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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…

February 23, 2006

United States
Selling off pieces of yourself (or not)

The 2006 US current account deficit looks to be a bit under $1 trillion.  $1 trillion sounds big, but remember, the annualized fourth quarter current account deficit will almost certainly be close to…

March 25, 2009

Economic Crises
"This is unquestionably the worst global economic crisis since the 1930s"

So writes Martin Wolf. And despite some signs of hope this morning, he is certainly right. The IMF’s latest global forecast leaves no doubt on this point. The IMF should be commended for droppi…

"This is unquestionably the worst global economic crisis since the 1930s"

March 8, 2005

United States
The sharecropper society

I suspect Warren Buffet would agree with Bill Gross.There is one easy way to make it easier for the US to deal with its own aging population: Stop promising so much of our future income to support th…

March 9, 2005

United States
Beware, should Norway ever diversify its petroleum fund: more than you want to know about the market for US debt

The fastest growing US export: Debt, without a doubt.Exports of long-term debt securities have grown from $404.5 billion in 2001 to $890 billion in 2004. That is an impressive 120% increase over fou…