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June 29, 2005

Capital Flows
Selling off little pieces of yourself

If the US wanted to fund its current account deficit by selling equity, it would need to sell off the equivalent of 40 Unocal’s a year -- whether Chinese state firms, European firms, Japanese insurer…

March 15, 2006

Emerging Markets
Feeding the hand that bites you …

Justin Lahart writes well; I stole the "feeding the hand that bites you" line from him.  It is a good one.The US tells China (oops, CNOOC) that it cannot buy Unocal, even though Unocal's energy a…

April 30, 2006

Can the dollar block survive another bout of dollar weakness?

In case you haven't noticed, the dollar is now closer to 1.30 (v. the euro) than 1.20 - or even 1.15.  Carry is no longer king.   There is talk of a "regime change" in the fx market.  Or at least…

December 6, 2007

Emerging Markets
The new financial superpowers (part 1)

In James Clavell’s Noble House, there is a scene where a fictional Scottish trading house operating in colonial Hong Kong ends either a run on its bank or a run on its stock (or maybe both – I forget…

January 12, 2008

Capital Flows
Wall Street, the new development frontier …

The children of China’s revolution have turned into capitalists. The China Development Bank now apparently aspires to be a commercial bank, not a policy bank limited to helping finance investment in …

November 3, 2008

Financial Markets
Open secrets

The Gulf states are thought to have built up their cash reserves in q2 and q3 – though the supporting evidence was always circumstantial (the TIC data implied that no one was buying US equities) and …

May 11, 2009

Emerging Markets
Sovereign bailout funds, sovereign development funds, sovereign wealth funds, royal wealth funds …

The classic sovereign wealth fund was an institution that invested a country’s surplus foreign exchange (whether from the buildup of “spare” foreign exchange reserves at the central bank or from the …

April 20, 2010

Thailand
What Now for Thailand?

Photo courtesy of Reuters/Eric Gaillard The standoff in Bangkok looks like it will come to a head dangerously soon. Thai Prime Minister Abhisit Vejjajiva has tasked the commander in chief of the arm…

Anti-government

April 26, 2010

Thailand
Thailand’s Winners and Losers

Photo Courtesy of Reuters/Stringer Thailand More violence looms in Bangkok – the military reportedly will crack down on protestors camped out in the business district within 48 hours – so it seems l…

Thailand’s Winners and Losers

May 17, 2010

Thailand
The King

Photo courtesy of Ho New / Reuters In the Sunday New York Times, Seth Mydans and Thomas Fuller, the Bangkok correspondents, have written an insightful article on Thailand’s King Bhumibhol Adulyadej …

The King