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July 19, 2006

Chinese growth accelerates, RMB depreciates

That was yesterday’s headline.   Or, given the time differences, perhaps the headline from two days ago. Chinese second quarter growth picked up to 11% plus.  The only real surprise here was that the…

August 23, 2006

United States
George Magnus makes an important point. If the oil surplus is rising and Asia’s surplus isn’t falling …

If the oil exporters current account surplus is rising, and oil-importing Asia’s surplus isn’t falling (thanks to China and Japan), then either the US or the European deficit has to be growing.   Glo…


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…

November 28, 2007

Politics and Government
Voting in Venezuela

This Sunday Venezuelans will vote on a referendum comprising 69 changes to the existing Constitution. Many of these push the country further toward Chavez’s 21st Century Socialism, expanding pensions…

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…