From a paper written by Yin-Wong Cheung (UCSC), Guonan Ma (BIS), and Robert McCauley (BIS):
…Recent policies adopted by the Chinese authorities
can be interpreted as allowing the rest of the world to denominate debt in renminbi. But if trading
partners consider that the renminbi is subject to big jump risk, then prospects for its
internationalisation are weak. …
As oil continues to pour into the Gulf of Mexico, I thought it might be helpful to review how we got where we are today.
That’s the big take-away from today’s report from the Bureau of Economic Analysis that the seasonally adjusted real value of the nation’s production of goods and services grew at a 3.2% annual rate during the first quarter of 2010. But the details behind today’s report suggest that the recovery so far remains pretty weak by historical standards.
From NYT, “Size of Spill in Gulf of Mexico Is Larger Than Thought”, the extent of the spill in the Gulf of Mexico:
Dobridge, Hooper and Slok in “Jobless Recovery III Seems Unlikely” Global Economic Perspectives (April 21, 2010) [not online]:
The sluggish performance of payroll employment and
jobless claims in recent months despite well-above-trend
growth in output has raised the specter of another jobless
recovery. …
In my last post, I discussed how the run-up of U.S. mortgage debt during the last decade was funded. One important element was the sale of commercial paper that helped fund the purchase of some mortgage-related securities. Here I comment on why it was hard for some institutions to resist buying that commercial paper.
Last week, I attended a conference organized by Eduardo Fernandez-Arias and Alessandro Rebucci at the Inter-American Development Bank. One of the panels focused on the impact of China on Latin America’s economy.
Reading this factsheet pertaining to SB 1070, I think the answer is yes.
What happened to housing and financial markets over the last decade? To find out, follow the money.
Back in February, some observers were characterizing the Administration’s forecast as too rosy. Now, the Administration forecast is looking positively pessimistic by comparison to private sector forecasters, at least over 2010.
