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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…

August 17, 2005

Emerging Markets
Fuel subsidies (and fuel shortages) in emerging economies

If you care to head to Baghdad - and are willing to wait in line - you can fill up your car with premium gasoline for 3.3 cents a liter (around 13 cents a gallon).  Basic gasoline goes for just more …

October 31, 2005

Monetary Policy
In an attempt to be fair and balanced

Here is a link to a paper by two IMF economists (Aizenmann and Lee) that concludes China really is building up its reserves as a precaution against a crisis, not just to support its export sector (im…

In an attempt to be fair and balanced

December 7, 2005

Economics
Gone (ice) fishing …

I will be away from my desk for the next week or so on a business trip.  I'll probably post a bit, modern communications and all.  But I doubt I'll post every day.    I suspect that a couple of the c…

January 19, 2006

Financial Markets
The global flow of oil

The health of the US economy - and for that matter the world economy - hinges on the sustained flow of capital from the world's emerging economies to the US.   The health of the US economy also depen…