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October 9, 2019

Taiwan
$130+ Billion in Undisclosed Foreign Exchange Intervention by Taiwan's Central Bank

Based on the profits and losses disclosed by Taiwan’s central bank, it appears that its true FX exposures exceed its disclosed foreign exchange reserves by USD 130bn, and perhaps by as much as USD 20…

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October 8, 2019

Taiwan
Could Taiwan’s Commercial Banks Cover the Lifers' Hedging Need? (Part 4)

Who is on the other side of the massive ($250 billion) hedging need of Taiwan's life insurance industry? The local banking system covers at most a quarter of the life insurers hedging need, and forei…

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October 4, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 3)

This is the third post in a series* on Taiwan's life insurers and their private & sovereign FX hedging counterparties. It’s the product of a collaboration with S.T.W**, a market participant and frien…

Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 3)

September 12, 2019

Iran
Israel Is Doing All the Dirty Work Against Iran

The United States came up with “maximum pressure”—but the Israeli government is the only one carrying it out.

Israeli soldiers charge a mortar shell

April 20, 2012

Trade
Morning Brief: Affluence Correlates with Test Scores

The Brookings Institution released a report on the correlation between income inequality and school quality. Schools in more affluent areas are likely to have higher average test scores, and housing …

Parents and education advocates demonstrate on the steps of New York's City Hall for higher progressive taxes to close funding shortfalls in education. (Mike Segar/Courtesy Reuters)

March 17, 2009

Financial Markets
"Concentrations of risk, plagued with deadly correlations"

The FT’s Gillian Tett makes a simple but important point: AIG’s role in the credit default swap market meant that a lot of risk that the bank regulators thought had been dispersed into many strong ha…

August 12, 2019

Sanctions
What Are Economic Sanctions?

For many policymakers, economic sanctions have become the tool of choice to respond to major geopolitical challenges such as terrorism and conflict.

Economic-Sanctions.jpg

August 6, 2019

Terrorism and Counterterrorism
The Domestic U.S. Terror Threat: What to Know

The latest mass shootings have prompted calls for more vigorous action by U.S. counterterrorism authorities, but the target is elusive.

July 1, 2019

China
China’s Bizarre May Intervention Numbers

With the Osaka Xi-Trump summit producing an indefinite "truce" that halts further escalation (at least for now), there is every reason to expect the yuan to remain stable. The intervention proxies (s…

China’s Bizarre May Intervention Numbers

June 27, 2019

Global
Same-Sex Marriage: Global Comparisons

A growing number of countries are legalizing same-sex marriage amid a steady advance in lesbian, gay, bisexual, and transgender rights, but opposition remains strong in many countries.

A couple has their pre-wedding photos taken in Taipei, Taiwan.