Research Library

Narendra Modi was sworn in as India’s new prime minister on Monday, a little over a week after a landslide victory at the polls. The resounding win gives Modi much greater freedom to implement his agenda than any Indian leader in recent years, says international economics fellow Russell Green. What will Modi’s India look like, and how will it affect the U.S.? Green, who spent four years in India as the U.S. Treasury Department’s first financial attaché to that country, explains.

The recently released National Climate Assessment documents the accelerating rate of climate change caused by human activities, leading to extensive and damaging impacts. The report represents scientific findings on the state of climate change in the United States, summarized in a way that is accessible to its intended audience: the president, members of Congress, and the American people, writes Ron Sass, fellow in global climate change. Will the U.S. Congress respond actively to the report rather than do nothing, as it has in the past? Sass is not sure, but writes that “it is up to the American people to inform themselves and then vote into power those who have the ability and desire to understand the seriousness of the changing climate and are willing to work together to confront it.”

Fossil fuel subsidies have allowed energy exporting countries to distribute resource revenue, bolstering legitimacy for governments, many of which are not democratically elected. But subsidy benefits are dwarfed by the harmful consequences of encouraging uneconomic use of energy. Now, with consumption posing a threat to long-term exports, governments face a heightened need to raise prices that have come to be viewed as entitlements. While reforms of state benefits are notoriously politically dangerous, previous experience shows that subsidies can be rolled back without undermining government legitimacy — even in autocratic settings — given proper preparation.

European finance ministers have agreed to the final pieces that will create a banking union and a fund that can be used to rescue failing EU member banks — a big step forward for European financial stability. International economics fellow Russell Green explains in the Baker Institute Blog.

The past few months have seen extraordinary progress in financial sector reforms in India. Why now, near the end of the current government’s term?

A proposed inflation targeting (IT) approach to monetary policy has generated vigorous debate in India, where inflation has not dropped much below 10 percent for the past eight years.

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Climate change expert answers questions…