153 Results for:

September 16, 2004

United States
Growing out of the trade deficit

The U.S. government’s spin on the widening trade deficit is that it reflects a growth deficit in the rest of the world. This spin does not hold up well. All parts of the world other than Europe are…

April 2, 2005

Fool me once, shame on you; fool me twice, shame on you

Big valuation gains on US assets abroad (particularly US assets in Europe) have done wonders for the US net international investment position. Gains of X in 02, Y in 03, and maybe $400 billion in 0…

April 6, 2005

Monetary Policy
Sometimes, it is worth listening to what policy makers in emerging economies are saying

The Koreans, I suspect, let the cat out of the bag. Korea knows the value of reserves, and the risks of holding too few reserves. Indeed, absent an IMF loan and a last-second deal with their credit…

April 14, 2005

Monetary Policy
Reserves to protect against everything short of the Apocalypse

That quote comes from the IMF’s chief economist in today’s Financial Times:A number of emerging markets, especially in Emerging Asia, have built up reserves to protect against everything short of the…

May 27, 2005

Economics
Housing bubbles, the great plains and the coast

Not all parts of America are enjoying a housing bubble. $65,000 will buy a brick home with three bedrooms and a two car garage in Stafford Kansas, though maybe not ten acres of prairie as well. Low…

June 6, 2005

Economics
So will the proliferation of hedge funds end with a bang or a whimper

The number of hedge funds is about the only thing that has been rising faster than the price of residential real estate (at least in some markets). Probably not a coincidence: hedge funds and real e…

August 4, 2005

Capital Flows
Nation Building 101

Make sure the army gets paid on time.The reformed Iraqi Ministry of Defense, a crucial element of any American plan to withdraw troops, is riddled with crippling problems that have raised concerns ab…

February 28, 2006

Financial Markets
Things that keep the President of the New York Fed up at night

The current account deficit, obviously.    NY Fed President Geithner isn't quite in the same place as Bernanke, at least in Bernanke's White House incarnation.And credit derivatives.   Partic…

March 1, 2006

United States
Rising trade deficit financed by fast-growing poor countries watch

Consumption up.   Up by almost 1% in a month.   Consumption continues to grow faster than income.    Household savings, consequently, are down.    Michael Mandel, are you sure you want to argue that …

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…