From the FT:
A 10-year plan to close the budget deficit – John Podesta and Michael Ettlinger
Refocus the regulatory debate on essentials – Nicholas Brady
Asia must loosen the grip of its exporters – Lorenzo Bini Smaghi
Inflation angst troubles investors – Sushil Wadhwani
From elsewhere:
No to Bernanke – Baseline Scenarios
Best and highest use – Economic Principals
The end of the revolution is nigh – Free Exchange
‘The once and future Fed policy error?’ – Naked Capitalism
By Michael Pomerleano
As fears of debt disaster swirl around Dubai and Europe, it is useful to take a closer look at local currency bond markets. A recent superb book – This Time is Different: Eight Centuries of Financial Folly, by Carmen M. Reinhart and Kenneth Rogoff - offers a veritable tour de force of local currency markets. Reinhart and Rogoff have done an extraordinary job of putting together statistics covering eight centuries of government debt defaults around the world. The lengthy historical perspective documents never-ending cycles of boom and bust.
Their story is vastly different from the reports propagated by the official community. The official story of local currency bond markets reads roughly as follows. The typical report from a multilateral financial institution (and there have been several) points to the rapid development of local currency bond markets over the past years as a source of strength for financial systems in emerging-market economies. They report that foreign investment is buoyant, with foreign investors channeling increasing volumes of funds into these markets. The authors invariably commend developing countries for borrowing in local currency to reduce foreign currency mismatches end encourage them to adopt better macroeconomic policies, improve debt management strategies, and undertake further financial sector reform.
From the FT:
Dismal outcome at Copenhagen fiasco – Editorial comment
Developing economies can help cure global imbalances – Kemal Dervis
The end of Britain’s long weekend – Max Hastings
From elsewhere:
A few books – Baseline Scenario
TARP double standards: Credit union and development financial institutions get short end of stick - Naked Capitalism
By Michael Pomerleano
The global financial crisis has revealed the “fallacy of composition” in the supervision of the financial system. While financial supervisors deemed each individual institution to be sound, risks were building in the system. Individual countries and the Financial Stability Board seek to develop a regulatory approach to stability at national and global level respectively. Here, I offer criteria for effective regulation of financial stability and review the proposed reforms in the European Union and the US.
From the FT:
Planning for death without disruption – Editorial comment
Reforms that will help China maintain its growth – Guo Shuqing
From elsewhere:
Pass the bill – Paul Krugman, New York Times
California issuing – Felix Salmon, Reuters
Fix it and forget it: Index the minimum wage to growth in average wages – Heidi Shierholz, Economic Policy Institute
From the FT:
Heraclean labour – Editorial comment
Politicians are close to tipping the City over the edge – James Barty
From elsewhere:
Move over, Bernanke – Baseline Scenario
‘President Obama largely inherited today’s huge deficits’ - Economist’s View
Teaching Macro, after the great recession - Econbrowser
From the FT:
How to hold the rich to their word – Jeffrey Sachs
Innumerate bankers were ripe for a reckoning – Martin Taylor
US needs less haste and more thought – Editorial comment
From elsewhere:
Paul Samuelson, the incomparable economist – Paul Krugman
The gold bubble and the gold bugs – Nouriel Roubini
From the FT:
Why it’s not the end for the City of London – Philip Augar
Entente fiscale – Editorial comment
Patterns in the eye of the beholder - Samuel Brittan
From elsewhere:
Forget the BRICs – The Economist’s Free Exchange
From the FT:
One easy way to start a trade war – Editorial comment
Dollar weakness reflects a new role for reserves – Martin Feldstein
From elsewhere:
The funniest 750 words of the financial crisis – Baseline Scenario
Darling, I love you – NY Times, Paul Krugman
About those TARP savings – The Economist’s Free Exchange
From the FT:
Tariffs can persuade Beijing to free the renminbi - Robert Aliber
The bonus points in Darling’s plans - Editorial comment
Japan’s fear of spending – Andrew Smithers
From elsewhere:
The importance of capital requirements – The Baseline Scenario
Alan Grayson asks Bernanke for answers in latest retrade of AIG deal – Naked Capitalism
Stiglitz: Too big to live – Economist’s View
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