Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
October 18, 2004
Financial MarketsThe Treasury did not issue the foreign exchange report on Friday. Presumably, this is because it would have made the same set of arguments that last year’s report made, namely that China is not mani…
November 6, 2004
Some facts: 1) In 2003, Japan increased its reserves by $200 billion, emerging Asia by $245 billion. The world as whole increased its reserves by $500 billion, so Asia accounted for most of the worl…
November 12, 2004
Capital FlowsThere is a growing sense that the G-7 no longer is the right grouping for discussing today’s major international macroeconomic issues. It is hard to see, for example, how you can discuss "global reb…
November 15, 2004
With apologies to Philip Coggan, I plagarized his FT headline from a few days ago -- he asked the same question as Brad DeLong, namely, why aren’t big bets from big macro hedge funds driving the doll…
November 30, 2004
Emerging MarketsThat does not necessarily mean the Turkish lira is cheap. Right now, given Turkey’s almost US scale current account deficit (close to 5% of GDP), the lira probably is a bit overvalued. Turkey is go…