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October 22, 2004

United States
How Bush budget deficits ended up hurting Ohio

Ronald McKinnon has an interesting argument in yesterday’s Financial Times (based on this policy brief), namely that manufacturing workers are paying for low US private savings and large US budget de…

December 19, 2004

The Teutonic Monetary Policy Tradition

My recent travels took me to old Europe -- and reminded me that the rest of the world is, in many ways, still unprepared for changes set to hit the world economy -- a world economy where the US trade…

December 31, 2004

Capital Flows
Russia is to China as …

Canada is to the United States? Large in area, scarcely populated, cold and a major supplier of natural resources to its large southern neighbor ... Well, not yet. Russia, I think, generally exports…

December 22, 2004

Martin Wolf explains the fall in the renminbi-dollar

Martin Wolf did the math: it turns out the renminbi-dollar zone has a current account deficit (projected) of $260 billion with the world this year. The United States’ current account deficit of $650…

April 18, 2005

Financial Markets
Tactical Issue Linkages

Dan Drezner has an interesting post up, laying out the components of a "serious" approach to encouraging (or pressuring) China to change its exchange rate peg. He nicely lays out the options, thoug…

February 26, 2005

Capital Flows
Geoeconomics: What can we learn from the end of the “real” Bretton Woods system of fixed exchange rates?

Dan Drezner started a post with the Triffin dilemma, so I figure I too can digress into the realm of history.The Bretton Woods system of fixed exchange rates (Bretton Woods 1) collapsed, in some sens…

February 25, 2005

Capital Flows
Oil, and a bit of geopolitics

On Thursday, the Financial Times, the New York Times and Tom Friedman all weighed in on Asian reserve diversification. Paul Blustein of the Washington Post has an A1 story today on another of my comm…

July 4, 2005

Economics
Enjoy the fourth. Take a break.

Because I am. I don’t expect to post much -- if at all -- this week.I need a small vacation.I am pretty confident that all the "imbalances" that the BIS highlighted will still be here in a week -- a…

August 5, 2005

Capital Flows
China, the US and the geopolitics of oil

The CNOOC Unocal saga is over. But CNOOC's ambitions remain: Energy market experts now expect Cnooc, which is controlled by the Beijing government, to explore opportunities throughout the Asia-Pa…

August 12, 2005

United States
The June trade data. Changes in relative prices do matter

The June trade deficit -- $58.8 billion -- was a bit bigger than the market expected, and quite a bit bigger than the May deficit ($55.4 b).   Annualized, it works out to a $706 billion trade deficit…