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October 15, 2019

Taiwan
What Does Taiwan’s Hidden Forward Book Mean for Taiwan’s Financial Stability and U.S. Currency Policy?

Taiwan's central bank—and Taiwanese households—have taken on an awful lot of foreign currency risk over the years …

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March 6, 2017

Budget, Debt, and Deficits
Puerto Rico’s Daunting Fiscal Math (My View)

An applied economics question: A country with no independent monetary policy, undergoing a ten-year slump that has reduced its real GDP on average by over a percentage point a year, needs to do a …

November 26, 2006

Monetary Policy
Does China’s (de facto) dollar peg limit China’s capacity to diversify its reserves?

The dollar hasn’t recovered from the Thanksgiving sell-off.   At least not in Asia.   The won is not as strong as it has been since Korea's own crisis back in 1997.   Those with dollar exposure – par…

July 30, 2008

Monetary Policy
Just how stabilizing?

Russia’s central bank has indicated that it has cut its holdings of Fannie and Freddie debt by about half since the beginning of the year. Russia’s central bank claims its $100 billion portfolio …

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December 3, 2008

China
Should the currency of the country with a large and growing trade surplus and large and growing reserves depreciate against the dollar?

On Monday China apparently decided to allow the renminbi to depreciate against the dollar. Let’s be clear: China generally still has to intervene in the market to keep its currency from appreciat…

Should the currency of the country with a large and growing trade surplus and large and growing reserves depreciate against the dollar?