The contribution of big firms to GDP volatility and why the diversification benefits of international trade might be difficult to achieve…
The goliaths, The Economist, 22 Jun 2013
Tag: im13
Dismantling Currency Controls
Brazil is beating a rapid retreat from its earlier “currency war” against foreign capital inflows…
Brazil acts after real hits four-year low, Financial Times, 13 Jun 2013
Deglobalisation
Eurozone banks cut cross-border debt holdings, Financial Times, 10 Jun 2013
The great unravelling, The Economist, 20 Apr 2013
Davos Man’s faith in globalisation is shaken, Financial Times, 7 Mar 2013
Here, there and everywhere, The Economist, 19 Jan 2013
Moving back to America, The Economist, 12 May 2011
The case against globaloney, The Economist, 23 Apr 2011
Boxing Clever
Containers have been more important for globalisation than freer trade…
The humble hero, Economist, 18 May 2013
The world’s largest container ships make it easy to appreciate the economies of scale that allow a T-shirt made in China to be sent to the Netherlands for just 2.5 cents…
Economies of scale made steel, The Economist, 12 Nov 2011
The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger, Mark Levinson, Princeton University Press (2008)
Currency Wars
Sell currencies of serial QE offenders, Bill Gross, Financial Times, 27 Feb 2013
G20 agrees to avoid currency wars, Financial Times, 17 Feb 2013
Phoney currency wars, The Economist, 16 Feb 2013
Globalising the Yuan
CCB issues ‘dim-sum’ bonds in London, Financial Times, 30 Nov 2012
Reserve currencies: Climbing greenback mountain, The Economist, 24 Sep 2011
London to develop as Chinese yuan trading hub, BBC News, 8 Sep 2011
Yuan will be fully convertible by 2015, Bloomberg news, 8 Sep 2011
Central Bank Governor Sanusi says Nigeria plans to get yuan to 10% of reserves as soon as possible, Bloomberg news, 7 Sep 2011
China sells retail bonds in offshore yuan mkt at 1.6 pct, Reuters, 17 August 2011
The Great Rebalancing
Imbalances and the subsequent deluge of volatile capital flows are widely cited as core contributors to the global financial crisis. Current account imbalances, partly reflecting excess savings in Asia, are commonly cited as a culprit. However, some argue that the rise in cross-border lending, a “global banking glut”, may have been more culpable for the crisis than the “global savings glut”.
Bernanke, Ben S. (2005) “The Global Saving Glut and the U.S. Current Account Deficit“, Remarks at the Sandridge Lecture, Virginia Association of Economists, Richmond, Virginia, March 10, 2005,
Borio, Claudio and Piti Disyatat (2011) “Global imbalances and the financial crisis: Link or no link?” BIS Working Paper 346
Shin, Hyun Song (2011) “Global Banking Glut and Loan Risk Premium” 2011 Mundell-Fleming Lecture
ECB Executive Board member Peter Praet offers an optimistic view on recent structural reforms and the associated rebalancing of domestic and external flows…
The “Great Rebalancing” of the euro area and the global economy, ECB Keynote speech, 30 Nov 2012
Somewhat more pessimistic about EU bank deleveraging is …
Global savings glut or global banking glut? VoxEU, 20 Dec 2011
Redbacks On The Run
Chinese money is fleeing from domestic financial repression…
The flight of the renminbi, The Economist, 27 Oct 2012
Deliberalisation
Has free trade hit diminishing political returns?…
US consensus on free trade is faltering, Financial Times, 19 Oct 2012
Competitive Depreciations
Currency nostalgia is not what it used to be…
The weak shall inherit the earth, The Economist, 5 Oct 2012