1978, BA, Florida International University (honours); 1980, MA, 1981, MPhil and 1988, PhD, Columbia University. Chief Economist and Vice-President, Bear Stearns; Senior Policy Adviser and Deputy Director, International Monetary Fund; Professor and Director, Center for International Economics, University of Maryland; Dennis Weatherstone Chair, Peterson Institute for International Economics. Member: National Bureau of Economic Research, Centre for Economic Policy; Council on Foreign Relations. Federal Reserve Bank of New York Advisory Panel, honorary member, Latin American and Caribbean Economic Association. Author on topics in international finance and macroeconomics. Co-Author of “This Time is Different: Eight Centuries of Financial Folly” and “Assessing Financial Vulnerability: An Early Warning System for Emerging Markets”. Recipient in 2018 of the King Juan Carlos Prize in Economics.
Italy’s referendum on December 4 will give voters the opportunity to approve or reject what some have described as the country’s most extensive constitutional reforms since the abolition ...
Immediately after World War II ended, a new phrase entered the economic lexicon: “dollar shortage.” European economies were coping with extensive war-related damage and a broad array of i...
To consider the actions taken by the world’s major central banks in the past month is to invite an essential question: when – and where – will all this monetary easing end?
A day seldom passes without articles appearing in the financial press pondering why interest rates have remained so low for so long. This is one of those articles. So let’s start by clari...
The United Kingdom’s Brexit referendum has shaken equity and financial markets around the world. As in prior episodes of contagious financial turmoil, the victory of the “Leave” vote sent...
Argentina recently emerged from nearly 15 years of the most litigious sovereign default in modern times, if not ever. Now it has the opportunity to reenter the global financial system and...
The meeting of G-20 finance ministers and central bank governors in Washington, DC last week concluded on a sour note. Small wonder: Global growth prospects have dimmed amid a variety of ...
As Chinese policymakers attempt to address what ails their country’s economy, they are pursuing two goals that will almost certainly turn out to be incompatible. Very seldom have central ...
Between 1913 (when the United States Federal Reserve was founded) and the latter part of the 1980s, it would be fair to say that the Fed was the only game in town when it came to purchase...
Currency-market volatility has been around for decades, if not centuries. Wide gyrations in exchange rates became a staple of international financial markets after the Bretton Woods syste...
