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February 9, 2024

Global
Central Bank Currency Swaps Tracker

Introduction Since the financial crisis of 2007, central banks around the world have entered into a multitude of bilateral currency swap agreements with one another. These agreements allow a centr…

May 2, 2024

RealEcon
Geopolitics in the Indo-Pacific: An ADB Perspective

As part of the CFR RealEcon Roundtable Series, Scott Morris, vice president of the Asian Development Bank (ADB), explained how the ADB supports countries in the Indo-Pacific region amid shifting geop…

Scott Morris speaks at a CFR roundtable event.

May 2, 2024

Turkey
Erdogan’s Crisis of Legitimacy and Its Consequences

Despite the destabilizing effects of his economic and foreign policies, as well as a major election loss, President Erdogan shows no sign of interest in course correction.

Supporters of Turkish President Recep Tayyip Erdogan listen to his speech during a rally ahead of local elections in Istanbul, Turkey, in March 2024.

October 29, 2019

Oil and Petroleum Products
How Iran Can Hold the World Oil Market Hostage

Iran poses an acute threat to oil infrastructure across the Middle East, potentially allowing it to extort concessions from world powers.    

Workers at the damaged site of a Saudi Aramco oil facility.

October 5, 2023

United States
Why New York Is Experiencing a Migrant Crisis

The arrival of more than one hundred thousand migrants and asylum seekers in New York City and other major U.S. cities over the past year has sparked renewed debate over U.S. immigration policy.

Migrants sleep outside the Roosevelt Hotel in New York.

January 22, 2024

Trade
The Curse of Nostalgia: Industrial Policy in the United States

A critical look at the past and present of industrial policy shows that its recent popularity is not only misguided, but is likely to have negative economic and geopolitical consequences for the Unit…

President Joe Biden signs the Inflation Reduction Act in the State Dining Room of the White House in Washington on August 16, 2022.

August 16, 2023

United States
Does Fitch’s Downgrade of U.S. Debt Really Matter?

The ratings agency’s decision will have no consequences for the U.S. dollar’s global role, but it highlights the country’s darkening fiscal outlook and governance challenges.

A woman walks past a currency exchange office in Moscow.

May 1, 2023

Sweden
Susanna Fellman: The Nordic Model of Capitalism in Historical Perspective: Past Successes and Future Challenges

While social welfare is integral to Nordic capitalism, Scandinavian countries are still market economies that had strong economic growth through the twentieth century and currently enjoy some of the …

European Commission Executive Vice President Valdis Dombrovskis and Swedish Finance Minister Elisabeth Svantesson attend a news conference in Marsta