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Desmond Lachman

Desmond Lachman is a resident fellow at the American Enterprise Institute. He was formerly a deputy director in the International Monetary Fund’s Policy Development and Review Department and the chief emerging market economic strategist at Salomon Smith Barney.

Articles by Desmond Lachman

February 8, 2021 5:35 am

The Costs of Too Much Budget Stimulus

The economy needs fiscal and monetary support—but not more than it can afford.
Desmond Lachman
January 21, 2021 5:30 am

Get Ready for the Emerging Market Bubble to Burst

Fueled by unprecedented global liquidity, asset prices in emerging markets don’t reflect the fundamentals.
Desmond Lachman
December 18, 2020 5:30 am

Has the European Central Bank Been Handing Out Illegal Bailouts?

The German Constitutional Court might think so, and it might be right—and that would spell trouble.
Desmond Lachman
November 23, 2020 5:30 am

The Most Predictable Global Financial Crisis

Though the impending emerging market debt crisis may be predictable, it may not be avoidable.
Desmond Lachman
November 12, 2020 5:30 am

Budget Deficits Still Matter

Several of the world’s most indebted countries seem to think they can grow their way out of any amount of debt. Good luck.
Desmond Lachman
October 27, 2020 5:30 am

Who Wants to Give Italy a Free Loan?

With global financial markets awash in cheap credit, Italy is issuing zero-interest bonds and hoping that it can somehow avoid fiscal calamity.
Desmond Lachman
October 15, 2020 5:18 am

Brazil’s Public Spending Problem Is a Warning for Us All

The country was already in trouble before COVID-19. Now a currency crisis seems unavoidable.
Desmond Lachman
October 5, 2020 5:22 am

The European Central Bank Can’t Save the European Economy by Itself

The bank’s single mandate of price stability could create more economic instability in the long run.
Desmond Lachman
September 16, 2020 5:24 am

The European Central Bank Is Running Out of Options

How do you address a recession, a strengthening currency, a precarious banking sector, and deflation all at the same time?
Desmond Lachman
September 2, 2020 5:43 am

Europe’s Banks Are Not Ready for the Coronavirus Recession

Ten years after the international financial crisis, European banks seem dangerously unprepared for the depth of the coronavirus recession.
Desmond Lachman