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October 30, 2008

Monetary Policy
Fed Balance Sheet Fed Balance Sheet

Complementing the IMF’s $100 billion liquidity facility, the Federal Reserve has announced the establishment of swap lines with the central banks of Mexico, Brazil, South Korea, and Singapore for u…

October 1, 2008

Monetary Policy
Fed Balance Sheet Troubles Fed Balance Sheet Troubles

The U.S. Senate passed Paulson’s $700 billion rescue plan three days after the House rejected it. The House is expected to vote again on Friday. While the political maneuvering continues, the Feder…

June 21, 2018

China
What Would Happen if China Started Selling Off Its Treasury Portfolio? What Would Happen if China Started Selling Off Its Treasury Portfolio?

Just how important have foreign inflows been to the Treasury market?  

June 20, 2018

Mexico
Leftist front-runner Andres Manuel Lopez Obrador of the National Regeneration Movement (MORENA) delivers a message after arriving at the third and final debate in Merida, Mexico June 12, 2018. Why Mexico’s Energy Reform Needs AMLO

This is a guest post by David R. Mares, the Institute of the Americas chair for Inter-American Affairs and professor for political science at the University of California San Diego and the Baker Inst…

June 5, 2018

China
How Durable is China’s Rebalancing? How Durable is China’s Rebalancing?

I increasingly suspect my view on Chinese “rebalancing” is at odds with the current consensus (or perhaps just with a plurality of the investment bank analysts and financial journalists who watch Chi…

May 24, 2018

Turkey
Turkey Could Use a Few More Reserves, and a Somewhat Less Creative Banking System Turkey Could Use a Few More Reserves, and a Somewhat Less Creative Banking System

Turkey’s currency initially rallied after the central bank raised interest rates yesterday. Perhaps a bit more orthodoxy is all it will take to restore a modicum of stability to Turkey’s markets. The…

May 18, 2018

International Economic Policy
A Bad Deal on Currency (with Korea) A Bad Deal on Currency (with Korea)

Korea has indicated that it will, very gradually, start to disclose a bit more about its direct activities in the foreign exchange market. The Korean announcement presumably was meant to front-run it…

February 19, 2013

The management of Chinese state-owned insurer the People's Insurance Company of China (PICC) poses before an investor meeting (Bobby Yip/Courtesy Reuters). Rebalancing the State’s Balance Sheet

Until recently, relatively little attention was paid to states’ balance sheets. Measurement and reporting were neglected. Even today, states’ liabilities receive considerable attention, while their a…

April 25, 2018

Ireland
Irish Flag and Apple Logo Tax Avoidance and the Irish Balance of Payments

At this point, profit shifting by multinational corporations doesn’t distort Ireland’s balance of payments; it constitutes Ireland’s balance of payments.