High rates of debt growth by local governments are a cause for concern in any country. In China, where recent turmoil in the equity and foreign-exchange markets has put a spotlight on that country’s economy and growth prospects, increasing levels of borrowing by provincial and other lower levels of ...

The U.S. government’s ubiquitous role providing credit—mostly to students and homeowners—in the post-financial crisis economy is unmistakable but the ultimate costs to taxpayers can be far from obvious. While nearly all of the deliberation and debate about the price of extending government credit is...

Greece recently failed to pay $1.7 billion due to the IMF, thereby becoming the first developed country to default on an IMF loan. That missed payment represents only a portion of the approximately $23 billion in IMF credit outstanding to Greece, suggesting the ultimate losses to the Fund could be m...

While attending a conference of government financial managers in July 2015, I had the opportunity to participate on a panel to consider ways to improve the U.S. budget process and was amazed at the energy and enthusiasm for the topic. With hundreds of attendees cramming a large breakout session room...

A recent topic of debate in the U.S. budget community centers on how the federal government should estimate the cost of providing loans to various borrowers such as students and homebuyers. Currently costs are assessed assuming that the government’s cost of capital is equal to the Treasury rate. Pro...

It is with great pleasure that I transition to my new role as the inaugural executive director of MIT’s Center for Finance and Policy (CFP). As someone who has focused on government financial institutions for many years, I welcome this new beginning as a chance to direct sunlight towards a unique se...

It is the rare journalist who tackles the topic of government credit programs and their ills. Rarer still is a popular account that accurately brings these complicated issues to life. Kudos to Michael Grunwald, who writing for Politico, did just that. I highly recommend his article. (Note that to ge...

by Khalid Alsweilem, Mark Kritzman, and Malan Rietveld | Sovereign Wealth Funds

by Ed Golding, Michelle Aronowitz and Jung Choi // This paper demonstrates that Black homeowners on average will pay $67,320 more for their houses because...

In a new paper, How Much Can Collective Defined Contribution Plans Improve Risk-Sharing?, GCFP Director [...]