Today we are fortunate to be able to present a guest contribution written by Rashad Ahmed (Office of the Comptroller of the Currency, US Treasury). The views presented are solely those of the author, and do not necessarily represent the views of the US Treasury, or any other organizations the author is affiliated with.
Category Archives: international
Guest Contribution: “Corporate Taxation and U.S. International Financial Integration: A consolidated-by-nationality approach”
Today, we are fortunate to be able to present a guest contribution written by Agustín Bénétrix and André Sanchez Pacheco (Trinity College Dublin).
Predicting Global Imbalances on the Eve of Covid-19
Just out, my paper with Hiro Ito, “Requiem for ‘Blame It on Beijing'” [link thru Nov 28] (final version submitted on December 25, 2019):
Valuation Effects on NIIP and Net Primary Income
The gap between the market valuation of the net international investment position (NIIP) and the cumulative current account has waxed and waned over the years (see the discussion in this post). Some of this effect is due to the dollar’s value. Does the same hold true for net primary income (investment and wage income)?
The US Net International Investment Position, and Projections of US Net Income
Today, the BEA released estimates for the US net international investment position (NIIP) — the difference between what assets US residents (including the government) owns abroad and what US assets foreign residents and governments own. The decline in the value as a share of GDP has has stopped, and despite being a large negative number, US net income — income received from assets owned by the US minus income paid on assets owned by foreigners — remains positive. A new CBO working paper (Fried, “CBO’s Model and Projections of U.S. International Investment Holdings and Income Flows” ) tackles the reasons for this seemingly paradoxical phenomenon, and the prospects for its continuation.
Summarizing China’s Short Term Economic Outlook
Wells Fargo Economics analyses the extent of the current slowdown, and contemplates the impact on regional economies. Here’s the heat map:
Guest Contribution: “Is policy effective at promoting the international role of the renminbi?”
Today we are fortunate to be able to present a guest contribution written by Georgios Georgiadis (European Central Bank), Helena Le Mezo (European Central Bank) , Arnaud Mehl (European Central Bank), and Cédric Tille (Graduate Institute for International and Development Studies, Geneva). The views expressed in this column are those of the authors and do not necessarily reflect those of the ECB or the Eurosystem. They should not be reported as such.
Trilemma Indices Updated
The International Trilemma — sometimes called the Impossible Trinity — is the proposition that a country cannot pursue simultaneously full capital mobility, full exchange rate stability, and full monetary autonomy.
“Do Central Banks Rebalance Their Currency Shares?”
Some do; some don’t. Revised paper by me, Hiro Ito, and Robert McCauley. From the abstract:
Chinn-Ito Financial Openness Index, Updated to 2019
We first constructed the index nearly 20 years ago! See the website for the data.