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real exchange rates in hard and soft sovereign defaults

Learn about our research and analysis into immigration and migration, trade flows, exchange rates of money and more factors influencing the global economy.

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Podcast
July 9, 2025

Marina Azzimonti discusses the complexities of measuring the regional and sectoral impacts of tariffs and reviews the rapid series of changes to U.S. trade policy since the beginning of 2025. Azzimonti is a senior economist and research advisor at the Federal Reserve Bank of Richmond.

Article
Third Quarter 2025

Economist Carmen Reinhart discusses the twin financial and currency crises, the future of the dollar, sovereign debt, and more.