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December 11, 2006

Financial Markets
The GCC’s dollar peg …

China will have a current account surplus of over $200b this year.  China has about 1.3 billion people.   The GCC countries (Saudi Arabia and the small states on the Gulf) will also have a current ac…

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.   …


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 …

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 …

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…


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…

March 12, 2007

Just what is in China’s portfolio? And do foreign central banks think Agencies are Treasuries?

China's decision to set up a new investment authority with a mandate to invest in a range of assets -- not just traditional reserve assets -- has attracted a lot of attention.  But as the Bank of…

July 18, 2005

If your reserves are growing by $300 billion a year

China indicated its reserves have increased to $711 billion at the end of June -- up $101 billion from the end of December 2004. Actually, they are up more than that. China transferred $15 billion …

May 5, 2007

Monetary Policy
Another month, another $10b (or more)

The $10b a month club came through in April. Brazil’s reserves: up $12.3b in April. Bacen also did a $3b reverse currency swap – its largest ever – last week.   It isn’t just intervening in the spot …

December 28, 2011

Politics and Government
Ten Who Will Be Missed

A worker installs some of the 288 new Waterford crystals on the Times Square New Year's Eve Ball. (Mike Segar/courtesy Reuters) Year’s end is time for taking stock, to count up successes and as…

A worker installs some of the 288 new Waterford crystals, featuring this year’s ’Let There Be Friendship’ design, on the Times Square New Year’s Eve Ball atop One Times Square in New York December 27, 2011. Thousands are expected to pack Times Square on New Year’s Eve to watch the annual ball drop at midnight marking the beginning of 2012. REUTERS/Mike Segar