The Marshall Plan provided Europe with the funds not only to rebuild itself, but also to leapfrog a generation technologically. Ukraine’s reconstruction offers a similar opportunity.
For Barry Eichengreen's latest contributions to The Japan Times, see below:
Europe’s recovery from the damage caused by COVID-19 was solidifying. But now European policymakers have exactly zero control over whether their economies' rebound continues.
Having witnessed the financial shock and awe or Russia's invasion and the subsequent sanctions, other countries will likely re-think how and where they hold their foreign assets.
One reason to be skeptical of the rosy consensus on emerging markets is that COVID-19 has spurred accelerated automation in advanced economies, making them less attractive for manufacturers.
CBDCs are coming, but they won’t change the face of international payments and they won’t dethrone the dollar.
Stablecoin stability is an illusion. They are unlikely to replace Federal Reserve money, revolutionize finance or realize the dreams of their libertarian enthusiasts.
The China shock gave us Donald Trump. A carbon tax, imposed willy-nilly, could result in even worse.
Scientific advances — epitomized by the rapid development of RNA-based COVID-19 vaccines — are the most fundamental reasons for optimism.
The idea of a digital dollar has been in the air for some time now. Recently, it descended from the ether to the lips of U.S. Treasury Secretary Janet Yellen and Federal Reserve Chair Jay Powell. At an event in February, Yellen flagged the ...
The expected financial tsunami crisis never arrived. Just six countries have defaulted on their sovereign debt, and only Argentina and Ecuador have restructured their debts.