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February 9, 2024

Global
Central Bank Currency Swaps Tracker

Introduction Since the financial crisis of 2007, central banks around the world have entered into a multitude of bilateral currency swap agreements with one another. These agreements allow a centr…

October 28, 2022

United States
China, the United States, and Taiwan

[Editor’s note: This was an address to the conference on “PRC’s Power Shift and Governance” sponsored by the Mainland Affairs Council (MAC) and organized by the Chinese Council of Advanced Policy Stu…

February 25, 2015

China
Move Over Big Mac: The Law of One Price Is Lovin’ Our Little Mac Index

The “law of one price” holds that identical goods should trade for the same price in an efficient market. To what extent does it hold internationally? The Economist magazine’s famous Big Mac Inde…

August 31, 2009

Capital Flows
Treasuries vs. GSEs

This chart shows the yearly change in purchases of securities backed by U.S. government-sponsored enterprises (GSEs) and in securities issued by the U.S. Treasury. In late 2008 and early 2009, U.S…

CrossSection2.0

June 12, 2012

Trade
Morning Brief: United States Falling Short on Basel III

The Basel Committee on Banking Supervision found weaknesses in implementations of Basel III (Bloomberg). Its report to the G20 leaders—who will meet next week in Mexico—described weaknesses in implem…

World leaders reaffirmed their pledge to implement Basel III during the G20 Summit in Cannes, France in November 2011 (Philippe Wojazer/Courtesy Reuters).