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Crowd of Black Lives Matters demonstrators marching in the street.
Feature: The Democratic Necessity of Reckoning

Erica Chenoweth reviews scholarship that overwhelmingly shows the Black Lives Matter movement generated high levels of public awareness about systemic racism and increased support for criminal justice reform.

Electronic stock ticker board with numbers and arabic letters.
Feature: Against Rule-of-Thumb Economics

Dani Rodrik argues against neoliberalism’s universal rule-of-thumb approach and for economic analyses grounded in contextual dependencies.

Several hands of team members covering one another in a huddle above a work table.
Feature: Leaders’ Psychological Bravery

Dana Born explores what skills leaders need to cultivate psychological safety on their teams and across their organizations.

Dollars and Euros piled on top of one another.
Feature: Dollar vs. Euro as International Reserve Currencies

Jeffrey Frankel explores the strengths and weaknesses of using the Dollar and the Euro as international reserve currencies.

Harvard Kennedy School faculty disseminate their research in working publications and papers that contribute to public knowledge and fuel policy innovation. This list features recent faculty publications, including journal articles, books, edited volumes, research papers, and public testimony.

Faculty Publications

Decrypting new age international capital flows

Graf von Luckner, Clemens, Carmen M. Reinhart, and Kenneth Rogoff. "Decrypting new age international capital flows." Journal of Monetary Economics 138 (September 2023): 104-122.

Debt Distress on China's Belt and Road

Horn, Sebastian, Bradley C. Parks, Carmen M. Reinhart, and Christoph Trebesch. "Debt Distress on China's Belt and Road." AEA Papers and Proceedings 113 (May 2023): 131-34.

Exchange Rate Volatility and Monetary Policy

Ilzetzki, Ethan, Carmen Reinhart, and Kenneth Rogoff. "Exchange Rate Volatility and Monetary Policy." Vox EU, April 4, 2023.

China as an International Lender of Last Resort

Horn, Sebastian, Bradley C. Parks, Carmen M. Reinhart, and Cristoph Trebesch. "China as an International Lender of Last Resort." World Bank Policy Research Working Paper Series, March 2023.

China’s overseas lending and the war in Ukraine

Horn, Sebastian, Carmen M. Reinhart, and Christoph Trebesch. "China’s overseas lending and the war in Ukraine." Global Economic Consequences of the War in Ukraine: Sanctions, Supply Chains and Sustainability. Ed. Luis Garicano, Dominic Rohner, and Beatrice Weder di Mauro. CEPR Press, September 2022.

The Social Costs of Sovereign Default

Farah-Yacoub, Juan P., Clemens Graf von Luckner, Rita Ramalho, and Carmen Reinhart. "The Social Costs of Sovereign Default." World Bank Group, Policy Research Working Paper Series, August 2022.

The Aftermath of Debt Surges

Kose, M. Ayhan, Franziska L. Ohnsorge, Carmen M. Reinhart, and Kenneth S. Rogoff. "The Aftermath of Debt Surges." Annual Review of Economics 14.1 (August 2022): 637-663.

Hidden Defaults

Horn, Sebastian, Carmen Reinhart, and Christoph Trebesch. "Hidden Defaults." American Economics Papers and Proceedings 112 (May 2022): 531-535.

Rethinking Exchange Rate Regimes

Ilzetzki, Ethan, Carmen Reinhart, and Kenneth Rogoff. "Rethinking Exchange Rate Regimes." Handbook of International Economics. Ed. Gita Gopinath, Elhanan Helpman, and Kenneth S. Rogoff. Elsevier, 2022, 91-145.

The Reversal Problem: Development Going Backwards: Development Going Backwards

Olaberria, Eduardo, and Carmen Reinhart. "The Reversal Problem: Development Going Backwards: Development Going Backwards." Let's Talk Development, The World Bank, April 15, 2022.

Is Another Food Crisis Unfolding?

Graf Von Luckner, Clemens, Kathryn Holston, and Carmen Reinhart. "Is Another Food Crisis Unfolding?" Let’s Talk Development, The World Bank, April 15, 2022.

Shining a Light on Debt

Pazarbasioglu, Ceyla, and Carmen M. Reinhart. "Shining a Light on Debt." Finance & Development 59.001 (March 2022): 10-13.

From Health Crisis to Financial Distress

Reinhart, Carmen M. "From Health Crisis to Financial Distress." IMF Economic Review 70.1 (March 2022): 4-31.

Hidden Defaults

Horn, Sebastian, Carmen M. Reinhart, and Christoph Trebesch. "Hidden Defaults." World Bank, Policy Research Working Paper Series, February 2022.

China's overseas lending

Horn, Sebastian, Carmen M. Reinhart, and Christoph Trebesch. "China's overseas lending." Journal of International Economics 133 (November 2021): 1-32.

Decrypting New Age International Capital Flows

Graf von Luckner, Clemens, Carmen M. Reinhart, and Kenneth S. Rogoff. "Decrypting New Age International Capital Flows." NBER Working Paper Series, October 2021.

Rethinking Exchange Rate Regimes

Ilzetzki, Ethan, Carmen M. Reinhart, and Kenneth S. Rogoff. "Rethinking Exchange Rate Regimes." NBER Working Paper Series, October 2021.

The Aftermath of Debt Surges

Kose, M. Ayhan, Franziska L. Ohnsorge, Carmen M. Reinhart, and Kenneth S. Rogoff. "The Aftermath of Debt Surges." NBER Working Paper Series, September 2021.

From Health Crisis to Financial Distress

Reinhart, Carmen. "From Health Crisis to Financial Distress." World Bank Policy Research Working Paper Series, April 2021.

External sovereign debt restructurings: Delay and replay

Graf von Luckner, Clemens, Josefin Meyer, Carmen Reinhart, and Christoph Trebesch. "External sovereign debt restructurings: Delay and replay." VoxEU. March 2021.

The quiet financial crisis

Reinhart, Carmen. "The quiet financial crisis." World Bank Blogs: Let's Talk Development. January 2021.

La depresión de la pandemia: la economía mundial nunca volverá a ser la misma

Reinhart, Carmen, and Vincent Reinhart. "La depresión de la pandemia: la economía mundial nunca volverá a ser la misma." Foreign affairs: Latinoamérica 21.1 (January 2021): 106-114.

Will the Secular Decline In Exchange Rate and Inflation Volatility Survive COVID-19?

Ilzetzki, Ethan, Carmen M. Reinhart, and Kenneth S. Rogoff. "Will the Secular Decline In Exchange Rate and Inflation Volatility Survive COVID-19?" National Bureau of Economic Research, November 2020.

Coping with Disasters: Two Centuries of International Official Lending

Horn, Sebastian, Carmen M. Reinhart, and Christoph Trebesch. "Coping with Disasters: Two Centuries of International Official Lending." June 2020.

Why is the Euro Punching Below Its Weight?

Ilzetzki, Ethan, Carmen M. Reinhart, and Kenneth S. Rogoff. "Why is the Euro Punching Below Its Weight?" HKS Faculty Research Working Paper Series RWP20-013, May 2020.

How the Economy Will Look After the Coronavirus Pandemic

Stiglitz, Joseph E., Robert J. Shiller, Gita Gopinath, Carmen M. Reinhart, Adam Posen, Eswar Prasad, Adam Tooze, L. D. Tyson, and Kishore Mahbubani. "How the Economy Will Look After the Coronavirus Pandemic." Foreign Policy 15 (April 2020).

How Much Money Does the World Owe China?

Horn, Sebastian, Carmen M. Reinhart, and Christoph Trebesch. "How Much Money Does the World Owe China?" Harvard Business Review 26 (February 2020).

The Debt Pandemic

Bulow, Jeremy, Carmen Reinhart, Kenneth Rogoff, and Christoph Trebesch. "The Debt Pandemic." 2020.

China's Overseas Lending

Horn, Sebastian, Carmen M. Reinhart, Christoph Trebesch. "China's Overseas Lending." July 2019.

Exchange Rate Arrangements in the 21st Century: Which Anchor Will Hold?

Reinhart, Carmen. "Exchange Rate Arrangements in the 21st Century: Which Anchor Will Hold?" Quarterly Journal of Economics 34.2 (May 2019): 599-646.

The Triffin Dilemma, Chinese Opacity, and Capital Mobility: Concluding Remarks on International Macroeconomic Policy

Reinhart, Carmen. "The Triffin Dilemma, Chinese Opacity, and Capital Mobility: Concluding Remarks on International Macroeconomic Policy." Evolution or Revolution? Rethinking Macroeconomic Policy after the Great Recession. MIT Press, 2019.

Latin America's Challenging External Environment: Old and New Forces

Reinhart, Carmen. "Latin America's Challenging External Environment: Old and New Forces." Latin America Policy Journal 8 (Spring 2019): 9-13.

Sovereign Bonds since Waterloo

Meyer, Josefin, Carmen M. Reinhart, and Christoph Trebesch. "Sovereign Bonds since Waterloo." HKS Faculty Research Working Paper Series RWP19-009, February 2019.

Financial Crises: Past and Future

Reinhart, Carmen. "Financial Crises: Past and Future." HKS Faculty Research Working Paper Series RWP19-005, January 2019.

The Curious Case of the Missing Defaults

Reinhart, Carmen. "The Curious Case of the Missing Defaults." HKS Faculty Research Working Paper Series RWP19-004, January 2019.

The Crisis Next Time: What We Should Have Learned from 2008

Reinhart, Carmen, and Vincent Reinhart. "The Crisis Next Time: What We Should Have Learned from 2008." Foreign Affairs 97.6 (November/December 2018): 84-97.

Capital Controls: Myth and Reality

Magud, Nicolas E., Carmen M. Reinhart, and Kenneth S. Rogof. "Capital Controls: Myth and Reality." Annals of Economics and Finance 19.1 (May 2018): 1-47.

The Perils of Debt Complacency

Reinhart, Carmen. "The Perils of Debt Complacency." Project Syndicate, 28 , September 2016.

Does Reserve Accumulation Crowd out Investment?

Reinhart, Carmen M., Vincent Reinhart, and Takeshi Tashiro. "Does Reserve Accumulation Crowd out Investment?" Journal of International Money and Finance 63 (May 2016): 89-111.

Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815–2015

Reinhart, Carmen M., Vincent Reinhart, Christoph Trebesch. "Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815–2015." The American Economic Review 106.5 (May 2016): 574-580.

From Financial Repression to External Distress: The Case of Venezuela

Reinhart, Carmen M., Miguel Angel Santos. "From Financial Repression to External Distress: The Case of Venezuela." Emerging Markets Finance and Trade 52.2 (February 2016): 255-284.

Sovereign Debt Relief and Its Aftermath

Reinhart, Carmen M., and Christoph Trebesch. "Sovereign Debt Relief and Its Aftermath." Journal of the European Economic Association 14.1 (February 2016): 215-251.

The International Monetary Fund: 70 Years of Reinvention

Reinhart, Carmen M., and Christoph Trebesch. "The International Monetary Fund: 70 Years of Reinvention." The Journal of Economic Perspectives 30.1 (January 2016): 3-27.

The International Monetary Fund: 70 Years of Reinvention

Reinhart, Carmen, and Christoph Trebesch. "The International Monetary Fund: 70 Years of Reinvention." HKS Faculty Research Working Paper Series RWP15-077, December 2015.

The Antecedents and Aftermath of Financial Crises as told by Carlos F Díaz Alejandro

Reinhart, Carmen. "The Antecedents and Aftermath of Financial Crises as told by Carlos F Díaz Alejandro." Economiia Journal of Latin American and Caribbean Economic Association 16.1 (Fall 2015): 187-217.

The Commodity Rollercoaster

Reinhart, Carmen. "The Commodity Rollercoaster." Project Syndicate, November 19, 2015.

The Pitfalls of External Dependence: Greece, 1829-2015

Reinhart, Carmen M., and Christoph Trebesch. "The Pitfalls of External Dependence: Greece, 1829-2015." HKS Faculty Research Working Paper Series RWP15-065, October 2015.

The Hidden Debt Burden of Emerging Markets

Reinhart, Carmen. "The Hidden Debt Burden of Emerging Markets." Project Syndicate, October 9, 2015.

Inflation, the Fed, and the Big Picture

Reinhart, Carmen. "Inflation, the Fed, and the Big Picture." Project Syndicate, September 3, 2015.

Does Reserve Accumulation Crowd Out Investment?

Reinhart, Carmen M., Vincent R. Reinhart, and Takeshi Tashiro. "Does Reserve Accumulation Crowd Out Investment?" HKS Faculty Research Working Paper Series RWP15-038, July 2015.