Economy & Business

A number of countries have increased their trade with Russia since its full-scale invasion of Ukraine in early 2022, including non-aligned countries and even some EU members.

Debt limits are not the norm in public finance. But countries that have adopted them do not let them cause economic chaos.

At an upcoming two-day meeting in Luleå, the US and EU may announce joint action on some of their biggest common challenges in trade and technology.

Money markets would be the first to react to a debt ceiling breach, heightening market turmoil at the wrong time and helping to raise the odds of a severe recession.

Economic data is still coming out of Russia, and Russian Central Bank Governor Elvira Nabiullina and other financial elites have been pushing for making even more data available. But that’s changing.

One year into the Russia’s invasion G7 nations continue to export nearly $5B a month to Moscow. A new proposal by the US at the G7 could greatly reduce this.

Imagine a network that combines both messaging and settlement to become a one-stop shop for international payments. It’s time for the US and its allies and partners to make that idea a reality.

Squeezed by sanctions, Russia has turned to Chinese yuan and gold, but both introduced new vulnerabilities and inconveniences.

Policymakers should start by reforming the liquidity coverage ratio requirement and the deposit insurance scheme.

The “Fortress Russia” strategy has helped Moscow withstand the initial shock of Western sanctions but the domestic economic outlook is grim.

The challenges that led to World War II have resurfaced and created the dire need for reform of the Bretton Woods Institutions. A new system to address these challenges requires the three core “Rs”—a revised global remit, an enhanced resource base, and a mandate to monitor agreed-upon global rules.

Bretton Woods Institutions will face enormous challenges going forward. While ambitious reforms are needed, its unlikely they will be seriously considered due to high geopolitical tension and mistrust among major countries. Nevertheless, the need for reform is pressing. Therefore, it is important to look at more feasible reform, narrower in scope and technocratic in nature, to improve the these institutions.

This new report examines the increasingly influential role of non-state and quasi-public actors in global development and sustainable finance, specifically through the rising level of sustainable investments in emerging and development markets.

Despite its size, China has an inadequate voice in traditional Bretton Woods Institutions. This paper examines aspects of the dissatisfaction China has with existing global governance institutions such as the World Trade Organization (WTO) and the International Monetary Fund (IMF). It also discusses the proposed changes to these institutions according to discussions with Chinese experts.

The return of great power rivalry is stoking renewed fears of weakening Western currency dominance. Financial sanctions are becoming the preferred economic tool for accomplishing geopolitical goals.

The Biden administration’s “trade policy for the middle class” is taking shape. Exemplified by the TTC and IPEF, its is “beyond-the-border” issues, such as regulatory alignment and standard setting, attempts to improve supply chain resilience, and efforts to promote high labor and environmental standards. However, to achieve its strategic goals, the administration should consider adding traditional market access components.

This paper argues that this is unlikely for the foreseeable future, in part because a larger global role for the renminbi would be inconsistent with the Chinese leadership’s current policy priorities. However, there is no room for complacency.

As a growing number of countries explore Central Bank Digital Currencies (CBDCs) for the domestic context, multi-country cross-border CBDCs pilots are also proliferating. Cross-border CBDCs could make cross-border payments faster, cheaper, and simpler.