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June 8, 2005

Economics
Should the world finance the World Bank rather than the United States

Note: Title credit goes to Jeff Frankel, who moderated a panel I participated on.Paul Wolfowitz just took over at the World Bank. He already seems to have indicated that is not going to follow Desmo…

July 26, 2005

China
Andy Xie gives no quarter

Xie to the market (and to the US): Take your 2% and stop telling China to revalue! Here is the difference between Xie and me, put simply. Xie thinks the US is trying to get China to "artificially"…

September 27, 2005

United States
Savings gluts, investment droughts and the current global economy

Low yields in advanced economies lead capital (private capital that is) to head to emerging markets looking for yield.    Emerging markets - whether scared by the crisis that followed the sudden with…

April 24, 2005

United States
US policy (once again) fails the Chinese test

Lots of folks in Washington don’t think the Bush Administration and the Congress are serious about cutting the fiscal deficit, and reducing the strain the federal government places on anemic US savin…

October 27, 2005

Financial Markets
Why does Saudi Arabia peg to the dollar?

Subtitle: China's currency regime is not the only impediment to global adjustment. Consider these two graphs (follow the links):Oil, in dollarsAnd the export revenues of Gulf oil exporters, in do…

January 6, 2006

United States
The USA, China and Saudi Arabia - the big three of global adjustment?

The standard discussion of the unbalanced world divies the world up into three: the US, Europe and Japan/ Asia.   And the standard discussion of global imbalances says all three need to do their part…

March 29, 2006

China
Exit Schumer and Graham, Enter Grassley and Baucus

Schumer-Graham won't be brought to a vote until September.   China's central bank governor Zhou must  be persuasive.  Maybe he plotted out where the RMB will likely be if China continues with…

June 23, 2006

Financial Markets
Hmmm. Iran isn’t like other oil producing countries …

Iran has a bit more interest than average in nuclear power.    Setting Russia aside, of course. And Iran is actually spending its surging oil revenue rather than salting most of it away, unlike most …

December 11, 2006

Financial Markets
The GCC’s dollar peg …

China will have a current account surplus of over $200b this year.  China has about 1.3 billion people.   The GCC countries (Saudi Arabia and the small states on the Gulf) will also have a current ac…

June 6, 2006

China
Yet more evidence China is an outlier

Poor countries tend to have relatively weak currencies – that is, there is a big gap between their currencies' nominal exchange rate and the exchange rate implied by “purchasing power parity.”  …