Christine McDaniel on the Russia Sanctions and Their Impact on Globalization and the Russian Economy
06/06/22 • 50 min
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Christine McDaniel is a senior research fellow at the Mercatus Center where she focuses on trade and intellectual property rights issues. Christine previously held several positions in the US government, including deputy assistant secretary at the Treasury Department and senior trade economist in the White House Council of Economic Advisors. She has also worked in the economic offices of the US Department of Commerce, US Trade Representative, and the US International Trade Commission. Christine rejoins Macro Musings to talk about the economic sanctions applied to Russia, and their implication for the Russian economy and globalization more generally. Specifically, David and Christine also discuss the structure and effectiveness of the Russia sanctions, the war’s heavy impact on food shortages, the role of dollar dominance in geopolitics, and more.
Transcript for the episode can be found here.
Christine’s Twitter: @christinemcdan
Christine’s Mercatus profile: https://www.mercatus.org/scholars/christine-mcdaniel
Related Links:
*We’ve Never Seen a Country Go Backwards as Quickly as Russia* by Christine McDaniel
*Estimating the Economic Effects of Sanctions on Russia: An Allied Trade Embargo* by Kornel Mahlstein, Christine McDaniel, Simon Schropp, and Marinos Tsigas
https://cadmus.eui.eu/bitstream/handle/1814/74493/RSC_WP_2022_36.pdf?sequence=1&isAllowed=y
*Potential Economic Effects of Sanctions on Russia: An Allied Trade Embargo* by Kornel Mahlstein, Christine McDaniel, Simon Schropp, and Marinos Tsigas
https://voxeu.org/article/potential-economic-effects-allied-trade-embargo-russia
*US Sanctions Reinforce the Dollar’s Dominance* by Michael P. Dooley, David Folkerts-Landau, and Peter M. Garber
David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
Christine McDaniel is a senior research fellow at the Mercatus Center where she focuses on trade and intellectual property rights issues. Christine previously held several positions in the US government, including deputy assistant secretary at the Treasury Department and senior trade economist in the White House Council of Economic Advisors. She has also worked in the economic offices of the US Department of Commerce, US Trade Representative, and the US International Trade Commission. Christine rejoins Macro Musings to talk about the economic sanctions applied to Russia, and their implication for the Russian economy and globalization more generally. Specifically, David and Christine also discuss the structure and effectiveness of the Russia sanctions, the war’s heavy impact on food shortages, the role of dollar dominance in geopolitics, and more.
Transcript for the episode can be found here.
Christine’s Twitter: @christinemcdan
Christine’s Mercatus profile: https://www.mercatus.org/scholars/christine-mcdaniel
Related Links:
*We’ve Never Seen a Country Go Backwards as Quickly as Russia* by Christine McDaniel
*Estimating the Economic Effects of Sanctions on Russia: An Allied Trade Embargo* by Kornel Mahlstein, Christine McDaniel, Simon Schropp, and Marinos Tsigas
https://cadmus.eui.eu/bitstream/handle/1814/74493/RSC_WP_2022_36.pdf?sequence=1&isAllowed=y
*Potential Economic Effects of Sanctions on Russia: An Allied Trade Embargo* by Kornel Mahlstein, Christine McDaniel, Simon Schropp, and Marinos Tsigas
https://voxeu.org/article/potential-economic-effects-allied-trade-embargo-russia
*US Sanctions Reinforce the Dollar’s Dominance* by Michael P. Dooley, David Folkerts-Landau, and Peter M. Garber
David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
Previous Episode
Manmohan Singh on the Role and Structure of Stablecoins and the Impact of Collateral in the Financial System
Manmohan Singh is a senior economist at the International Monetary Fund and works on rehypothecation, shadow banking, the plumbing of the monetary system, and more. Manmohan joins Macro Musings to talk about stablecoins, central bank balance sheets, central bank digital currencies, and their broader implication for central banks. David and Manmohan specifically discuss the role and structure of stablecoins, the impact of collateral within the financial system, how the Fed have looked to address plumbing issues within this system, and more.
Take the Macro Musings listener survey here.
Transcript for the episode can be found here.
Manmohan’s VoxEU profile: https://voxeu.org/users/manmohansingh0
Manmohan’s Risk.net archive: https://www.risk.net/author/manmohan-singh
Related Links:
*Interoperability of Stablecoins* by Manmohan Singh, Caitlin Long, and Charles Kahn
https://www.centralbanking.com/fintech/7892256/interoperability-of-stablecoins
*How to Stop Stablecoins from Hoarding Precious Collateral* by Manmohan Singh and Caitlin Long
https://www.risk.net/comment/7948696/how-to-stop-stablecoins-from-hoarding-precious-collateral
*Money is Privacy* by Charles Kahn, James McAndrews, and William Roberds
https://www.jstor.org/stable/3663561
*Investors Withdraw Over $7 Billion from Tether, Raising Fresh Fears About Stablecoin’s Backing* by Ryan Browne
https://www.cnbc.com/2022/05/17/tether-usdt-redemptions-fuel-fears-about-stablecoins-backing.html
David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
Next Episode
Macro Lit Review 1: Highlights from Mid-2022 with George Selgin
George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. He is also the most frequent guest on Macro Musings, now appearing for his 12th time. In this episode, George and David identify and discuss their top three articles from the past few weeks related to macroeconomics and monetary policy. Specifically, George and Selgin discuss Lael Brainard’s recent speech defending the Fed’s prospects of issuing central bank digital currency, Janet Yellen’s concession about the path that inflation has taken, the governmental accounting of Federal Reserve losses and whether they amount to a net taxpayer burden, why the Dollar remains firm as the dominant currency in global markets, how an orthodox corridor system defaults into a floor system during times of crisis, and much more.
Transcript for the episode can be found here.
George’s Twitter: @GeorgeSelgin
George’s Cato profile
David’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
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Related Links:
*No, Fed, Unrealized Losses are Real Losses for Taxpayers* by Bill Nelson
*Preparing for the Financial System of the Future* speech by Lael Brainard at the 2022 U.S. Monetary Policy Forum
*What if the Federal Reserve Books Losses Because of its Quantitative Easing?* by Willam B. English and Donald Kohn
*From Burns to Powell*, a Macro Musings podcast episode with Guest Donald Kohn and host David Beckworth
*Treasury Secretary Concedes She Was Wrong on 'Path That Inflation Would Take'* By Kevin Liptak and Paul LeBlanc
*How Monetary Policy Got Behind The Curve And How To Get Back: A Policy Conference* Hoover Institution, Stanford University
*Jack Dorsey is Wrong. The Dollar is Still a Global Reserve Currency* by Mark Copelovitch
*A Model of Credit, Money, Interest, and Prices* by Saki Bigio and Yuliy Sannikov
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