Views from the Members

Susan Lund: What's changed since the 2008 financial crisis in four charts

This month will mark the 10-year anniversary of Lehman Brothers’ collapse. In many ways, the global financial system is better off as a result of the extraordinary stabilization measures taken after 2008. But some familiar risks are creeping back, and new ones have emerged.

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Douglas A. Rediker: Why US multilateral leadership was key to the global financial crisis response

Ten years after the onset of the global financial crisis, one of its most under-appreciated legacies is the strong U.S. embrace of multilateralism to address growing financial interlinkages around the world. U.S. leadership and engagement at international meetings like the G-20 and at institutions like the IMF proved crucial in crisis response ten years ago. While current “ten years later” pieces are largely focused on the domestic legislative and regulatory response, the crucial role played by U.S. multilateral leadership and engagement should not be forgotten.

Nouriel Roubini: Is the next financial crisis already brewing?

As we mark the tenth anniversary of the global financial crisis, there have been plenty of postmortems examining its causes, its consequences and whether the necessary lessons have been learnt.

Scott Morris: Mapping the Multilateral Concessional Finance Landscape

On September 19, the Center for Global Development will convene representatives from the leading multilateral development funds, their donors and recipients, and independent experts to discuss the next round of negotiations that will determine how much money these funds will have available in the years ahead and how they will spend it. To better inform the upcoming gathering, we’ve prepared a mapping note of the multilateral funds: how much money they raise, from whom, and how they spend it.

Mohamed A. El-Erian: Can Turkey Rewrite the Crisis-Management Rules?

LAGUNA BEACH – Whether by accident or design, Turkey is trying to rewrite the chapter on crisis management in the emerging-market playbook. Rather than opting for interest-rate hikes and an external funding anchor to support domestic policy adjustments, the government has adopted a mix of less direct and more partial measures – and this at a time when Turkey is in the midst of an escalating tariff tit-for-tat with the United States, as well as operating in a more fluid global economy.

Clay Lowery and Kevin Wolf: A rare, nonpartisan good news story in Washington

One of the government’s most important obligations is to protect our national security. Getting the details right for how to do so often leads to debate and disagreement, as it should. Unfortunately, such discussions can devolve into partisan acrimony.

This week, however, legislation that enhances U.S. government authorities to address emerging national security issues associated with foreign investment in the U.S. and the export of critical technologies will become law with overwhelming bipartisan majorities.

Lawrence H. Summers: How to Make the Global Economy Work for Everyone

Since the end of World War II, a broad consensus in support of global economic integration as a force for peace and prosperity has been a pillar of the international order. Since the fall of the Berlin Wall a generation ago, the power of markets in promoting economic progress has been universally recognized. From global trade agreements to the European Union project; from the Bretton Woods institutions to the removal of pervasive capital controls; from expanded foreign direct investment to increased flows of peoples across borders, the direction has been clear.

Laura Tyson and Lenny Mendonca: America’s Grassroots Saviors

BERKELEY – Joan Didion famously observed that, “We tell ourselves stories in order to live.” Unfortunately, if you get your news about the United States from Facebook, Twitter, or cable TV networks, the stories you are being told might convince you that the country is hopelessly divided.

Warren Coats: A proposal for the Fed’s balance sheet

To save financial institutions from the collapse that threatened them after the bankruptcy of Lehman Brothers in September 2008, the Federal Reserve purchased government securities and Mortgage Backed Securities (MBS) sufficient to increase the size of its asset holdings from $0.9 trillion to $4.5 trillion by the end of 2014.

Gail D. Fosler: Addressing Global Agreements in Digital Trade

Gail D. Fosler is president, The GailFosler Group LLC, a strategic advisory service for global business leaders and public policymakers. The GailFosler Group provides in-depth analysis of economic, financial and public policy issues and creates new concepts and frameworks for business and government leaders to support successful decision making.

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