E. Terrones, argues that financial openness in fact has a positive impact on productivity growth, although the effects are subtle.
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Tue, 30 Dec 2008 00:00:00 GMT
In China, the household savings rate rose by 7 percent from 1995 to 2005, reflecting savings of about one quarter of disposable income. Why are Chinese households saving so much across all demographic groups? In a new paper, Eswar Prasad and Marcos Chamon analyze the savings patterns of households in China and discuss the economic drivers.
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Thu, 04 Dec 2008 00:00:00 GMT
As the U.S. and China gather in Beijing for their twice yearly Strategic Economic Dialogue meetings, Eswar Prasad examines the U.S.-China economic relationship, key issues and the potential future of the economic dialogue that was created by Secretary Paulson.
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Wed, 12 Nov 2008 00:00:00 GMT
Leaders from G-20 countries gathered in Washington, D.C. to address a financial crisis whose evolution highlights a dramatic shift in the global economy. In a new report, Brookings Global experts examine seven key issues at stake and make recommendations for next steps.
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Thu, 30 Oct 2008 00:00:00 GMT
During this time of global financial crisis, Eswar Prasad argues that it is time for the IMF to enhance its relevancy through radical change and proposes two new ideas on how to fix the Fund.
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Fri, 10 Oct 2008 00:00:00 GMT
As President-Elect Obama prepares to lead the United States, what are the top global economic challenges facing the new president and his advisors and how should the new administration address them? A new report by Brookings global economic and development experts ranks the top 10 issues and details specific ideas for how to tackle the toughest challenges.
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Thu, 25 Sep 2008 00:00:00 GMT
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.
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Wed, 24 Sep 2008 00:00:00 GMT
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.
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Wed, 03 Sep 2008 00:00:00 GMT
In order to sustain its growth and economic opportunities, India now looks to financial sector reforms as a crucial step to maintaining its trajectory. In this article, Eswar Prasad, an expert on the global economy, and Raghuram Rajan establish a blueprint for financial sector reforms to support India’s economic growth.
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Mon, 11 Aug 2008 00:00:00 GMT
As developing countries continue to move toward opening their financial markets, lessons from the Asian financial crisis prove even more relevant for assessing how best to manage capital account liberalization. Eswar Prasad, an expert on the global economy, and Raghuram Rajan, offer analysis and recommendations.