Ukraine has experienced a year of unprecedented political, economic, and military turmoil. The combination of Russian military aggression in the east and a legacy of destructive policies leading to pervasive corruption has plunged the country into an existential crisis. The West, meanwhile, has...

Emerging-market growth from 2000 to 2012 was extraordinarily high. Aslund cites several factors to explain why emerging-economy growth is likely to be lower in the future. Having caught up with advanced economies in many respects, these countries face limitations on their future catch-up...

Hyperinflation—usually 1,000 percent or more a year—occurs only under very special circumstances: in a disorderly breakup of a currency zone; after wars or revolutions, when monetary or fiscal authorities lack control; and when wild populism prevails. Åslund reviews the historical record and...

The response of the ten new eastern members of the European Union to the global financial crisis has valuable lessons of crisis resolution for the euro area. These countries were severely hit by the crisis in the fall of 2008 and responded with extensive reforms. Crisis made the unthinkable...

In the current financial crisis plaguing Europe, Latvia stands out for resolving its financial problems quickly and resolutely. After contracting 24 percent in 2008 and 2009, it grew at the rate of 5.5 percent in 2011. The speed and determination with which the government carried out austerity...

A gaping hole in the current global economic architecture is the absence of a multilateral agreement on foreign direct investment (FDI). A multilateral investment agreement (MIA) was discussed extensively from 1970 to 1998 but never concluded. However, the need for such an agreement has...

One of the big questions of our time is whether the Economic and Monetary Union (EMU) will survive. Too often, analysts discuss a possible departure of one or several countries from the euro area as little more than a devaluation, but Åslund argues that any country’s exit from the euro area...

The potential benefits to the US economy from Russia's accession to the World Trade Organization (WTO) are substantial but the United States can enjoy them only if it grants Russia permanent normal trade relations (PNTR) status—by repealing application to Russia of the Jackson-Vanik Amendment,...

The global financial crisis offers all world leaders an opportunity to think big and reach out to international cooperation. President Barack Obama should seize this opportunity to dramatically turn around US-Russia relations by establishing a positive interaction with President Dmitri Medvedev...

Russia's chairmanship of the G-8 raises questions about its fitness for the task. While it is certainly a market economy, Russia can no longer lay claims to being even semidemocratic. The G-8 should not be swept up in a celebration of Putin's authoritarian power during the St. Petersburg summit....