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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…

February 15, 2018

Europe
“Doom Loop” Binding Weak Banks and Sovereigns Still Haunts Europe “Doom Loop” Binding Weak Banks and Sovereigns Still Haunts Europe

One important reason no one talks about Puerto Rico leaving the “dollar zone” is that the island’s banks have minimal exposure to its government’s debt. There is thus no need even to consider int…

February 12, 2018

China
The Belt and Road Initiative Didn't Quite Live up to its Hype in 2017 The Belt and Road Initiative Didn't Quite Live up to its Hype in 2017

China's balance of payments data doesn't show any material increase in the pace of offshore lending.

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…

February 2, 2018

Monetary Policy
Federal Reserve The Role of the U.S. Federal Reserve

The role of the Federal Reserve has transformed in the past decade, as it has deployed trillions of dollars to boost the U.S. economy while expanding its regulatory oversight of the nation’s financia…

January 24, 2018

United States
Adjustment Is Hard, Especially if it Involves the Dollar Adjustment Is Hard, Especially if it Involves the Dollar

Trump’s tax cut has not, to date, unleashed a wave of global demand for U.S. dollar assets. In fact, the dollar weakened as prospects for the tax cut—and associated rise in the U.S. federal budget…

March 30, 2009

Budget, Debt, and Deficits
Motion Chart: Household Balance Sheet

Track the correlation between U.S. housing prices and household debt.

January 17, 2018

China
A Few Words on China’s Holdings of U.S. Bonds A Few Words on China’s Holdings of U.S. Bonds

A primer on China reserve watching.

January 16, 2018

Thailand
Thailand is Really, and I Mean Really, Close to Meeting the Treasury’s Manipulation Criteria Thailand is Really, and I Mean Really, Close to Meeting the Treasury’s Manipulation Criteria

The Treasury's April foreign exchange report should be interesting. Thailand hasn't been included in past foreign exchange reports.  Yet it is likely to meet all three of the criteria set out in t…