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January 30, 2005

Financial Markets
Stephen Jen might want to rejigger his model

Apparently, Mr. Jen thinks the dollar -- despite the United States’ 6.2% of GDP current account deficit -- is significantly undervalued against all major currencies, and fairly valued against most As…

January 22, 2024

Economics
An SDR-Linked Bond Can Strengthen the Finances of the World Bank Group

SDR-denominated bonds have the potential to significantly strengthen the balance sheet of both the IBRD (The World Bank) and IDA, freeing up cash and helping both institutions deliver on their mandat…

An SDR-Linked Bond Can Strengthen the Finances of the World Bank Group

November 27, 2006

Monetary Policy
Stephen Jen: only 60% of China’s reserves are in dollars.

Stephen Jen sometimes says the darnedest things.  Not about currencies.   But about reserves. His estimates for oil reserve growth have been consistently on the low side.   Norway, the UAE and Kuwait…

March 26, 2007

China
Commentary on the People’s Investment Company has been outsourced to Stephen Green

Stephen Green of Standard Chartered has the best analysis I have seen of the bureaucratic politics behind the creation of China’s new state investment company, as well as the best analysis of the con…

August 14, 2006

United States
I don’t think Stephen Jen can argue that I have been inconsistent.

Wrong, maybe, but not inconsistent.Stephen Jen notes that China is not the only country with an enormous current account surplus that intervenes massively in the foreign exchange market – “If…

November 18, 2005

Monetary Policy
Stephen Kirchner needs to spend some time looking for petrodollars …

Stephen Kirchner (Institutional Economics) has taken particular glee in the recent TIC data, as recent inflows into the US has been large enough to finance even larger current account deficits than t…