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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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January 13, 2006

United States
On the origins of dark matter

Stephen "Current accounts almost always don't matter" Jen is intrigued by Ricardo Hausmann and Fredrico Struzenegger's discovery of dark matter.   Lots of others are too.   Michael Mandel for one. Se…

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December 1, 2014

Global
Ten Historical Anniversaries of Note in 2015

As 2014 comes to a close, here are ten notable historical anniversaries to mark in 2015.

Nelson-Mandela-Anniversaryy

June 18, 2006

Emerging Markets
A hard landing in 2006 - just not in the US?

Nouriel and I postulated back in early 2005 that there was a meaningful risk that the next “emerging market” crisis might come from the US – and it might come sooner than most expected.   The basic q…

December 1, 2008

Monetary Policy
Bretton Woods 2 and the current crisis: any link?

Last week, I attended a conference on international financial reform. These kinds of conferences don’t really produce consensus; there is no need to agree on anything. But there was a sense -- a…