The restructuring of Greece's debt offers a clean case study of the dynamics of sovereign restructuring. This essay discusses the powerlessness of sovereign creditors, Greece's predicament, and its resolution through (a) a two-step refinancing with bond accumulation and value injection and (b)...

This paper examines the problem of monetary coordination building on an international sticky-price model. I demonstrate that monetary coordination is associated with a welfare transfer of 0.56%--0.57% of steady-state consumption from the high-openness economy to the low-openness economy. By...

With its America First strategy, the former US administration turned away from an internationally oriented trade policy. It attempted to assert its interests, especially vis-à-vis China, with bilateral and mostly restrictive measures such as import tariffs. This Weekly Report shows that the...