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November 30, 2007

Financial Markets
Is the dollar’s decline over?

The Economist put the dollar on its cover this week.   The Economist’s cover is usually a lagging, not a leading, indicator:  it signals that the dollar already has fallen significantly, and sometime…

December 6, 2017

United States
Tax Reform and the Trade Balance

Warning: long, wonky, and not for the fainthearted. I try to assess how the international reforms will impact where firms book profits and thus the measured trade and income balance, not just the …

Tax Reform and the Trade Balance

April 6, 2008

Financial Markets
Just how much money do sovereign wealth funds have?

A ton, according to Morgan Stanley’s Stephen Jen and a host of Wall Street investment banks Not all that much, according to Milken Institute’s Christopher Balding (as reported by Bob Davis in the Wa…

adia

April 24, 2008

Capital Flows
Adapting to the state’s growing role in global equity markets

Central bank purchases of traditional reserve assets still dwarf sovereign wealth fund purchases of riskier assets -- as well as central bank purchases of equities. But over time, it is reasonable …

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 its cur…