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Blog Post
April 17, 2025
Next week’s IMF–World Bank Spring Meetings will be one of the more unsettled in recent memory, with an escalating trade war, a shaky global outlook, shrinking aid budgets, and a US administration resetting its global posture. Read reactions from CGD's expert on what they're paying particular attenti...
Blog Post
April 08, 2025
The US tariffs announced on April 2 aim to penalize countries with which the US has large bilateral trade deficits. According to a formula provided by the Office of the United States Trade Representative, the larger the US bilateral deficit as a proportion of US imports from a partner country, the ...
CGD NOTE
March 05, 2025
It's been repeated time and again: The US trade deficit stems from a persistent savings-investment gap. Without closing that gap, the deficit won’t shrink. Tariffs may reduce the bilateral trade deficit with one country, but they increase the trade deficits with others—like pressing on one part of a...
POLICY PAPER
February 10, 2025
Banks play a central role in both the payments system and the provision of funding for firms and corporations. This role is particularly important in emerging markets and developing economies, where alternative sources of financing are scarce owing to underdeveloped local capital markets. Furthermor...
POLICY PAPER
October 15, 2024
This paper addresses a critical flaw in the international financial system: the failure to address the inherent asymmetry between countries that issue reserve currencies and those that do not, leaving the latter vulnerable during systemic liquidity crises. We propose an IMF-managed Emerging Market F...