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November 13, 2019

United States
A Big Borrower and a Giant Corporate Tax Dodge? How Best to Describe the U.S. External Balance Sheet

Most grandiose explanations for the United States' persistent surplus in the income balance of the U.S. current account miss the mark. The U.S. debt position tracks the sum of past current account de…

A Big Borrower and a Giant Corporate Tax Dodge? How Best to Describe the U.S. External Balance Sheet

October 30, 2008

Monetary Policy
Fed Balance Sheet

Complementing the IMF’s $100 billion liquidity facility, the Federal Reserve has announced the establishment of swap lines with the central banks of Mexico, Brazil, South Korea, and Singapore for u…

Fed Balance Sheet

October 1, 2008

Monetary Policy
Fed Balance Sheet Troubles

The U.S. Senate passed Paulson’s $700 billion rescue plan three days after the House rejected it. The House is expected to vote again on Friday. While the political maneuvering continues, the Feder…

Fed Balance Sheet Troubles

November 1, 2019

International Organizations
The IMF: The World’s Controversial Financial Firefighter

The International Monetary Fund, both criticized and lauded for its efforts to promote financial stability, continues to find itself at the forefront of global economic crisis management.

IMF Governors' meeting

October 29, 2019

Taiwan
Looking for the Mysterious Hedging Counterparty of Taiwan's Lifers

This gathers the six post series I did with Concentrated Ambiguity into a single easy accessible post.

fig 15

February 19, 2013

Rebalancing the State’s Balance Sheet

Until recently, relatively little attention was paid to states’ balance sheets. Measurement and reporting were neglected. Even today, states’ liabilities receive considerable attention, while their a…

The management of Chinese state-owned insurer the People's Insurance Company of China (PICC) poses before an investor meeting (Bobby Yip/Courtesy Reuters).

October 15, 2019

Taiwan
What Does Taiwan’s Hidden Forward Book Mean for Taiwan’s Financial Stability and U.S. Currency Policy?

Taiwan's central bank—and Taiwanese households—have taken on an awful lot of foreign currency risk over the years …

treasury fx intervention taiwan 4

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 3)

This is the third post in a series* on Taiwan's life insurers and their private & sovereign FX hedging counterparties. It’s the product of a collaboration with S.T.W**, a market participant and frien…

Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 3)