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June 21, 2017

Europe
Where Does Italy’s Bank Recapitalization Stand?

Italy is making real progress now. But completing the recapitalization of Monte and the restructuring of the two Veneto banks may not be quite enough.

May 31, 2017

China
China pays more than other similarly-ranked countries on its government debt Downgraded China Doth Protest Too Much

Moody’s recently downgraded China’s credit rating from Aa3 to A1, on expectations that the country’s debt stock—already over 250 percent of GDP—will rise further with slowing potential growth. Chines…

May 9, 2018

South Korea
Japanese Prime Minister Shinzo Abe, South Korean President Moon Jae-in, and Chinese Premier Li Keqiang attend a business summit in Tokyo on May 9, 2018. Can Japan and South Korea Handle Peace With Pyongyang?

The rapid pace of North Korean diplomacy makes it crucial that Japan and South Korea coordinate more closely on potential changes to Northeast Asian security. But they must first overcome some deep-r…

April 27, 2017

China
China's NPLs have risen PBoC Spins China’s Bad-Loan Data

In a recent speech at Bloomberg’s headquarters in New York, People’s Bank of China Deputy Governor Yi Gang reassured his audience on the level of non-performing loans (NPLs) in the Chinese banking se…

June 8, 2018

North Korea
The U.S.-North Korea Summit: Resources from CFR and Foreign Affairs

A highly anticipated meeting between U.S. President Donald J. Trump and North Korean leader Kim Jong-un is set to take place in Singapore on June 12. The Council on Foreign Relations (CFR) and Foreig…

April 6, 2017

China
RMB Globalization, Once "Unstoppable," Heads Into Reverse RMB Globalization, Once "Unstoppable," Heads Into Reverse

    “The globalisation of the [Chinese RMB] seems remorseless and unstoppable,” the Economist pronounced in April 2014.  A year later, a research-grant foundation asked me (Benn) to review …

March 1, 2017

European Union
Trump’s NATO Spending Demands Will Spur an EU Deficit Battle Trump’s NATO Spending Demands Will Spur an EU Deficit Battle

    President Trump and Defense Secretary Mattis are putting unprecedented pressure on European NATO members to boost military spending, threatening to reduce America’s support for the alli…

February 7, 2017

Monetary Policy
Why Does the Fed Keep Lowering Its Unemployment Threshold? Why Does the Fed Keep Lowering Its Unemployment Threshold?

    For years, Fed watchers have been getting antsy as unemployment falls toward NAIRU—the Fed’s estimate of the bound below which inflation rises.  But as shown in the graphic above, each …

January 19, 2017

Financial Markets
Mini Mac Trumps the Big Mac

The “law of one price” holds that identical goods should trade for the same price in an efficient market.  But how well does it actually hold internationally? The Economist magazine’s famous Big Mac …

April 16, 2018

Japan
U.S. President Donald Trump, First Lady Melania Trump, Japanese Prime Minister Shinzo Abe and his wife Akie Abe pose for a photograph before attending dinner at Mar-a-Lago Club in Palm Beach, Florida, on February 11, 2017. Abe Returns to Mar-a-Lago

Japanese Prime Minister Shinzo Abe will return to Florida tomorrow to meet with President Donald J. Trump. Much has changed since Abe’s first visit in February 2017, just a month into the new Trump a…