Short Articles and Op Eds

Project Syndicate Columns

The Perils of Debt Complacency, September 2016.

The Easy Money Contagion, August 2016.

What’s New About Today’sLow Interest Rates?, July 2016


Brexit’s Blow to Globalization, June 2016.


Argentina’s Eternal Debt Problem, May 2016.

The Post-Crisis Economy’s Long Debt Hangover, April 2016.

China’s Incompatible Goal, March 2016

Whose QE Was It Anyway?, February 2016.

The Return of the Currency Crash, January 2016

A year of Sovereign Defaults?, December 2015.

The Commodity Rollercoaster, November 2015.

The Hidden Debt Burden of Emerging Markets, October  2015.

Inflation, the Fed, and the Big Picture, September 2015.

Venezuela’s Spectacular Underperformance, (with Kenneth S Rogoff), October 2014.

Short Articles and Op-Eds

The Consequences of a Brexit, June 20. 2016.

What Greece Can Expect?’ Bloomberg View, July 9, 2015.

Are Negative Real Interest Rates the "New Normal"? Nikkei Asian Review, March 5, 2015.

"Sovereign-debt relief and its aftermath: The 1930s, the 1990s, the future," (with Christoph Trebesch), VOX EU, October 21, 2014.

“Debt, Growth, Interest Rates, and History, Bloomberg View, November 5, 2013.

 “Sorry, US Recoveries Aren’t Really Different,” (with Kenneth S Rogoff), Bloomberg View, October 15, 2012.

 Financial Repression Has Come Back to Stay  Bloomberg View, March 12, 2012.

“Europe in the Decade After the Fall,” Intereconomics: Review of European Economics Policy, Vol 46 No. 6, November 2011, 308-311.

“Financial Repression Redux”, Finance and Development, (with Jacob Kirkeegard and Belen Sbrancia), Vol. 48 No.2, June 2011.

“Japan Must Dip Into Its Rainy Day Fund,” (with Vincent R. Reinhart), Financial Times, March 24, 2011.

“Time to End the Denial Over Mortgage Debt,” (with Vincent R. Reinhart), Financial Times, Opinion, November 4, 2010.

Beware of Those Who Think the Worst is Past, (with Vincent R. Reinhart), Financial Times, Opinion, August 30, 2010.

5 Myths About the European Debt Crisis , (with Vincent R. Reinhart), Washington Post, May 9, 2010.

IMF roundtable: One promising feature,  The Economist Blog, February 21, 2010.

Why we should expect low growth amid debt, (with Kenneth Rogoff ), Financial Times,  ‎January 28, 2010‎.

Why the banking crisis is far from over, (with Kenneth S. Rogoff), Newsweek, March 21, 2009

Rule of Four, New York Times Opinion, February 28, 2009

Playing down the price tag of the fiscal stimulus (with Vincent R. Reinhart), Washington Post, February 10, 2009

What Other Financial Crises Tell Us, (with Kenneth Rogoff), Wall Street Journal, February 2, 2009.

Calling for an International Regulator, (with Kenneth Rogoff) Financial Times, November 19, 2008.

Beware of Europeans Bearing Proposals, ( with Vincent Reinhart ) Baltimore Examiner, November 13, 2008

Watch Out for Sovereign Debt Risk, (with Kenneth S. Rogoff), Wall Street Journal: Opinion, June 24, 2008 and Livemint (WSJ India).

Some Perspectives on Capital Flows to Emerging Market Economies, NBER Reporter, Summer 2005, 8-10 and NBER profile.

The Realities of Modern Hyperinflation (with Miguel A. Savastano), Finance and Development, (Washington DC: International Monetary Fund, June 2003), 20-23.
Reprinted in:
Inflation: Concepts and Experiences in Shilpa Rao, ed. (Dehli: The Institute of Chartered Financial Analysts of India, 2005).

Is a G-3 Target Zone on Target for Emerging Markets? (with Vincent R. Reinhart), Finance and Development, Vol. 39 No. 1, (Washington DC: International Monetary Fund, March 2002), 17-19.

Financial Crises, Credit Ratings, and Bank Failures: An Introduction, World Bank Economic Review, Vol. 16 No. 2, 2002, 149-151.

Capital Flow Reversals, The Exchange Rate Debate, and Dollarization, (with Guillermo A. Calvo), Finance and Development, Vol. 36 No.3, (Washington DC: International Monetary Fund, September 1999), 13-15.

Economic Growth and the Consequences of External Shocks in Sub-Saharan Africa: An Introduction, (with Patrick Asea), Journal of African Economies, Vol. 5  No. 3, Supplement Part I, October 1996, 1-6.

Saving and the Real Interest Rate in Developing Countries, (with Jonathan Ostry), Finance and Development, Vol. 32 No. 4, (Washington DC: International Monetary Fund, December 1995), 16-18.

Formulating a Policy Response: Reply to Snowden, (with Guillermo A. Calvo and Leonardo Leiderman), IMF Staff Papers, Vol. 40 No. 4, (December 1993), 865-868.

Output Fluctuations and Monetary Shocks: Evidence from Colombia: A Reply to García, (with Vincent R. Reinhart), IMF Staff Papers, Vol. 40 No. 4, (December 1993), 876-878.
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Vox EU

 Sovereign-debt relief and its aftermath: The 1930s, the 1990s, the future? (with Christoph Trebesch), October 21, 2014.

Investment after crises: Asia 15 years later  (with Takeshi Tashiro), December 17,  2013.

The Capital Inflow "Problem" Revisited, (with Vincent R. Reinhart), VoxEU, February 25, 2011.

The Decade After the Fall: Diminished Expectations, Double Dips, and External Shocks (with Vincent R. Reinhart), September 13, 2010.

Do countries "graduate" from crises? Some historical perspective, (with Qian Rong, and Kenneth Rogoff), August 31, 2010.

Debt and Growth Revisited, (with Kenneth Rogoff) August 11, 2010.

Fiscal Stimulus for Debt Intolerant Countries? (with Vincent R. Reinhart), August 22, 2009.

The Economic and Fiscal Consequences of Financial Crises, January 26, 2009.
Reprinted in: Türkiye Ekonomi Kurumu,  January 29, 2009.

Is the US Too Big to Fail? (with Vincent R. Reinhart),. November 17, 2008.
Reprinted in: Türkiye Ekonomi Kurumu, November 23, 2008.

From Capital  Flow Bonanza to Financial Crash (with Vincent R. Reinhart), October 23, 2008.
Reprinted in: Türkiye Ekonomi Kurumu,
 October 23, 2008.

The Next (but not new) Frontier for Sovereign Default, May 22, 2008.
Reprinted in: RGE Monitor, July 17, 2008.


Eight Hundred Years of Financial Folly, April 19, 2008.
Reprinted in: Economist's View, April 19, Market Pipeline, April 20, and Telos, April 24, and Journal of Regulation and Risk North Asia, Vols. II and II. Summer/Autumn, 71-75

Reflections on the International Dimensions and Policy Lessons of the U.S. Subprime Crisis, March 17, 2008.
Reprinted in: 
The Turkish Weekly March 17, 2008.