Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
International Finance
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The (Somewhat) Mysterious Surge in China’s Current Account SurplusChina's trade surplus is rising. China's reported current account surplus is rising even faster.
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Why Didn’t Tariffs Push up the U.S. Dollar?Tariffs were supposed to push the dollar up. What happened?
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Global Monetary Policy TrackerCFR’s Global Monetary Policy Tracker compiles data from 54 countries around the world to highlight significant global trends in monetary policy. Who is tightening policy? Who is loosening policy? And what is the policy stance of the world as a whole?
Experts in this Keyword
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American Pharmaceutical Companies Still Aren’t Paying Tax in the U.S.The 2024 10-K reports of America’s largest pharmaceutical companies show that they continue to avoid paying much, if any, U.S. corporate income tax.
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Dollar Undervalued on CFR Mini Mac IndexThe dollar is slightly undervalued on CFR’s Mini Mac Index. Will Trump’s tariff policies send it soaring?
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China’s FX Playbook: December 2024This is this first blog in an ongoing series which will provide a monthly look at the various indicators of China’s foreign exchange management.
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Global Imbalances TrackerThe CFR Global Imbalances Tracker can be used to gauge, through time, the vulnerability of individual countries and the global economy to the buildup of imbalances in the current account.
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China’s Stunning 2024 Export GrowthChinese exports are growing much faster in volume than in dollar terms. Europe is losing out.
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Why Did China’s Current Account Surplus Surge in the Third Quarter?An old school, “make blogging great again” style post. The rise in the current account surplus might be linked to the “carry” unwind in the third quarter.
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CFR Sovereign Risk TrackerThe CFR Sovereign Risk Tracker can be used to gauge the vulnerability of emerging markets to default on external debt.
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The U.S. Income Balance PuzzleThe long-standing surplus in the U.S. investment income account, often cited as evidence of “exorbitant privilege,” is receding. It already goes away without the income from profit-shifting by U.S. multinationals.
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Understanding the Global Push for Climate FinanceCountries will collectively need to spend trillions of dollars to reach their decarbonization goals and protect the most vulnerable nations from climate disasters, but experts say that current funding levels lag behind what’s required to stave off and adapt to the worst effects of climate change.
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Chinese State Investors Do Not Seem to Profit From Higher U.S. Interest RatesGiven the size and composition of its external lending, China should be clearing far more interest income on its reserves and policy lending than SAFE reports.
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What to Do About the Liquidity Difficulties in Low-Income CountriesThe IMF, while recognizing the liquidity challenges sure to be faced by several indebted countries in the coming years, needs to offer a solution that both widens its scope and deepens its analysis.
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Big Macs Show Dollar Hugely Overvalued, But “Mini Macs” Beg to Differ.Whereas the Economist magazine’s Big Mac currency index says the dollar is hugely overvalued, CFR’s “Mini Mac” index finds it slightly undervalued.