Eswar Prasad
@EswarSPrasad
Followers
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Professor@Cornell; Senior Fellow@Brookings. New book--The Future of Money: How the Digital Revolution is Transforming Currencies & Finance https://t.co/M02xDJUj01
Washington, DC/Ithaca, NY
Joined May 2012
My NYT guest essay on Bitcoin: It's a crummy medium of exchange, its price makes little sense, but the technology is a marvel.
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. @TheEconomist picks The Future of Money as one of four books you should read to understand central banking, along with books by @benbernanke @scmallaby and Bagehot (hmm. no twitter handle?) !.
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My FT oped on how Trump is inflicting long-term damage on the dollar. It’s not the cheap talk about a weaker dollar but the erosion of America’s institutions + rising perception of US as an unreliable, untrustworthy partner in international relationships
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US consumers—Stop buying iPhones (imported from China). Economy would grow faster (Navarro) + everyone could afford healthcare (Chaffetz).
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My FT op-ed "Wiping out bad data will not solve China’s economic woes" Given the biggest economic problem is lack of confidence in government, pretending everything is fine will only backfire
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My op-ed in Barron's on why China is slipping into deflation and what the government needs to do (soon) to prevent a worsening spiral of stalling growth, declining confidence, and deflation (hint: it will take a lot more than just macro stimulus)
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My article "Money is about a enter a new era of competition" in the MIT Technology Review's @techreview latest issue (The Money Issue)
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An extensive interview about my new book, The Future of Money, with @DanielGKuhn of @coindesk. We talk about cryptocurrencies, CBDCs, what it all means for currency competition, the nature of central bank money, and much more
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My new article in July/Aug issue of @ForeignAffairs "Top Dollar: Why the Dominance of America's Currency Is Harder Than Ever to Overturn".
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My NYT op-ed on what ails China's economy (hint: it's not just the property market, high debt, weak external demand. rather, concerns about both direction of policies and policymaking process hurting hhold, business confidence. stimulus alone won't help)
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My @FT @ftopinion piece on how Thailand's "helicopter drops of money" thru digital wallets offers insights into how CBDCs could be used one day. Exciting possibilities + a lot to worry about. "Thailand may tell us a great deal about the future of money"
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My latest in @ftopinion "The People's Bank of China Has a Transparency Problem" PBoC lacks statutory independence but would still be more effective (and avoid market turmoil) if it did a better job of communicating its strategy and policy actions
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The Future of Money makes it onto @TheEconomist 2021 list of Best books in economics and business! (paywall) or (pdf).
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My NYT op-ed on long-term damage Trump and his acolytes are inflicting on the dollar When the president undermines the rule of law and the independence of institutions like the Fed, he threatens a pillar of American economic strength.
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A reprise of my wide-ranging discussion with @ProfGalloway (Scott Galloway) on "The Evolution of Money" now available on his excellent podcast
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My interview on @CNBC @PowerLunch with @KellyCNBC and Tyler Mathisen to talk about my new book, the pros and cons of cryptocurrencies, and the future of cash and other forms of money
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My Washington Post piece on Five Myths About Cryptocurrency:
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Latest update of TIGER (Brookings-FT Tracking Indexes for the Global Economic Recovery) in @FT @ChrisGiles_ "Global rebound hit by supply squeezes, energy costs and inflation" Full update at
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My FT op-ed on India's economy. Some things to celebrate and a few things to worry about.
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My FT op-ed on China's growth dilemmas. The government has (some) good intentions and is trying to fix problems (some of its own making), but must clearly define its role in the economy and financial markets. Else, more volatility and stumbles ahead
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My @FT op-ed on China's upcoming third plenum: "China's plenum must offer action not rote slogans". To deal with cyclical & structural problems and rebuild confidence, govt needs a concrete plan, should get started on reforms, and offer some stimulus
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My column in Project Syndicate: “The Global Economy’s Hidden Weaknesses”
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My FT op-ed on how Fintech, digital currencies reshaping intn'l finance (easier cross-border payments; less need for vehicle currencies; dollar to remain supreme; efficacy of financial sanctions eroding; existential threat for smaller, weaker currencies)
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IMF finally makes its statistical databases available free of charge. Treasure trove for researchers, students http://t.co/qobrbzuh73.
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I will be participating in a panel at @ProSyn’s virtual event, Finance 3.0, next week (Wed, Apr. 13; 9 am US ET; 3 pm CET). Watch live at the link, as we discuss the next chapter for #cryptocurrencies and #digitalpayments. #PSEvents
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Review of my book in the @FT "Prasad envisages an era of monetary separation between the state and the private sector. The book is comprehensive to a fault and a vital handbook for anyone looking to understand how finance is changing."
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My discussion with @taimurbaigdbs covering China, the dollar, cryptos, CBDCs, the Future of Money! On Taimur's excellent Kopi time podcast
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Getting back on Twitter. hesitantly. Back after two-year Twitter sabbatical. Let's see how it goes.
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My op-ed in this weekend's Barron's magazine "Russia Sanctions Won't Doom the US Dollar". Some changes coming in international finance but China and Russia aren't exactly in a position to displace the dollar
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My op-ed in the NYT “China Is Willing to Make a Deal”. Its leaders are talking tough, but many Chinese officials are worried about their economy and eager to end the trade war @nytopinion
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My FT op-ed on implications of Rajan's impending departure from RBI
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My @FinancialTimes op-ed on some basic principles for crypto regulation (and questions to frame the discussion): "Crypto poses serious challenges for regulators"
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My new report “Central Banking in a Digital Age” now posted: Launch event today at Brookings 2 pm w/ Carstens (BIS), Ingves (Riksbank), Patel (RBI), @RanaForoohar (FT), @davidmwessel. Live webcast:
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A conversation on digital currencies with my @BrookingsInst colleague @davidrdollar on his Dollars and Sense podcast
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My FT op-ed on the subtle risks of retail CBDCs. to the integrity of central banks, central bank money. if CBDC loaded with cool features that digital money enables (paywall).
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China deemphasizing growth targets. Not easy pivot given provincial officials’ incentive structures @Lingling_Wei
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My WSJ op-ed: Modi’s fight against corruption, black money resonates with public. Op-ed also features Trump and Xi !.
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My FT oped on how to fix China’s financial system, reduce risks, and improve allocation of capital
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My new @FinancialTimes op-ed "DeFi is a reminder of the risks of unfettered financial engineering". DeFi has a lot to offer but decentralization and technology do not eliminate all risks and create new ones
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My op-ed in the NYT: “China’s New Central Banker Is Just as Important as the Fed’s”
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My book on the renminbi, Gaining Currency, wins an award!
Gaining Currency wins silver for the 2017 @AxiomAwards in International Business/Globalization @EswarSPrasad.
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On Mon, May 20 at 10:30 am I'll join @BSangafowaCoul and @UChicago’s Dr. Raghuram Rajan at Brookings to discuss Rajan’s new book: “Breaking the Mold: India’s Untraveled Path to Prosperity.” Register to attend in-person or online here #BreakingtheMold:
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China banking system now largest in world (assets); portends big risks, not well-functioning fin. system @gabewildau
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My op-ed in @FortuneMagazine "China’s digital yuan—premiering globally at the Beijing Olympics—could become a model for other countries" User case for e-CNY is weak but it fits in with other (domestic) objectives of Chinese govt.
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5 myths about China's economy. My piece in this weekend's Washington Post
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My new Project Syndicate op-ed on how Modi govt’s attacks are hurting RBI (central bank) credibility and effectiveness, and could end up making things for difficult for govt itself
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The dollar's role as the dominant reserve currency will likely persist, even if its status as a payment currency erodes… My piece in the latest issue of the IMF's Finance&Development magazine:
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Generous review of my book in @TheEconomist "a strength of his analysis is his mastery of both technical details and big-picture trade-offs. imposes a cosmic order on the constellation of institutions that determine how money flows." (paywall)
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Talking about Chinese economy tomorrow at Brookings with Stephen Roach, Brad Setser. Wed, Feb 10, 11:00 a.m.
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India's Finance Minister @nsitharaman speaking at @BrookingsInst on Tue Oct 11 at 2 pm ET. Intro by @BSangafowaCoul, Brookings VP. The Minister and I will then have a wide-ranging fireside chat. Register here for event (which will be simulcast):
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My interview on CBDCs (by Vaisakh Hari) in @TheWeekLive (The Week, India) Jan. 2, 2022 special issue on "Cryptocurrency: The Future"
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April 2024 update of Brookings-FT Tiger indexes of global economy now live at "A feeble recovery characterized by multiple divergences" @FT coverage by @Sam1Fleming is here: "US and India stoke hopes of global growth in 2024".
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My interview on @YahooFinance about how the FTX implosion is a classic case of fraud and greed, with a healthy dose of incompetence added and all of this enabled by a blind faith in technology.
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Currency manipulation connotes persistent fx mkt intervention to prevent currency appreciation. China mostly fighting depreciation pressures since mid-2014. US Treasury will have to get creative to please Trump and label China manipulator! @SalehaMohsin
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Brookings launch event for my new book on Monday, Sept. 13 10:30-12:00 EDT (virtual, sadly) featuring @davidmwessel @gilliantett @c_skingsley @gronager @ChrisBrummerDr plus John Taylor and Glenn Hutchins
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My INYT op-ed on China’s approach to multilateralism—China gradually redefining int’l governance on its own terms
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I testified earlier this week at Congressional hearing on “Digital Currencies: The Future of Money” House Committee on Financial Services/Monetary Policy and Trade Subcommittee. Full written testimony: Video of hearing:
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Oct 2022 update of TIGER (Brookings-FT Tracking Indexes for the Global Economic Recovery) just released: "World economy battered by high inflation, stalling growth, plunging confidence" Coverage in @FinancialTimes by @ChrisGiles_
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My new FT op-ed: How India can avoid the emerging market blues. (Hint: not with import tariffs and ad hoc measures to attract capital) Need more fundamental reforms to restore confidence
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My NYT guest essay making the case for a digital dollar "Cash Will Soon Be Obsolete: Will America Be Ready?"
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My wide-ranging (and perhaps even modestly entertaining) conversation about my new book on the Future of Money with @adamconover on his @earwolf podcast
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My op-ed in Barron's @barronsonline "The dollar's rise shouldn't hold back the Fed" Yes, the rising $ is causing havoc around the world. No, the Fed shouldn't hold back on raising interest rates on account of that. That would only cause more problems later
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A big question: Is China’s Economic Miracle Over? @georgemagnus1, Nancy Qian, Angela Huyue Zhang and I take our stabs at answering it: @ProSyn
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My FT oped: China’s fixation on stability creates economic risks. Letting mkts operate freely would improve control
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My article in Bulletin of the Atomic Scientists (of the doomsday clock fame!) magazine July 2022 issue devoted to cryptocurrency, blockchain: "After the fall: Bitcoin's true legacy may be bitcoin technology" Open access version:
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My CNBC-India interview (a long one) covering China, global economy, oil prices, currency markets, and Indian economy http://t.co/7avxjSH8D4.
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My @nytopinion piece on the many unfulfilled promises of crypto, and why you should beware of politicians hyping up crypto
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My column in @barronsonline summarizes my views on the Fed's CBDC paper: paper nicely lays out pros and cons of a digital dollar, and poses the right questions; decision ultimately involves societal + institutional considerations not just technocratic ones
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Petro-yuan could gain traction but yuan’s role in int’l finance hinges on China’s econ+financial reforms @endacurran
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My FT op-ed on how "DeFi's promise of democratizing finance remains a distant reality" Decentralized finance risks concentrating economic power and exacerbating existing inequities
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What the dollar's strength says about U.S. and rest of world economy. Nice, nuanced analysis by @portereduardo NYT
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Interview in Cornellians (@WeCornellians), the Cornell alumni website: "Confused by Crypto and Digital Dollars? Dyson Prof Has Answers"
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My interview with @AnnieReporter of @CNBC "Cryptocurrencies could lead to financial instability, author warns"
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My @BrookingsInst colleague @davidrdollar and I talk about China's growth slowdown and the state of US-China relations. On David's Dollars&Sense podcast (which, by the way, is excellent and is celebrating its third anniversary)
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My paper with Bineet Mishra "A Simple Model of a Central Bank Digital Currency" at Journal of Financial Stability now online:
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NYT has a provocative yet nuanced article "Can We Trust What's Happening to Money?" by @petercoy that graciously mentions The Future of Money
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. @MoisesNaim and I delve into the future of money "El futuro del dinero" on his television program Efecto Naim
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My piece in @TIME "The Future of Crypto Is Bright, But Governments Must Help Manage the Risks" (an endorsement of the potential of blockchain technology, not Bitcoin as an asset!)
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On @NPRLifeKit podcast, I try to demystify cryptocurrencies, blockchain, crypto mining, and more "Curious about crypto? What you need to know to get started with digital currencies"
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My interview (a brief one) with @davidgura on @NPRWeekend about China's crackdown on cryptocurrencies
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My new paper in Journal of Monetary Economics shows that EM central banks should target headline (not core) inflation http://t.co/DQeHwEjWiQ.
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My interview on @StreetSignsCNBC about China's policy balancing act, including trying to reconcile increasing state control and "common prosperity" with a dynamic private sector
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In NYT, @BCAppelbaum nicely captures nuances of visceral + analytical debates on whether free trade is good for U.S.
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My column in @barronsonline about China's crackdown on cryptocurrencies--why Beijing did it and what the broader lessons are
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Oct. 24 update of @BrookingsInst -@FT TIGER (Tracking Indexes for Global Economic Recovery). Full set of indexes and commentary at @FT coverage by @Sam1Fleming “Fragile confidence hinders global economic recovery”
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"The Bonfire of the Currencies?" Benjamin Cohen's review of Ken Rogoff's excellent book (The Curse of Cash) and mine for Project Syndicate @ProSyn
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Video of @BrookingsInst webinar on the future of the dollar. @davidmwessel skillfully moderated conversation featuring @B_Eichengreen Kathryn Dominguez, Don Kohn, @LowBeta_ (Zach Pandl) and me (my views in more detail at
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How 1Belt1Road helps China expand economic, geopolitical influence+why India is wary. My intvw @cnbcbernie @cnbcSri
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My wide-ranging conversation with Stephanie Flanders on her Bloomberg @MyStephanomics podcast (an excellent podcast, by the way), covering a number of topics from my forthcoming book
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A thoughtful review of my new book, The Future of Money, by @PaolaSubacchi in @Nature "From gold to Bitcoin and beyond"
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Coverage in @Cornell Chronicle @CornellDyson "Prasad examines implications of digital currencies in new book"
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