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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 7, 2004

United States
Updated paper on the sustainablility of US trade and current account deficits

Nouriel and I have just posted our updated analysis of US external sustainability, i.e. the United States capacity to continue to run large trade and current account deficits.The paper is certainly l…

January 8, 2005

Has the broad dollar fallen enough

A standard rule of thumb, mentioned by Paul Blustein in his excellent look at the impact of a falling dollar on US trade last week, is that a 10% fall in the broad dollar leads to a $100 billion fall…

January 2, 2005

Budget, Debt, and Deficits
Social Security Crisis in 2018? Ridiculous

Take a look at this Washington Post article by Jonathan Weisman, which the big blogs have justly pounced on. The initial framing of Weisman’s article is just way, way off. Social security in no way…

February 21, 2005

Budget, Debt, and Deficits
The confused conservatives on the Washington Post oped page …

The Washington Post put out an oped on the partial privatization of Social Security over the weekend, which Kevin Drum appropriately jumped on.One item in the oped jumped out at me:The second risk i…

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 ... …

March 9, 2005

Emerging Markets
Brad DeLong covers the Argentine crisis, in one night

DeLong is clearly working his way through Paul Blustein’s book on Argentina. Martin Wolf has a column on Argentina’s restructuring in yesterday’s Financial Times, which I quite liked, for rather obv…

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…

April 18, 2005

Financial Markets
Tactical Issue Linkages

Dan Drezner has an interesting post up, laying out the components of a "serious" approach to encouraging (or pressuring) China to change its exchange rate peg. He nicely lays out the options, thoug…

March 4, 2005

Emerging Markets
A few lessons for Mary Anastasia O Grady

I do not expect to consistently agree with the oped page of the Wall Street Journal. But I do not think it is too much to ask that the columnists on oped page of the Journal try to square their argu…