Select recent publications
'Europe's US holdings: Leverage lies in marginal demand', VoxEU, 3 February 2026
'The real European financial threat to America', Financial Times Alphaville, 3 February 2026 (with Paul van den Noord)
'Is There Life After the Dollar?', Project Syndicate, January 19, 2026
'Is China an immature creditor? Implications for debt sustainability', in R.M Schramm, ed., The Sage Handbook of the Chinese Economy, Sage Publishing, 2026
'Group pf Seven (G7) macroeconomic dialogue', in A. Freytag and P. Draper, eds., The Elgar Companion to the G7, Edward Elgar Publishing Limited, 2025
'Renminbi Debt in a Dollar-Denominated World', Project Syndicate, September 19, 2025
'International trade suppression and the demand for US Treasuries', VoxEU, 11 April 2025 (with Paul van den Noord)
'Should Europe continue to fund US Federal Debt', Working Paper, Sciences Po, April 2025 (with Paul van den Noord)
'Will the World Keep Buying US Treasuries?', Project Syndicate, March 28, 2025
'How to fill the leadership vacuum the US is creating', Financial Times, February 26, 2025
De-Risking the Global Financial System. Forging a 'New Consensus', Policy Paper, FES New York, 2023 (https://ny.fes.de/fileadmin/user_upload/EconomicFragmentation_v05_Digital.pdf)
'Fifty years on: what the Bretton Woods System can teach us about global macroeconomic policy-making', Oxford Review of Economic Policy, 39 (2), 2023 (with D. Vines)(https://academic.oup.com/oxrep/article/39/2/164/7113958)
'From the Bretton Woods system to the global non-system: the trials and tribulations of slow learning', Oxford Review of Economic Policy, 39 (2), 2023 (with D. Vines) (https://academic.oup.com/oxrep/article/39/2/195/7113966)
'Exorbitant privilege and fiscal autonomy', Oxford Review of Economic Policy, 39 (2), 2023 (with P. van den Noord) (https://academic.oup.com/oxrep/article/39/2/283/7113973)
'Debt Sustainability after the Pandemic: a Rift between Advanced and Developing Economies?', Proceedings of the 2nd Public Debt Management Conference, 2022 (with P. van den Noor and R. Olivares-Caminal) (https://www.publicdebtnet.org/export/sites/pdm/pdm/.galleries/attachments_gallery/focus_attachments/Proceedings-PDM-Conference-2022.pdf)
China and the Global Financial Architecture. Keeping Two Tracks on One Path, Policy Paper, FES New York, 2022 (http://library.fes.de/pdf-files/iez/19125.pdf)
‘Preventing Debt Crises’, L’Observateur des Nations Unies, Volume 53, 2022 (with R. Olivares-Caminal).
'The debt burden: why ex-post intervention shouldn’t be the default option', OECD Development Matters, Paris: OECD, 2021 (with R. Olivares-Caminal) (https://oecd-development-matters.org/2021/06/24/the-debt-burden-why-ex-post-intervention-shouldnt-be-the-default-option/)
‘From gold to Bitcoin and beyond’, Nature, Volume 597, 2021.
'An economic and monetary ‘experiment’ gone too far?’, Annals of the Fondazione Luigi Einaudi, LV (1) 2021 (https://www.annalsfondazioneluigieinaudi.it/images/LV/2021-2-007-Subacchi.pdf)
Recent books
The Cost of Free Money. How Unfettered Capital Threaten Our Economic Future, Yale University Press, July 2020 (https://www.yalebooks.co.uk/display.asp?K=9780300244045)
The People's Money. How China is Building a Global Currency, Columbia University Press, 2017 (https://cup.columbia.edu/book/the-peoples-money/9780231173469)
Project Syndicate
'Sustainably financing sustainable development', Project Syndicate, September 24, 2024 (https://www.project-syndicate.org/commentary/un-summit-of-the-future-how-to-finance-the-sdgs-by-paola-subacchi-2024-09)
'Financial sanctions need global governance', Project Syndicate, April 2, 2024 (https://www.project-syndicate.org/commentary/international-framework-governing-financial-sanctions-needed-by-paola-subacchi-and-rosa-m-lastra-2024-04)
'A growth agenda for the G20', Project Syndicate, July 22, 2024 (https://www.project-syndicate.org/commentary/south-africa-g20-agenda-should-unite-developed-and-developing-economies-behind-growth-by-paola-subacchi-2024-07)
'Cry for Milei's Argentina', Project Syndicate, November 29, 2023 (http://https//www.project-syndicate.org/commentary/javier-milei-victory-spells-trouble-for-argentina-economy-by-paola-subacchi-2023-11)
'The Italian Economy's Moment of Truth', Project Syndicate, June 8, 2023 (https://www.project-syndicate.org/commentary/italy-slowing-economy-growth-recovery-funds-must-boost-productivity-by-paola-subacchi-2023-06)
'The Great Global Crack-Up', Project Syndicate, March 8, 2023 (https://www.project-syndicate.org/commentary/global-economy-fragmentation-risks-driven-by-geopolitical-hostilities-by-paola-subacchi-2023-03)
'China's New Direction', Project Syndicate, January 6, 2023 (https://www.project-syndicate.org/onpoint/china-new-direction-under-xi-by-paola-subacchi-2023-01)
'Will Italy's Turmoil Push Europe Back to the Brink?', Project Syndicate, July 26, 2022 (https://www.project-syndicate.org/commentary/draghi-italy-resignation-could-fuel-eurozone-crisis-by-paola-subacchi-2022-07)
'How to Engage with China', Project Syndicate, May 27, 2022 (https://www.project-syndicate.org/commentary/us-china-cooperation-no-need-for-common-values-by-paola-subacchi-2022-05)
'Is the US Dollar's Global Hegemony at Risk?', Project Syndicate, May 5, 2022 (https://www.project-syndicate.org/bigpicture/is-the-us-dollar-s-global-hegemony-at-risk)
'The Ukraine War's Fallout', Project Syndicate, March 4, 2022 (https://www.project-syndicate.org/onpoint/ukraine-war-historical-implications-by-ps-editors-2022-03)
'Italy's Draghi Recovery at Risk', Project Syndicate, January 17, 2022 (https://www.project-syndicate.org/commentary/italy-presidential-election-economic-consequences-by-paola-subacchi-2022-01)
'The G20 Family Reunion', Project Syndicate, October 26, 2021 (https//www.project-syndicate.org/commentary/g20-summit-build-relationships-bring-china-back-into-the-fold-by-paola-subacchi-2021-10
'A Made-in-China Financial Crisis?', Project Syndicate, October 6, 2021 (https://www.project-syndicate.org/commentary/evergrande-bankruptcy-spillovers-trigger-global-financial-crisis-by-paola-subacchi-2021-10)
'From gold to Bitcoin and beyond', Nature, September 28, 2021 (https://www.nature.com/articles/d41586-021-02615-2)
'Barbados debt relief model is hard to extend to all power states', Financial Times, July 8, 2021 (https://www.ft.com/content/ef2f6603-66bb-47fe-83ba-fcbe5a61a5a1)
'In Bitcoin We Trust?', Project Syndicate, June 24, 2021 (https://www.project-syndicate.org/commentary/risks-of-el-salvador-adopting-bitcoin-by-paola-subacchi-2021-06 )
'China is changing the way money is lent to countries in need', Nikkei Asia, May 24, 2021 (https://asia.nikkei.com/Opinion/China-is-changing-the-way-money-is-lent-to-countries-in-need)
'Janet Yellen's New Financial Multilateralism', Project Syndicate, March 10, 2021 (https://www.project-syndicate.org/commentary/yellen-imf-new-sdr-allocation-by-paola-subacchi-2021-03 )
'Whatever It Takes in Italy?', Project Syndicate, February 8, 2021 (https://www.project-syndicate.org/commentary/mario-draghi-form-government-italy-by-paola-subacchi-2021-02)
'China's Debt Grip on Africa', Project Syndicate, January 15, 2021 (https://www.project-syndicate.org/commentary/covid19-africa-debt-relief-china-by-paola-subacchi-2021-01)
'A Good but Incomplete Start to Debt Relief', Project Syndicate, November 23, 2020 (https://www.project-syndicate.org/commentary/g20-common-framework-debt-restructuring-by-paola-subacchi-2020-11)
'Economics in a Post-Pandemic World', Project Syndicate, November 20, 2020 (https://www.project-syndicate.org/onpoint/making-economics-fit-for-purpose-by-paola-subacchi-2020-11)
'A COVID-19 debt shock in Asia?', EastAsiaForum, June 1, 2020 (https://www.eastasiaforum.org/2020/06/01/a-covid-19-debt-shock-in-asia/
'The Limits of Extreme COVID-19 Monetary Policy', Project Syndicate, May 29, 2020 (https://www.project-syndicate.org/commentary/limits-covid19-monetary-policy-by-paola-subacchi-2020-05)
'What the G20 must do', Project Syndicate, March 20, 2020 (https://www.project-syndicate.org/commentary/g20-covid19-global-response-by-paola-subacchi-2020-03)
'Italy's New Afflition', Project Syndicate, February 28, 2020 (https://www.project-syndicate.org/commentary/italy-coronavirus-economic-impact-by-paola-subacchi-2020-02)
Investing in women: what women-led businesses in Italy and the UK need (with Holly Lewis-Frayne and Roberta Rabellotti), policy report, Universita' di Pavia, Queen Mary University of London and E-Economics, January 2020 (http://www-3.unipv.it/wwwscpol/echo/open.php?id=1187)
'Locking China Out of the Dollar System', Project Syndicate, October 21, 2019 (https://www.project-syndicate.org/commentary/trump-china-trade-war-financial-flows-dollar-by-paola-subacchi-2019-10)
'Trump's Manipulation of Currency Manipulation', Project Syndicate, August 9, 2019 (https://www.project-syndicate.org/commentary/china-lacks-interest-in-weaker-renminbi-by-paola-subacchi-2019-08)
'Italy's risky silk road', Project Syndicate, March 20, 2019 (https://www.project-syndicate.org/bigpicture/xi-takes-rome)
'The road from Thatcherism', Project Syndicate, February 15, 2019 (https://www.project-syndicate.org/onpoint/the-road-from-thatcherism-by-paola-subacchi-2018-10?barrier=accesspaylog)
'Italy's Old New Populism', Project Syndicate, October 5, 2018 (https://www.project-syndicate.org/commentary/italy-populist-government-deficit-budget-by-paola-subacchi-2018-10)
'Hard Lessons from Genoa', Project Syndicate, August 21, 2018 (https://www.project-syndicate.org/commentary/morandi-bridge-collapse-reflects-distorted-incentives-by-paola-subacchi-2018-08)
'China's Currency Catch-22', Project Syndicate, July 19, 2018 (https://www.project-syndicate.org/commentary/china-renminbi-and-the-dollar-by-paola-subacchi-2018-07).
'The Central-Bank Song Remains the Same', Project Syndicate, April 10, 2018 (https://www.project-syndicate.org/commentary/central-bank-leadership-no-diversity-by-paola-subacchi-2018-04).
'The Electoral Fate of Italy's Banks', Project Syndicate, January 15, 2018 (https://www.project-syndicate.org/commentary/italy-banking-system-reform-election-by-paola-subacchi-2018-01?barrier=accessreg).
'Why the Renminbi Won't Rule', Project Syndicate, October 20, 2017 (https://www.project-syndicate.org/commentary/china-renminbi-internationalization-dollar-diplomacy-by-paola-subacchi-2017-10?barrier=accessreg).
'Saving the International Monetary Order', Project Syndicate, September 1, 2017 (https://www.project-syndicate.org/onpoint/saving-the-international-economic-order-by-paola-subacchi-2017-09?barrier=accessreg).
‘The G7’s Task for Restoring Growth and Stability’ (with Stephen Pickford), Istituto Affari Internazionali, Rome, March 2017.
The ‘Belt and Road’ Initiative and the London Market - the Next Steps in Renminbi Internationalisation (with Liu Dongmin, Gao Haihong, Xu Qiyuan, Li Yuanfang, Song Shuan, Matthew Oxenford) London: Chatham House, January 2017.
Managing Complexity. Economic Policy Cooperation after the Crisis, ed with Tamim Bayoumi and Stephen Pickford, Brookings Institution Press, 2016 http://www.brookings.edu/research/books/2015/managing-complexity
'Westminster's Squabbling is Making Brexit Worse', Foreign Policy, June 29, 2016 http://foreignpolicy.com/2016/06/29/westminster-squabbling-making-britain-poorer-brexit-economy/
'No Country for Young Men (and Women)', Project Syndicate, March 28, 2016 https://www.project-syndicate.org/commentary/italy-youth-unemployment-emigration-by-paola-subacchi-2016-03?barrier=true
'The Contradictions of Chinese Capitalism', Project Syndicate, 26 March 2016 https://www.project-syndicate.org/onpoint/on-the-contradictions-of-chinese-capitalism-by-paola-subacchi-2016-03?barrier=true
'China's ambiguous financial liberalisation', Financial Times, 3 February 2016.
'Europe's banks still too big to fail, but our new response remains to be tested', The Globe and Mail, 17 February 2016 http://www.theglobeandmail.com/report-on-business/rob-commentary/europes-banks-still-too-big-to-fail-but-our-new-response-remains-to-be-tested/article28769928/
'2016 Forecast: The Foils of Toxic Growth and Disparity', Foreign Policy, 22 January 2016 http://foreignpolicy.com/2016/01/22/2016-forecast-the-foils-of-toxic-growth-and-disparity-china-economy-market/
