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September 21, 2004

Emerging Markets
The IMF has refused to bailout bond holders before Argentina!

Adam Thomson of the FT has an interesting article arguing that Argentina’s bond restructuring could succeed if Argentina is willing to offer bondholders 30 cents on the dollar, only a bit more than t…

November 12, 2004

Capital Flows
Geopolitics of a new G-7

There is a growing sense that the G-7 no longer is the right grouping for discussing today’s major international macroeconomic issues. It is hard to see, for example, how you can discuss "global reb…

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…

February 17, 2005

The Achilles Heel of Cowboyeconomics

The Wall Street Journal says everyone in the world would benefit from a dose of Cowboyeconomics. You know, exporting tons of debt, to support consumption growth well in excess of income growth ... …

December 24, 2004

Financial Markets
Euro continues to soar, renminbi hits new lows …

If anyone thinks that what the world really needs right now is a weaker Chinese renminbi, do let me know. Yet that is exactly what the markets have delivered this week ... It seems pretty clear that…

April 6, 2005

Monetary Policy
Sometimes, it is worth listening to what policy makers in emerging economies are saying

The Koreans, I suspect, let the cat out of the bag. Korea knows the value of reserves, and the risks of holding too few reserves. Indeed, absent an IMF loan and a last-second deal with their credit…

May 31, 2005

Monetary Policy
The governor of China’s central bank might want to take notice

The former governor of Thailand’s central bank is being held accountable for squandering Thailand’s foreign exchange reserves defending the Baht peg back in 1997, and in a big way (though he is appea…

August 19, 2005

United States
The Economist asks: Where have all the bond market vigilantes gone?

And more importantly, has the replacement of bond market vigilantes constantly searching for any indication inflation is coming back and penalizing any weakness in a country's public finances wit…

October 16, 2005

China
Is Tim Adams a closet Democrat? And some other musings on Snow’s trip to China

Clearly not, given his role in the Bush/ Cheney 2004 campaign. But he also seems to think China should develop a social insurance system to help spur domestic consumption.   Read Friday's Wall St…

October 7, 2005

China
Speculation on the renminbi to heat up?

It is hardly a secret that the head of China's central bank, Zhou Xiaochuan, favors letting the renminbi appreciate further.  He proposed a bigger revaluation in the summer, but was overruled by …