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April 9, 2007

Monetary Policy
What have the world’s central banks been up to? The latest Treasury survey provides some clues

I suspect I am one of a very small number of people who eagerly awaits the publication of the Treasury’s annual survey for foreign portfolio investment.     Wall Street doesn’t find it particularly u…

September 17, 2007

Financial Markets
The first true twenty-first century financial crisis?

Larry Summers – picking up on a phrase perhaps first used by Michel Camdessus -- liked to call the Mexican crisis the first financial crisis of the 21st century.   Mexico’s decision to exhaust its re…

October 16, 2007

Monetary Policy
Why worry about sovereign wealth funds?

Martin Wolf, as usual, is the voice of reason.   I highly recommend his most recent column.Dr. Wolf notes that a set of countries with a far different conception of the role of the state in the marke…

November 15, 2007

Financial Markets
How long can the Gulf countries sustain their dollar pegs?

Note: This is Brad Setser, not Michael Pettis.The UAE is clearly considering changing from a dollar peg to a basket peg.   Qatar may be as well.   The economic case for change is quite clear.  Both c…

January 22, 2008

Monetary Policy
Are imbalances correcting?

European policy makers think so particularly those imbalances that in their view originate on this side of the pond. The current account deficit - setting aside the bulge from $90 rather than $60 …

February 28, 2008

Emerging Markets
$1 trillion, $100, $1.50

A lot of milestones have been passed in the last few days. Most aren’t positive for the United States. Nouriel Roubini is no longer the only economist putting the eventual toll of the financial crisi…

August 13, 2008

Capital Flows
I guess sovereign funds use leverage afterall

Via SWF Radar comes news that two of the smaller sovereign funds in the Gulf want to gear up. Abu Dhabi’s Taqa looks more and more like a sovereign fund specializing in energy, and it too uses lever…

February 10, 2009

Financial Markets
Toxic banks or toxic assets?

Two weeks ago, George Soros memorably framed the core choice the US now faces as a choice between buying toxic assets or taking over toxic banks. “The hard choice facing the Obama administration is …

December 30, 2008

Monetary Policy
China has lost its appetite for risky assets

George Chen of Reuters reports that both the CIC and SAFE are scaling back their investment in risky assets. Word has come down from on high. China’s foreign exchange watchdog, the State Administr…

March 29, 2009

Monetary Policy
The PBoC’s call for a new global currency, the SDR, the US and the IMF

A $200 billion shared pool of reserves ($250 billion counting the IMF’s supplementary credit line) is tiny relative to the world’s $7000 billion in national reserves, or -- more importantly -- relat…