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December 11, 2004

United States
The Global Test

My harping on the fact that US economic policy now has to pass a global test is not simply meant to score rhetorical points. I suspect that the same folks who financed the expansion of the US curren…

January 20, 2007

China
China considering new ways of managing its foreign assets

That, at least, is how I read Premier Wen's statement at the Party's financial work conference.  Wen:China [will] take "comprehensive measures" to attain balance in its external payments while "activ…

July 2, 2008

Financial Markets
Read the annual report of the Bank of International Settlements

International institutions usually put out reports filled with turgid and overly-qualified prose. But not the BIS. At least not this year. The introduction and conclusion of its 78th annual rep…

December 6, 2005

United States
Alan Greenspan, financial globalization, home bias and central bank reserves

The very last paragraph of Alan Greenspan's last speech on global imbalances seems to have generated the majority of the press that came out of his London speech on global imbalances.   I kind of lik…

home bias and central banks

April 2, 2009

Monetary Policy
Summitry, change and the global financial architecture

About three months ago, the editors of Finance and Development (an IMF publication) asked me to reflect on the lessons the effort to reform the international financial architecture in the 1990s holds…