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October 2, 2007

Monetary Policy
Central banks came close to financing the entire US current account deficit over the past four quarters

I have been reserve-obsessed for quite some time now.   The uphill flow of funds from the emerging economies to advanced economies strikes me as the defining feature of today's global economy.   …

cofer_q2_2007_graph_1

October 26, 2007

Financial Markets
Oil up, dollar down

Oil currently trades above $90. It currently takes more than 1.43 dollars to buy a euro.    The dollar isn’t just at a record low against the euro either.  It is weak against a host of curren…

November 18, 2007

Financial Markets
The Gulf seems determined to let everyone take a punt on a December revaluation

Note: This is Brad Setser, Not Michael Pettis The heads GCC countries will meet in early December.  They are expected to announce that the launch date of their currency union will be delayed – and pr…

December 7, 2007

Monetary Policy
Are central banks diversifying away from the dollar?

Opinion -- informed opinion -- is divided.The currency team at the Bank of New York says yes.  Simon Derrick wrote on Monday:"our own view [is] that one of the driving forces behind the EUR’s sustain…

cofer_dollar_share

June 24, 2008

China
Why not more articles on China’s reserve growth? And just who are Chinese banks lending to?

Yves Smith asks why the stunning $75 billion increase in China’s April reserves hasn’t attracted more press attention. It is a good question. Part of the answer is that many -- journalists as wel…

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November 17, 2008

Financial Markets
The G-20 communique

The G-20’s communiqué offered a surprisingly robust work program for regulatory reform. MIT’s Simon Johnson even worries that it may be too robust – and push banks to scale back their lending in a …

November 17, 2008

United States
Auto Industry Bailout

The drying up of credit markets, first in securitization, then in bank lending, has spilled over into the real economy. As the graph indicates, the absence of credit to finance car purchases has le…

Auto Industry Bailout

December 15, 2008

United States
Trade Troubles

The World Bank is predicting a 2.1% fall in world trade for 2009, the first decline since 1982. As our chart shows, East Asian exports are slowing in tandem with Western world imports. Although G20…

Trade Troubles

February 10, 2009

Financial Markets
Toxic banks or toxic assets?

Two weeks ago, George Soros memorably framed the core choice the US now faces as a choice between buying toxic assets or taking over toxic banks. “The hard choice facing the Obama administration is …

April 2, 2009

Monetary Policy
Summitry, change and the global financial architecture

About three months ago, the editors of Finance and Development (an IMF publication) asked me to reflect on the lessons the effort to reform the international financial architecture in the 1990s holds…