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November 13, 2019

United States
A Big Borrower and a Giant Corporate Tax Dodge? How Best to Describe the U.S. External Balance Sheet

Most grandiose explanations for the United States persistent surplus in the income balance of the U.S. current account miss the mark. The U.S. debt position tracks the sum of past current account def…

A Big Borrower and a Giant Corporate Tax Dodge? How Best to Describe the U.S. External Balance Sheet

June 12, 2009

United States
Offsetting Borrowing

Government borrowing has increased sharply, but the fall in private borrowing by households and firms has been equally dramatic. Overall borrowing has not changed substantially. Will the government…

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November 10, 2019

United States
Happy 244th Birthday to the United States Marine Corps!

The U.S. Marine Corps turns 244 years-old today. On November 10, 1775, the Continental Congress adopted a resolution to create a Marine force composed of two battalions. Since then, the Marines have …

U.S. Marine Corps

November 1, 2019

Ireland
Ireland’s Statistical Cry for Help…

Ireland's tax authorities have made the job of Ireland's statistical authorities almost impossible.   The distortions in the Irish data are now so big that the impact the data for the entire euro are…

Ireland’s Statistical Cry for Help…

November 1, 2019

International Organizations
The IMF: The World’s Controversial Financial Firefighter

The International Monetary Fund, both criticized and lauded for its efforts to promote financial stability, continues to find itself at the forefront of global economic crisis management.

IMF Governors' meeting

October 31, 2019

United States
The National Debt Dilemma

With the U.S. national debt already exceeding $16 trillion, President Trump’s tax reform and budget deals with Congress have added to the country’s deficits. CFR explores the origins of the national debt, the risks it presents, and the outlook for change.

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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 …

treasury fx intervention taiwan 4

October 9, 2019

India
Xi Jinping to India: Mamallapuram Edition

The Indian government announced today that Chinese President Xi Jinping will visit India later this week for an “informal summit” with Prime Minister Narendra Modi beginning October 11. The leader-le…

Modi and Xi in China

October 9, 2019

Taiwan
$130+ Billion in Undisclosed Foreign Exchange Intervention by Taiwan's Central Bank

Based on the profits and losses disclosed by Taiwan’s central bank, it appears that its true FX exposures exceed its disclosed foreign exchange reserves by USD 130bn, and perhaps by as much as USD 20…

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October 8, 2019

Taiwan
Could Taiwan’s Commercial Banks Cover the Lifers' Hedging Need? (Part 4)

Who is on the other side of the massive ($250 billion) hedging need of Taiwan's life insurance industry? The local banking system covers at most a quarter of the life insurers hedging need, and forei…

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