3,926 Results for:

September 16, 2004

United States
U.S. dependence on Asian central banks

One country’s external debt is another country’s asset. The U.S. capital account data leaves little doubt that foreign central banks have been a huge source of financing for the U.S. current account…

October 6, 2004

Capital Flows
Cheney is wrong: $80 billion in debt relief if not equal to $80 billion in cash

Last night, Vice President Cheney claimed that US allies were contributing $80 billion to the war in Iraq by providing Iraq with debt relief. He compared this $80 billion in debt relief to the cash …

October 25, 2004

DeLong on the global economy

DeLong’s powerpoint notes are certainly worth checking out. The side by side graphs showing real GDP growth and then employment growth (or the lack thereof) elegantly tell the story of the 2002-2004…

October 18, 2004

Financial Markets
Guess why Treasury did not issue the foreign exchange report?

The Treasury did not issue the foreign exchange report on Friday. Presumably, this is because it would have made the same set of arguments that last year’s report made, namely that China is not mani…

October 14, 2004

United States
Another month, another bad trade number

The latest monthly trade data came out today, and was worse than expected -- though in my view that indicates expectations have yet to catch up with reality. Exports have been stuck in the $95-96 bi…

November 1, 2004

United States
Richard Cooper on the current account deficit

Richard Cooper has an oped in today’s FT (avaible here, subscription needed) arguing that the US current account deficit is "not only sustainable, it is perfectly logical". Cooper argues that a $500 …

November 7, 2004

United States
Updated paper on the sustainablility of US trade and current account deficits

Nouriel and I have just posted our updated analysis of US external sustainability, i.e. the United States capacity to continue to run large trade and current account deficits.The paper is certainly l…

November 19, 2004

Greenspan in the news

Alan Greenspan’s comments on the US twin deficits are getting lots of play. Just saying that at some point foreign appetite for US assets is likely to diminish and won’t stay at its current strong p…

December 2, 2004

Financial Markets
Renminbi tests multi-year lows against euro, pound, yen …

The renminbi seems to have reached a new low against the euro today, breaking through the low set yesterday before a very brief little rally. Every time the renminbi-dollar tumbles, I am reminded wh…

December 9, 2004

Retired Wall Street Titans (and the renminbi-dollar)

Henry Kaufman’s name sits on the building where I work. If nothing else, that means you tend to take notice of his opinion.He nicely summarizes why many believe the dollar won’t fall much further, o…