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June 20, 2005

United States
Setser and Roubini respond to Levey and Brown: deficits do matter

The current issue of Foreign Affairs contains the rebuttal that Nouriel and I wrote to the David Levey and Stuart Brown’s "Current account deficits do not matter" article that appeared in the March/…

August 2, 2005

Monetary Policy
Does China have a higher - or lower - fraction of its reserves in dollars than Russia

David Altig has highlighted Russia's decision to reduce the dollar's share of its reserves from 70 to 65%.    Russia raised the share of Europe's single currency to 35 percent from 30…

August 10, 2005

China
Will an (onshore) forward market for the RMB change the world?

Dan Drezner and David Altig are waxing enthusiastic about China's decision to allow domestic banks to trade the RMB forward - a development that in theory will help Chinese firms to better "hedge…

August 18, 2005

Emerging Markets
Argentina, its (kind of) currency board, and its 1999-2001 crisis

Rather than writing a blog of my own, I have been busy discussing one of my favorite topics -- Argentina's crisis -- over in the comments section of Macroblog.    David Altig and I don't alwa…

August 19, 2005

China
Comments on Dooley, Garber and Folkerts-Landau: part 1, China

As usual, Michael Dooley, Peter Garber and David Folkerts-Landau are provocative. And in a lot areas, the arguments made by those - like Dooley, Garber and Folkerts-Landau -- who argue that the Brett…

China Reserves Graph

August 24, 2005

United States
Are we ignoring the United States’ strengths?

Anantha Nageswaran of Libran Asset Management in Singapore has submitted a set of (lengthy) comments that respond, in some sense, to many of the points I and others have raised on this blog.   Check …

August 25, 2005

Capital Flows
Peter Galbraith and Iraq

I think the folks over at TPM Café are right: David Brooks' latest New York Times column is a real flip-flop.  He has gone from celebrating the United States firm commitment to universal democrat…

August 30, 2005

Economics
Rubin doctrine of international finance v. Greenspan doctrine …

The Rubin doctrine of international finance (From In an Uncertain World):1. The only certainty in life is that nothing is ever certain.2. Markets are good, but they are not the solution to all proble…

September 11, 2005

Budget, Debt, and Deficits
Is John Snow going to be among Katrina’s (political) casualties?

Mike Allen of Time (formerly Mike Allen of the Washington Post) seems to think so.  Or at least he is starting hear whispers.It seems that the White House's post-Katrina political strategy consis…

September 12, 2005

United States
Katrina and the current account deficit

At least a half percent off US GDP growth for the remainder of this year (Goldman says more), $150 billion in new federal spending (much of that in fiscal 2006), higher gasoline prices now and next y…