325 Results for:

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…

November 30, 2004

Emerging Markets
Just because one dollar currently buys something like a million and half Turkish lira …

That does not necessarily mean the Turkish lira is cheap. Right now, given Turkey’s almost US scale current account deficit (close to 5% of GDP), the lira probably is a bit overvalued. Turkey is go…

December 7, 2004

United States
No Warm Glow from the Nobel Prize Here

Or more precisely, one of this year’s Nobel Prize winners in Economics seems to disagree with parts of the analysis Nouriel and I have been putting forward. It seems like Nouriel and I don’t underst…

April 29, 2005

Emerging Markets
China Trip Report

Nouriel and I put pen to paper and laid out our take on China. Our paper reflects on the trip we took there last month, along with the reading we did to prepare for the trip. There is nothing new her…

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…

May 22, 2005

Financial Markets
That strong renminbi (ok, that strong dollar)

The RMB has appreciated by about 7% against one of China’s major trading partners this year. Not the US, obviously. But that doesn’t mean that China is not exposed to moves in the dollar-euro, or t…

April 27, 2005

United States
The comfortable road to ruin …

Read Martin Wolf’s latest column. His focus on emerging economies -- particularly in Asia -- is dead on. The "glut" of global savings originates there, far more than in Europe. The Euro zone’s cur…

July 22, 2005

China
Fluctuating between 8.1101 and 8.1102

So far, the PBoC has allowed to RMB to move within a new trading band of 8.1101 to 8.1102: Dealers said they expected the central bank to keep the currency around 8.1100 for weeks, or even month…

September 20, 2005

Emerging Markets
Is the IMF heading toward irrelevance because of a revival in private capital flows?

My answer is no. If the IMF is irrelevant (I don't think it is), it is not because private capital inflows to emerging markets have rebounded to pre-crisis (i.e. 1996/97) levels.  It is because e…

January 24, 2005

Budget, Debt, and Deficits
Hubbard is in pole position: the Sunday New York Time buried the lede

Apparently the Federal Reserve is beginning to worry that the Administration is not all that serious about reducing the fiscal deficit ... Wonder why. It seems like Martin Feldstein’s concerns abou…