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January 10, 2005

United States
Apparently, like budget deficits, trade deficits do not matter anymore

Kevin Drum brought the latest National Review "trade deficits do not matter" article to my attention today. I learned a few things, namely that Steven Roach is part of a media misinformation campaig…

April 6, 2005

Monetary Policy
Sometimes, it is worth listening to what policy makers in emerging economies are saying

The Koreans, I suspect, let the cat out of the bag. Korea knows the value of reserves, and the risks of holding too few reserves. Indeed, absent an IMF loan and a last-second deal with their credit…

November 23, 2004

The budget deficit before all the bad stuff

Isn’t that what leaving any increase in deficit associated with partial privatization of social security off the books implies?Bush’s formula on the dollar in Santiago emphasized the need to control …

April 30, 2005

Monetary Policy
So, have central banks lost interest in Treasuries?

Two apologies in advance: First, this is one my wonkier/ data-intensive kind of posts. Second, this post responds to a subscription only Wall Street Journal C4 article by Agnes Crane that ran last …

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 23, 2005

China
Five myths (or half truths) about China and the renminbi

China’s exchange rate peg has attracted a lot of attention recently, in the market, among the public and in the press. (also here, here and many other places)Alas, too much of the commentary seems t…

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…

May 30, 2005

United States
Memo to Kirstof: China has some responsibility for global imbalances too

Nick Kristof accuses the US -- Democrats in Congress in particular -- of scapegoating China, and blaming China for global economic problems (more accurately, the risk of global economic problems) tha…

June 19, 2005

China
Two articles on China. One good. One not so good.

Reuters has done a nice wrap up of what we know -- and more importantly what we don’t know -- about how China manages its reserves. They correctly note that the TIC data misses so much that it, alon…

October 16, 2005

China
Is Tim Adams a closet Democrat? And some other musings on Snow’s trip to China

Clearly not, given his role in the Bush/ Cheney 2004 campaign. But he also seems to think China should develop a social insurance system to help spur domestic consumption.   Read Friday's Wall St…