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June 21, 2005

Emerging Markets
Fantasy based opeds in the Wall Street Journal

The Wall Street Journal oped page clearly has discovered the joys of post-modernism. Facts are a social construction -- and inconvenient facts can be changed to fit your preferred narrative.That is…

January 8, 2006

Monetary Policy
Sit back and watch Asia’s reserves grow.

Not because Taiwan is reportedly intervening once again last week.   But because Asia holds lots of euros and yen.    The euro rose 2.4% against the dollar last week, the yen by 2.8%.  And Asia holds…

February 13, 2006

Monetary Policy
It is back. Bretton Woods 2 (central bank financing of the US)

Some would say it never really went away.Emerging market economies did not stop accumulating reserves in 2005.  Best I can tell, adjusting for valuation effects and including all the foreign assets o…

October 6, 2005

China
How many divisions does the IMF have?

So asks Andy Mukherjee of Bloomberg.  He wonders if IMF efforts to get China to allow its exchange rate to appreciate significantly would have exactly as much impact over Chinese policy as IMF effo…

October 24, 2005

China
No one forced China to import US monetary policy: Commentary on yesterday’s China commentary

Andrew Browne did something somewhat unusual in Monday's Wall Street Journal (see p. A2 of the print edition, unfortunately, I have not been able to find the link). He wrote about China, and got …

November 23, 2004

The budget deficit before all the bad stuff

Isn’t that what leaving any increase in deficit associated with partial privatization of social security off the books implies?Bush’s formula on the dollar in Santiago emphasized the need to control …

February 22, 2006

Capital Flows
The (strange) politics of globalization

Maybe the US would be better off if China owned Unocal's Asian oil fields Not economically.  Unocal's oil and gas fields are presumably worth a bit more now than they were last summer.  But s…

April 27, 2006

Unpleasant balance of payments math — why the interest rate matters for dark matter

Bill Cline of the IIE rightly took Nouriel and me to task (politely) for assuming that the average return on US FDI abroad would equal the average return on foreign FDI in the US in our 2004 paper on…

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March 18, 2006

United States
What Geithner said. And then some

Most of the blogosphere has already weighed in on Tim Geithner's most recent speech.   I am a bit late to the party.   And I may not have much to add. I deeply agree with Geithner's argument…

February 22, 2006

United States
Shrinking dark matter watch

Or maybe shifting dark matter watch. Via Barry Ritholtz comes news that increasing US investment (according to Mandel) in one key intangible asset - US brands - may be yielding diminishing returns.  …