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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…

fig 19

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…

fig 3

October 4, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 2)

Large-scale purchases of foreign bonds have become the central flow sustaining Taiwan’s massive current account surplus and keeping the Taiwan dollar weak. The size of this flow raises the question o…

Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 2)

July 17, 2018

Nuclear Weapons
‘No First Use’ and Nuclear Weapons

Nearly all nuclear weapon states, as a matter of policy, remain ready to use their weapons without having first suffered a nuclear attack.

Kevin Lamarque/Reuters

April 25, 2018

Ireland
Tax Avoidance and the Irish Balance of Payments

At this point, profit shifting by multinational corporations doesn’t distort Ireland’s balance of payments; it constitutes Ireland’s balance of payments.

Irish Flag and Apple Logo

June 17, 2019

International Finance
Make the Foreign Exchange Report Great Again

The U.S. Department of the Treasury should transform its foreign currency report so it can be used as a tool to combat currency manipulation. This would be an important step toward a more balanced global economy with fewer persistent deficits and surpluses.

A man passes by a currency exchange shop in Hong Kong, on May 29, 2019.

March 7, 2019

Algeria
Political Instability in Algeria

A bungled leadership transition and continuing economic stagnation in Algeria would have significant ramifications for U.S. counterterrorism interests and regional stability. Washington should take worthwhile to manage the risk of growing political instability, including precautionary measures to safeguard its interests should the worst happen.

Students take part in a protest in Algiers to denounce an offer by President Abdelaziz Bouteflika to run in elections but not to serve a full term if reelected, on March 5, 2019. (Ramzi Boudina/Reuters)

July 10, 2017

China
Why Beijing Fails to Fight Human Trafficking

Despite a verbal commitment to international standards, the Chinese government lacks the political will to take on trafficking and protect broader human rights.

Relatives of detained rights lawyers and activists protest in front of the Supreme People’s Procuratorate in Beijing, July 7, 2017.

February 17, 2017

China
Media Censorship in China

China’s central government has cracked down on press freedom as the country expands its international influence, but in the internet age, many of its citizens hunger for a free flow of information.

Stacks of newspapers on display at a newsstand in Beijing, January 10, 2013.

January 31, 2017

China
Assessing U.S. Policy Options Toward North Korea

On January 31, 2017, I testified together with Dr. Nicholas Eberstadt from the American Enterprise Institute before the Senate foreign relations committee on policy toward North Korea. My opening sta…