Council of Councils
Think Global Health
Online Store
Blogs
Follow the Money
Latest Post
China’s New Intervention Rule
The daily fix, which in theory sets the midpoint for the day's trading, now seems to set the strong side of the band.
China is also Fighting a Trade War with Europe (and Winning)
The tools of China’s trade war have been industrial policy and a weak currency, not tariffs. They are working.
Better Late Than Never: The IMF Starts to Recognizes Balance of Payments Reality
The IMF marked its assessment of external imbalances to market, but its model and approach still struggle to get China right.
The Case that China is Now Actively Resisting Pressure on the Yuan to Appreciate
Chinese state banks have been consistently accumulating foreign assets. The direction of pressure on China’s currency has changed; without backdoor intervention, it would now be getting stronger.
China’s Stealth Trade Surplus
China’s surplus wears an invisibility cloak; it disappears in the IMF’s eyes.
A New Impediment to Balance of Payments Adjustment: Underwater Bonds
Taiwanese insurers are locked into holding U.S. dollar bonds that trade below par, putting pressure on Taiwan’s central bank to intervene to block currency adjustment to preserve their capital.
Time to End Roundtripping by Big Pharma
U.S. pharma companies should pay rather more of their corporate income tax in the U.S.—and start producing more of their best drugs in the U.S. as well.
The Dollar’s Global Role and the Financing of the U.S. External Deficit
There is too much talk about the dollar’s role as a reserve currency and too little talk about expectations of exceptional returns. Reserve accumulation hasn’t driven the financing of the U.S. current account deficit in recent years.
Will Europe Stand Up to U.S. Tariff Threats?
How should Europe respond to the threat of 50 percent tariffs?
The (Somewhat) Mysterious Surge in China’s Current Account Surplus
China's trade surplus is rising. China's reported current account surplus is rising even faster.
Why Didn’t Tariffs Push up the U.S. Dollar?
Tariffs were supposed to push the dollar up. What happened?
