152 Results for:

May 6, 2005

Economics
The Neiman Marcus economy powers on …

Luxury retailers are doing better than retailers that sell to poor folks ... that probably reflects the difference between those who are trying to get by on stagnant wage income in the face of higher…

August 10, 2005

United States
Bob is a good name …

I am a big fan of Robert (Bob) Rubin, so if I cannot be Brad, Bob is not a bad second choice. The US has racked up a deficit of around $2,247bn (€1,821bn, £1,260bn) since 2001 without suffering …

March 9, 2005

Emerging Markets
Brad DeLong covers the Argentine crisis, in one night

DeLong is clearly working his way through Paul Blustein’s book on Argentina. Martin Wolf has a column on Argentina’s restructuring in yesterday’s Financial Times, which I quite liked, for rather obv…

January 26, 2006

China
The intent is good …

The Governor of the China's Central Bank said pretty much all the right things at Davos - at least from my point of view.    China does need to base its growth far more on domestic consumption.  …

December 11, 2005

Emerging Markets
My paper on Argentina and the Fund’s balance sheet paper: More residue from a former life

Before working on the US current account, Chinese reserve accumulation and petrodollars, I spent most of my time thinking about financial crises in emerging economies.   In early 2004, I worked prima…

June 29, 2006

Emerging Markets
Levered long/ long funds …

An anonymous partner at a mid-sized London hedge fund expressed something I was trying to say a couple of weeks ago fair better than I could have.   From the Financial Times: "A lot of managers…

April 15, 2007

United States
Unimpressive (the results of the IMF’s experiment with multilateral consultation)

Macro Man asked the IMF to sort out a world where the US current account deficit is increasingly financed by the growth in emerging market reserves (and the expansion of a few investment funds).     …

April 23, 2007

Emerging Markets
Tokyo-Sao Paulo-Rio-New York-Washington …

Plenty of signs suggest that a fair amount of money is leaving Japan to look for higher yields elsewhere.    More and more of those outflows seem to be coming from leveraged investors who borrow yen …

May 14, 2007

United States
More evidence the world economy isn’t really rebalancing

The current account surplus of the world's big oil exporters is now falling.   At least that is what the IMF believes, with good reason.   All the oil exporters ramped up their spending and inves…

June 1, 2007

Monetary Policy
$45b for China in April, at least $33b for Russia in May — global reserve growth remains exceptionally strong

China’s reserves apparently increased by $45b in April, rising to $1247b.Krzysztof Rybinski of Poland’s National Bank asks what fraction of China’s April increase is real and what fraction comes from…