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Archiv der Kategorie 'Allgemein'

Ecological effects of the global financial crisis — the ECB goes green

Wednesday, den 15. December 2010 von Ulrich Volz

The FT’s money supply blog reports on the ECB’s first “environmental statement”: The European Central Bank has a new target! Not only does it want to control inflation, it wants to save the environment, too. It has just published its first “environmental statement”, signed off by Vítor Constâncio, vice-president, which reveals a goal of reducing […]

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Quantitative Easing for Dummies

Tuesday, den 16. November 2010 von Ulrich Volz

There’s a funny video on YouTube explaining QE: Quantitative Easing Explained

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The Firewall

Saturday, den 6. November 2010 von Ulrich Volz

I am presently attending the Beijing Forum at Peking University to present in a session on Global Imbalances and their Solutions. While the Great Firewall is preventing me from accessing youtube, facebook and the like, I have the privillege of getting a complementary copy of China Daily every morning in my hotel. Yesterday’s headline demanded […]

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Frontier Issues on the Global Agenda

Wednesday, den 27. October 2010 von Ulrich Volz

I am currently in Mumbai, where I am attending a conference on “Policies for Growth and Financial Stability Beyond the Crisis – The Scope for Global Cooperation”. This morning, Duvvuri Subbarao, the Governor of the Reserve Bank of India, gave an intersting speech in which he addressed what he called “Frontier Issues on the Global […]

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Big Mac index

Monday, den 18. October 2010 von Ulrich Volz

The Economist has pulished its latest Big Mac index (“Bun fight. Why China needs more expensive burgers”), according to which the Chinese yuan is undervalued by about 40%: A WEAK currency, despite its appeal to exporters and politicians, is no free lunch. But it can provide a cheap one. In China a McDonald’s Big Mac […]

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A regional solution to global imbalances: We need a Beijing Accord

Monday, den 18. October 2010 von Ulrich Volz

We have recently heard much about currency wars. China stands accused of undervaluing its exchange rate to gain unfair advantages for its export industry, causing other countries to also intervene in the foreign exchange markets or impose caps on capital inflows. In a piece for the East Asia Forum (“A regional solution to global imbalances: […]

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Sunday, den 26. September 2010 von Ulrich Volz

The Economist pubished a piece on the positive and negative effects of currency intervention (“Trial of strength. Will today’s currency interventions hurt or help the world economy?”). The article highlights the problems with unilateral and unco-ordinated intervention, where all countries effectively seek to lower the value of their own currency: As the recovery slows, a […]

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A lack of balance

Wednesday, den 22. September 2010 von Ulrich Volz

I’m in Beijing this week for a conference on Regional Financial and Regulatory Cooperation, which is starting tomorrow. Over the past two days I’ve met several colleagues to hear their views on the state of the Chinese economy and the Chinese financial sector. Most Chinese economist I talked to seem pretty optimistic regarding China’s growth […]

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The Heat is on: Pressure is Rising on China

Saturday, den 18. September 2010 von Ulrich Volz

US lawmakers and the US government are raising pressure on China to let the yuan appreciate. The New York Times writes: The Obama administration increased its criticism of China’s economic policies on Thursday, as Treasury Secretary Timothy F. Geithner told Congress that China had substantially undervalued its currency to gain an unfair trade advantage, tolerated […]

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They finally did it

Wednesday, den 15. September 2010 von Ulrich Volz

After months of verbal intervention, Japan intervened today in the foreign exchange market for the first time since 2004. The yen had reached a 15 years hight against the dollar, threatening to stunt the nation’s economic recovery. According to Bloomberg, “[t]he yen tumbled past 85 per dollar for the first time in almost two weeks, […]

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