1,962 Results for:

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

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…

fig 19

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…

fig 3

October 4, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 3)

This is the third post in a series* on Taiwan's life insurers and their private & sovereign FX hedging counterparties. It’s the product of a collaboration with S.T.W**, a market participant and frien…

Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 3)

October 4, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 2)

Large-scale purchases of foreign bonds have become the central flow sustaining Taiwan’s massive current account surplus and keeping the Taiwan dollar weak. The size of this flow raises the question o…

Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 2)

October 3, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ Billion Dollar Enigma (Part 1)

Taiwan’s central bank, unlike most central banks, doesn’t disclose its position in FX derivatives. It really should. There is good reason to think its undisclosed exposure is quite substantial.   …

A Taiwan dollar note is seen in this illustration photo May 31, 2017.

October 17, 2019

Taiwan
Anything Interesting in Treasury's Delayed Foreign Exchange Report?

The Fall 2019 Treasury Foreign Exchange Report should send a strong warning to Thailand, Taiwan, and Singapore that their current pattern of intervention in the market would put them at risk of futur…

Anything Interesting in Treasury's Delayed Foreign Exchange Report?

September 30, 2019

Puerto Rico
Is Puerto Rico Back on a Path Toward Debt Sustainability?

The plan of adjustment put forward by the oversight board, if approved by enough creditors and the courts, would cut Puerto Rico’s tax supported debt from $50 billion to $25 billion and smooth its re…

Is Puerto Rico Back on a Path Toward Debt Sustainability?

September 20, 2019

Trade
Why Global Trade Imbalances Could Get Worse Before They Get Better…

Transatlantic imbalances reflect Europe's demand deficit, which should be easy to solve (but isn't). Transpacific imbalances haven't disappeared. And are likely harder to solve, as they stem from an …

Banco De Espana Conference on Global Imbalances and Capital Flows in the Era of New Technologies

September 5, 2019

South Korea
Can Korea Provide a New (Fiscal) Model for North Europe’s Twin Surplus Countries?

Korea looks to be doing a real stimulus. Other "twin surplus" countries should too.

Can Korea Provide a New (Fiscal) Model for North Europe’s Twin Surplus Countries?