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January 11, 2005

Emerging Markets
Should the IMF ever take a haircut?

Before Argentina’s default, Adam Lerrick thought the IMF (or the G-7) should offer to buy Argentina’s bonds at 60 cents on the dollar. Argentina is now offering bondholders an exchange that will be …

January 11, 2005

$610 billion is a lot of money

It’s now (sort of) official: China’s end 2004 reserves totalled $610 billion. China still has not found time to post their end October reserve totals on their web page, but they just leaked their en…

March 4, 2005

Emerging Markets
A few lessons for Mary Anastasia O Grady

I do not expect to consistently agree with the oped page of the Wall Street Journal. But I do not think it is too much to ask that the columnists on oped page of the Journal try to square their argu…

March 22, 2005

Economics
What did I miss?

Let’s see.Paul Wolfowitz looks set to take over the World Bank. Oil is a bit over $56. That is not low, by any measure. I remember how much concern there was last summer when oil broke $40.The cur…

March 23, 2005

Capital Flows
Wolfowitz and the World Bank

Paul Wolfowitz looks to be heading toward the Presidency of the World Bank. He probably was not the first choice of anyone outside the US, not even the UK. But no one seems to see much of an upside…

April 14, 2005

Monetary Policy
Reserves to protect against everything short of the Apocalypse

That quote comes from the IMF’s chief economist in today’s Financial Times:A number of emerging markets, especially in Emerging Asia, have built up reserves to protect against everything short of the…

May 17, 2005

China
So, is the Bush Administration for bashing China or against it?

Let no one think the Bush Administration doesn’t occasionally try to have it both ways. A month ago the Bush Administration ratcheted up the verbal pressure on China. China was ready to change its…

May 22, 2005

Financial Markets
That strong renminbi (ok, that strong dollar)

The RMB has appreciated by about 7% against one of China’s major trading partners this year. Not the US, obviously. But that doesn’t mean that China is not exposed to moves in the dollar-euro, or t…

June 8, 2005

Economics
Greenspan’s conundrum and oil

The most profitable sector of the Chinese economy, according to data from UBS. Mining. It is not even close. I presume that includes mining for oil. Remember that. I will return to it in a bit.A…

June 20, 2005

United States
IMF surveillance of the United States

The IMF agonizes over how to make its surveillance more effective -- and how to get countries to listen to its advice. That is particularly true for large, powerful countries like the US and China. …