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September 16, 2004

United States
U.S. dependence on Asian central banks

One country’s external debt is another country’s asset. The U.S. capital account data leaves little doubt that foreign central banks have been a huge source of financing for the U.S. current account…

September 14, 2004

United States
The US current account

Q2 current and capital account data came out today. At 166 billion, the Q2 current account deficit was $10 billion or so more than expected. Since the goods and service trade deficit for q2 was alrea…

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…

October 6, 2004

Capital Flows
Cheney is wrong: $80 billion in debt relief if not equal to $80 billion in cash

Last night, Vice President Cheney claimed that US allies were contributing $80 billion to the war in Iraq by providing Iraq with debt relief. He compared this $80 billion in debt relief to the cash …

November 29, 2004

Financial Markets
Where is China keeping its reserves …

It is not too hard to figure out what Japan is doing with its reserves. From the beginning of 2003 to September 2004, Japan’s official reserves increased by $360 billion. Over that time frame, Japan…

October 28, 2004

Exports of Treasuries, and other fun statistics

2004 US exports of goods (based on year to date trade data): roughly $800 billion.2004 US exports of dollar denominated debt (based on the q1 and q2 balance of payments data): $800 billion.It is not …

October 19, 2004

United States
The FT has a good article on how the US is funding its trade deficit

The Treasury provides monthly data on foreign purchases of US long-term securities. It is not a complete look at how the US is funding its trade and current account deficit, but it is the best snap …

December 11, 2004

United States
The Global Test

My harping on the fact that US economic policy now has to pass a global test is not simply meant to score rhetorical points. I suspect that the same folks who financed the expansion of the US curren…

October 8, 2004

Capital Flows
Find a way to spend the $18 billion in Iraq!

I have a certain interest in the topic, since in my first and so far only foray into oped writing, I supported the Bush Administration’s call for $20 billion in US grant aid for Iraq (in the end, con…