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November 20, 2004

United States
Large Players in Large Markets

One of the world’s ironies is that even as John Snow putters on about how currency values should be set by market forces, the market -- or at least the private market -- is now playing a comparativel…

January 26, 2005

Financial Markets
China reads the Economist. Is the Renminbi undervalued?

While China’s delegation to Davos seems a bit less than enamored with the dollar, the People’s Bank of China seems have read last week’s Economist, and concluded that there is no need to change the …

February 8, 2005

Chairman Greenspan: Do Not Worry, Be Happy

The Chairman gave policy makers a green light not to worry about the US current account deficit: the dollar’s existing fall will lead the deficit to turn around. The Chairman’s remarks also seem to …

February 26, 2005

Emerging Markets
Has Argentina changed the rules of the sovereign debt game?

Argentina is on the verge of completing one of the largest sovereign debt restructurings in history. Argentina is seeking to restructure about $82 billion in bonds, plus $21 billion or so in past d…

February 16, 2005

Monetary Policy
Did Bretton Woods 2 die and no one notice?

That, by the way, would be a bit of a blow for Nouriel Roubini and myself -- not just Dooley, Garber, Folkerts-Landau. Nouriel and I argue the Bretton Woods 2 of central bank financing of the US cur…

January 9, 2005

Financial Markets
The price of a European vacation

As readers of this blog no doubt know, the dollar rallied v. the euro last week. Not that most of America noticed. In much of America’s heartland, the dollar’s value does not make the financial new…

December 18, 2004

The world’s two most distorted prices …

My nominations.The renminbi-dollar at 8.28 renminbi per dollar -- a price that puts China’s per capita income at around, only a bit above Iraq’s per capita income. The ten year US government treasury…

January 25, 2005

Budget, Debt, and Deficits
When will the bond market wake up

I know, I know, Morgan Stanley’s investors have spoken, and there is no bond market bubble. But the federal government certainly is swimming in a sea of red ink.I hope we have asked the Bank of Japan…

April 4, 2005

United States
McKinsey says the trade deficit does not matter

What is good for IBM (oops, Lenovo) is good for America.OK, that is a cheap shot.Yesterday’s Wall Street Journal published a column by Jon Hilsenrath that drew on work by Diana Farrell and the McKins…

April 15, 2005

Emerging Markets
Large players in large markets, part two

Brad DeLong is rather skilled at squeezing the fat off a post, and then creating something that is sharper, more succinct and often far better than the initial post. I know. He does it to me every n…