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December 22, 2005

Budget, Debt, and Deficits
Memo to John Snow: Do housing bubbles count?

John Snow's latte-drinking budget mythmaking has gotten plenty of (fully warranted) criticism already, but I'll still pile on. Snow argues that the large budget surplus at the tail end of the…

August 17, 2007

Financial Markets
Conduits, SIVs, cash-hoarding, commercial paper restructuring and such

Yves Smith of Naked Capitalism is right – If Gillian Tett of the FT disappeared, we would be in a whole lot of trouble. I wouldn’t be surprised if a lot of central bankers rely on her reporting to…

October 23, 2007

Emerging Markets
Emerging economies accomplish something beyond the reach of the G-7

The FT notes, in today’s leader, that the G-7 hasn’t been able to agree on the massive, co-ordinated intervention needed up hold the dollar up against the euro. The euro, and commodity currencies suc…

September 7, 2007

China
Is China selling its Treasuries?

Combine two data points The August fall in Treasury holdings in the Federal Reserve Bank of New York’s custodial accounts (the data is released weekly here); andThe very modest increase in China’s re…

October 9, 2007

Financial Markets
Outsourced (the United States’ strong dollar policy)

Alan Ruskin of RBS Greenwich capital makes an important point in the Financial Times.  The US has effectively outsourced its strong dollar policy to the emerging world.    It isn't even clear tha…

October 30, 2007

Monetary Policy
Two coordination problems likely to arise inside Bretton woods 2

Last week, I argued that the emerging world’s governments have been provided the US with an enormous credit line – one large enough to prop the dollar up – even in the absence of any formal instituti…

August 2, 2007

Financial Markets
Falling home bias in the US, rising home bias in Russia?

American's home bias -- or at least American institutional investors' home bias -- seems to be falling.  Americans are more willing to hold a share of their financial assets abroad. Stephen J…

us_demand_foreign_assets_01

September 2, 2008

Monetary Policy
Yes, Virginia – Creditors do sometimes get a vote …

This is Brad Setser again. Thanks to Christian Menegatti and Rachel Ziemba for filling in when I was away. It is only fitting to return with one of my pet themes: central bank demand -- or rather,…

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April 29, 2009

Financial Markets
Why were arguments against taking on risk discounted heavily during the boom?

Barry Eichengreen writes exceptionally well: "THE GREAT Credit Crisis has cast into doubt much of what we thought we knew about economics. We thought that monetary policy had tamed the business cycl…

March 31, 2011

Politics and Government
Is Operation Odyssey Dawn Constitutional? Part III

  Yesterday I noted that many legal scholars believe that while the text of the Constitution may not have given presidents an independent war-making authority, they have acquired that through two …

Part III