Low interest rates have reduced the pandemic’s damage to emerging market sovereign debt burdens

This post summarizes my presentation for the AEI event, “Coping with COVID-19 in Emerging Market Economies,” on February 5, 2021.[1] In the wake of the COVID-19 pandemic, governments in emerging market economies (EMEs) ratcheted up ....

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What’s been the historical impact of populism on economies and political systems?

Donald Trump is gone, but his populism lives on. It’s not just that President Biden, like his predecessor, has signed a “Buy American” executive order for federal purchasing that’s meant to bolster domestic manufacturing. (Fun ....

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Federal judge blocks rule that turns away refugees because of late tax returns

As I noted last week, the Trump administration recently finalized a regulation that imposes numerous new restrictions on refugees seeking asylum. I singled out a provision of the regulation that would generally bar asylum based ....

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5 questions for Michael Clemens on the value of US immigration

To what extent do low-skill immigrants contribute to the US economy, compared to high-skill immigrants? How does immigration affect wages for native workers? Does America have an assimilation problem? How should we think about border ....

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5 questions for Philip Coggan on the history of the world economy

The world economy developed as the result of increasing economic openness around the world and the fostering of connections between enterprising people. Will policymakers continue to embrace this approach, or are we likely to enter ....

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Lessons from an open global economy: My long-read Q&A with Philip Coggan

By and large, the history of the world’s economy is defined by increased openness: more trade with other countries and more acceptance of innovation has raised dramatically living standards throughout the world over the past ....

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Turkey still needs the International Monetary Fund

President Erdogan’s recent economic policy U-turn is to be applauded as an important step in the right direction to stabilize the Turkish lira. However, it is far from clear that this alone will be sufficient to ....

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Scenarios for US interest rates and emerging market default: The good, the bad, and the ugly

This note summarizes my presentation for the AEI Event, “The Debt Challenge of Emerging Market Economies”, October 28, 2020.[1] How likely are emerging market (EM) economies to default? Even before the coronavirus pandemic, many of ....

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