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March 4, 2005

Emerging Markets
A few lessons for Mary Anastasia O Grady

I do not expect to consistently agree with the oped page of the Wall Street Journal. But I do not think it is too much to ask that the columnists on oped page of the Journal try to square their argu…

April 24, 2005

United States
US policy (once again) fails the Chinese test

Lots of folks in Washington don’t think the Bush Administration and the Congress are serious about cutting the fiscal deficit, and reducing the strain the federal government places on anemic US savin…

June 20, 2005

United States
Setser and Roubini respond to Levey and Brown: deficits do matter

The current issue of Foreign Affairs contains the rebuttal that Nouriel and I wrote to the David Levey and Stuart Brown’s "Current account deficits do not matter" article that appeared in the March/…

September 12, 2005

China
Show me the money (really, show me China’s reserves)

China's Alan Greenspan (Zhou Xiaochuan) has indicated China won't roil financial markets with "active composition adjustments of the foreign reserves."  fine.   But any central bank adding ab…

October 24, 2005

China
No one forced China to import US monetary policy: Commentary on yesterday’s China commentary

Andrew Browne did something somewhat unusual in Monday's Wall Street Journal (see p. A2 of the print edition, unfortunately, I have not been able to find the link). He wrote about China, and got …

December 4, 2005

Financial Markets
The yen, for a change

The yen's trajectory at the end of 2005 seems a bit like the dollar's trajectory at the end of 2004.   With the yen at 120, companies like Toyota presumably have little incentive to ramp up t…

April 28, 2006

Why does China have a looser monetary policy than the United States?

We know why the global economy grew strongly in the first quarter.   Nothing changed.  Or rather, the basic pattern that has driven global growth for the past few years intensified.The US continued t…

September 21, 2006

China
Why China’s $1 trillion in reserves are unlikely to be of much use in a banking crisis

It is rather hard to read Andrew Browne’s report of the building boom in Zhengzhou in last week’s Wall Street Journal --- or for that matter many other accounts of China’s current investment boom – a…

November 8, 2006

China
Absence of global rebalancing watch - first q4 data point from China edition

I spent last night following the outcome of the US election.   It looks like a majority of US electorate tired of Bush Administrations policies (and Rummy) before the rest of the world tired of finan…

chinatrade1

August 16, 2007

Financial Markets
The dollar, still a currency that you run to?

There clearly has been a flight to liquidity recently.  T-bill yields have collapsed (See the Econocator).   Perhaps because of the Fed.  Perhaps because folks are hoarding cash and nothing that pays…