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Puerto Rico’s “Voluntary” Restructuring of GDB Bonds

Puerto Rico’s Oversight Board didn’t object to the terms of Puerto Rico’s proposed restructuring of the Government Development Bank bonds (and selected deposits) so it looks like the GDB restructuring will go forward if the deal gets enough creditor support. I have mixed feelings on this. Read More

July 24, 2017

China
China's June Reserves

No sign of pressure on China's exchange rate regime in the June intervention proxies. Overall intervention in the second quarter is back at pre-August 2015 levels.

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July 20, 2017

Monetary Policy
Can the Fed and ECB Work Together To Reduce Imbalances?

Fed Governor Lael Brainard’s speech on central bank coordination last week was quite interesting—I think it should be read for far more than a signal on when the Fed is likely to next raise the policy rate.

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July 17, 2017

China
Have the Economic Constraints on China’s Geostrategic Ambitions Diminished?

The Council on Foreign Relations’ Greenberg Center for Geoeconomic Studies has just put out a new discussion paper by Willian Norris on an important topic: how China’s economic position shapes its foreign policy.

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