22 November 2019

Barry Eichengreen

The writer, a Center for International Governance Innovation fellow, is a professor at the University of Cambridge and the University of California, Berkeley.
  • Sterling's substantial depreciation augurs a significant rise in inflation, which means the BoE will have to start raising interest rates sooner rather than later. Photo: Reuters

    Brexit: Revenge of experts

    - Aug 14, 2017 9:19am
    The Brexit debate is an endless source of mirth for anyone with a dark sense of humor. My own favorite quote is from Michael Gove, currently Britain’s environment secretary. Just prior to the June 2016 Brexit...
  • This is a good time to remember that the United States is a federal system, not a unitary state with an all-powerful central government. Photo: Reuters

    Can US states right Trump’s wrongs?

    - Jun 19, 2017 11:47am
    US President Donald Trump, with the help of a Republican-controlled Congress, is undermining many of the fundamental values that Americans hold dear. He is jeopardizing their access to healthcare by seeking to repeal the 2010 Affordable...
  • The two principal parties in Germany mainly differ on promoting saving and investment. Chancellor Angela Merkel’s Christian Democrats suggest cutting taxes. Photo: Reuters

    Is Germany unbalanced or unhinged?

    - May 12, 2017 10:15am
    For US President Donald Trump, the measure of a country’s economic strength is its current-account balance – its exports of goods and services minus its imports. This idea is of course the worst kind of economic...
  • Many people understandably felt considerable trepidation in the run-up to Donald Trump’s summit with Chinese President Xi Jinping (right). Photo: Reuters.

    Crouching Donald, paper tiger

    - Apr 11, 2017 3:57pm
    Donald Trump’s comments about China during the US presidential campaign didn’t exactly bolster high hopes for Sino-American relations once he was elected. Trump denounced China for “taking our jobs,” and “ hundreds of billions of dollars...
  • The real test of Donald Trump’s stance on multilateralism will be how he approaches the WTO. Photo: Reuters

    Trump the reluctant multilateralist

    - Feb 16, 2017 12:10pm
    Donald Trump did not assume the US presidency as a committed multilateralist. On that, partisans of all political persuasions can agree. Among his most controversial campaign statements were some suggesting that NATO was obsolete, a position...
  • The only practical implication of adding the renminbi to the SDR basket is that it now becomes a currency that countries can draw on when they borrow from the IMF. Photo: China Daily

    Why reminbi’s SDR status is more symbol than substance

    - Oct 11, 2016 8:55am
    At the start of October, China’s currency, the renminbi, was added to the basket of currencies that make up the International Monetary Fund’s Special Drawing Rights (SDR). Previously, the SDR had been defined as a weighted...
  • The sterling’s depreciation should help by enhancing the competitiveness of British exports. Photo: AFP

    Brexit and the pound in your pocket

    - Sep 14, 2016 10:40am
    The early returns on Brexit are in, and contrary to what some have been claiming, they’re not good. In July, following the referendum, consumer confidence collapsed at its most rapid rate since 1990. Surveys of manufacturing and...
  • Trade protectionism often disrupts the operation of the international financial system and fans geopolitical tensions. Photo: internet

    What’s wrong with protectionism?

    - Jul 14, 2016 11:15am
    One thing is now certain about the upcoming presidential election in the United States: the next president will not be a committed free trader. The presumptive Democratic nominee, Hillary Clinton, is at best a lukewarm supporter...
  • China's credit growth has grown at double the rate of annual GDP expansion. Photo: Bloomberg

    Tackling China’s debt mountain

    - May 12, 2016 9:51am
    There is widespread agreement on two facts about the Chinese economy. First, the slowdown has ended and growth is picking up. Second, not all is well financially. But there is no agreement on what happens next....
  • China's capital outflows have been running at US$100 billion a month. Photo: Bloomberg

    What are China’s exchange rate policy options?

    - Feb 11, 2016 9:51am
    For months now, China’s exchange-rate policy has been roiling global financial markets. More precisely, confusion about that policy has been roiling the markets. Chinese officials have done a poor job communicating their intentions, encouraging the belief...
  • Doctors are finding that struggling with imperfect electronic records systems is reducing their productivity. Photo:

    Why technology is not making us more productive

    - Dec 16, 2015 8:37am
    Recent trends in productivity growth make it hard to be optimistic about the future. In 2014, the global growth of total factor productivity, or TFP, which measures the combined productivity of capital and labor, was essentially...
  • Uncertainty surrounding China capital flows is seen as one factor weighing on the minds of policymakers in the US Fed. Photo: Bloomberg

    Why US monetary policy has a lot to do with China

    - Nov 10, 2015 10:07am
    For much of the year, investors have been fixated on when the Fed will achieve “liftoff” – that is, when it will raise interest rates by 25 basis points, or 0.25 percent, as a first step...
  • China’s recent renminbi devaluation was a textbook example of how not to conduct exchange-rate policy, critics say. Photo: Bloomberg

    Currency management: What China needs to learn

    - Sep 14, 2015 4:23pm
    On August 11, China devalued its currency by 2 percent and modestly reformed its exchange-rate system. This was no earth-shattering event, but financial markets responded as if a meteorite had struck them. The negative reaction is...
  • China's internationalization of the renminbi as an alternative source of global liquidity to the US dollar should be welcomed. Photo: Bloomberg

    Why China’s growing influence is not always a matter for concern

    - Jun 12, 2015 1:19pm
    Come to Asia and you will hear a growing chorus of concern that China is building a sphere of influence in the region. To promote Chinese foreign investment, there is the Asian Infrastructure Investment Bank (AIIB),...
  • Fed chairman Janet Yellen testiifies before a congressional committee. Congressmen criticized her for weighing in on issues unrelated to monetary policy. Photo: Reuters

    Fed under fire for a reason

    - Mar 11, 2015 12:07pm
    The Federal Reserve is under attack. Bills subjecting the United States’ central bank to “auditing” by the Government Accountability Office are likely to be passed by both houses of Congress. Legislation that would tie how the...
  • The US dollar is at nine-year highs against the euro as currency traders expect more quantitative easing from the European Central Bank. Photo: Bloomberg

    Don’t bet on a stronger US dollar

    - Jan 14, 2015 9:07am
    Economic pundits, almost without exception, are predicting a stronger US dollar in 2015 – an expectation that is leading investors to place some very large bets. But that market strategy could turn out to be a...
  • A woman is shown in front of a hoarding showing foreign exchange rates in Kiev. A US$17 billion IMF bailout of Ulkraine's troubled economy is looking increasingly inadequate. Photo: Reuters

    More Ukraine dilemma: Mounting debt

    - Nov 26, 2014 1:46pm
    Insecurity is haunting Ukraine – and not just geopolitical insecurity but economic insecurity as well. Output is in freefall. The country’s external deficit is exploding and borrowing costs have spiked precisely as financing has become imperative....