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September 7, 2017

Corruption
How Anonymous Shell Companies Finance Insurgents, Criminals, and Dictators

The United States is one of the primary facilitators of anonymous shell companies, which are often used to fund terrorism and crime that threaten U.S. interests.

July 26, 2017

Puerto Rico
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 restructurin…

October 17, 2017

United States
Chinese steel factory The U.S. Trade Deficit: How Much Does It Matter?

President Trump has made reducing the U.S. trade deficit a priority, blaming trade deals like NAFTA, but economists disagree over how policymakers should respond.

October 11, 2017

China
Three Items of Note Three Items of Note

Often one of the best ways to get noticed is to highlight something a bit surprising. A data point that doesn’t match expectations for example. Puerto Rico’s large trade surplus for example, which…

October 11, 2017

Diplomacy and International Institutions
Japan's Prime Minister Shinzo Abe, World Bank President Jim Yong Kim, U.S. President Donald J. Trump, Ivanka Trump, German Chancellor Angela Merkel, and Canada's Prime Minister Justin Trudeau during the G20 summit in Hamburg, Germany on July 8, 2017. Trump, the World Bank, and the IMF: Explaining the Dog that Didn’t Bark (Yet)

A big surprise of Donald Trump’s “America First” presidency has been the moderate tone he has adopted toward the World Bank and International Monetary Fund (IMF), which hold their annual meetings in …

October 5, 2017

Eurozone
Official Investors and the Eurozone Debt Market Official Investors and the Eurozone Debt Market

The share of Treasuries held by official investors—foreign central bank reserve managers as well as the Fed—has been going down in recent years. But the share of Eurozone bonds held by official inves…

October 6, 2017

United States
The State of U.S. Infrastructure The State of U.S. Infrastructure

As President Trump readies his first budget, debate has intensified over how to improve the nation’s infrastructure, as analysts say U.S. transportation, water, and other systems face major shortfall…

October 4, 2017

Trade
Mexican commercial trucks cross into the United States. NAFTA’s Economic Impact

More than twenty years after its implementation, the North American Free Trade Agreement continues to spur debate over its impact on economic growth and jobs.

October 2, 2017

Puerto Rico
Puerto Rico Before Maria Puerto Rico Before Maria

My new discussion paper with Greg Makoff on economic and demographic trends in Puerto Rico.

September 28, 2017

China
The IMF’s China Problem The IMF’s China Problem

Giving macroeconomic policy advice to a country that saves 46 percent of its GDP is hard. Imprudent domestic policies help limit large external (trade) imbalances, and more prudent domestic policies …