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December 8, 2004

Budget, Debt, and Deficits
The central bank bid

It seems like America’s biggest creditors stepped up to the plate today. China’s rapidly growing reserves have to go somewhere ... From Bloomberg:"So-called indirect bidders, which include the forei…

September 30, 2016

China
The ECB on the Slowdown in Global Trade

I really liked the ECB’s recent report on the slowdown in global trade (summarized here), for five reasons. 1) It doesn’t assume that trade should always grow faster than output. A liberalization …

china-manu-trade

October 27, 2014

Europe
European Banks: Balance Sheet Clarity But A Cloudy Future

The European banking assessment results, released yesterday, were generally well received by markets. The test looked like earlier U.S. and Spanish stress tests in terms of structure, the results wer…

December 4, 2015

Europe
ECB and the Limits of QE

Markets were clearly underwhelmed by the European Central Bank’s (ECB) easing announcement yesterday, marginally cutting its (already negative) deposit rate and extending the duration of its asset pu…

November 19, 2018

International Organizations
The World Bank Group’s Role in Global Development

Since its founding in 1944, the World Bank has evolved from a lender focused on European reconstruction to the preeminent international institution for economic development and poverty reduction.

Villagers line up for cooking oil donated by local businessmen in Myanmar.

November 4, 2011

Europe
ECB Limitations in Addressing Eurozone Crisis

CFR’s Benn Steil discusses the ECB’s role and limitations in mitigating the eurozone debt crisis.

April 16, 2014

Europe and Eurasia
Should the ECB Go on a Bund Buying Spree?

Should the European Central Bank finally join the Fed, the Bank of England, and the Bank of Japan and deliver a good, stiff dose of Quantitative Easing? Maybe, came the surprise response from the…

Should the ECB Go on a Bund Buying Spree?

April 3, 2013

Europe
ECB Policy for a Fragmented Financial Market

The ECB meets tomorrow and is expected to remain on hold.  Of the 44 market participants surveyed by Bloomberg, only one thought that the ECB would lower interest rates at this week’s meeting.  Marke…

ECB Policy for a Fragmented Financial Market

May 20, 2011

Europe and Eurasia
Is the ECB Draining its own Powers?

Back in 2000, the European Central Bank’s first president, Wim Duisenberg, explained how he knew the Bank’s operational framework for implementing monetary policy was working well.  It was, he said…

Is the ECB Draining its own Powers?

January 3, 2012

Iran’s Central Bank: a Lesson

In 2011 Congress forced a reluctant Obama Administration into tougher sanctions against Iran than it desired. One of the toughest required U.S. sanctions against Iran’s Central Bank. This is an old …