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Eswar Prasad

For Eswar Prasad's latest contributions to The Japan Times, see below:

Commentary / World Aug 5, 2010

Singing the siren song of capital controls

ITHACA, New York — Capital controls are back in vogue. Facing sharp currency appreciation and fearing asset-price booms fueled by hot money, countries such as Indonesia, Korea, and Taiwan have recently taken steps to limit inflows. Nervous central bankers in many other emerging markets, including ...

Commentary / World Nov 23, 2006

What monetary policy does China need?

PRAGUE -- China's remarkable growth has been financed recently by a rapid expansion of money and bank credit that is producing an increasingly unsustainable investment boom. This renews concern that the country may not be able to avert a replay of the painful boom-and-bust ...