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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
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The Evolution of Global Trade in 2024
A rebound in U.S. consumer imports fueled global trade, while Chinese import growth diverged from China’s export growth. Importers imported more, exporters exported more, and imbalances expanded.
Beijing Still Has Fiscal Space
China’s central government has plenty of capacity to implement a counter-cyclical fiscal approach in addressing its economic slowdown. Net central government debt is very, very low.
Chinese State Investors Do Not Seem to Profit From Higher U.S. Interest Rates
Given the size and composition of its external lending, China should be clearing far more interest income on its reserves and policy lending than SAFE reports.
The IMF’s Latest External Sector Report Misses the Mark
The IMF should take a mulligan on the 2024 External Sector Report. The imbalance in China’s goods trade is expanding, not receding. It is too big for the IMF to ignore.
China’s Imaginary Trade Data
China has a new way of calculating its good surplus in its formal balance of payments data. It is a deeply misleading. It also explains the apparent fall in the current account account surplus.
What to Do About the Liquidity Difficulties in Low-Income Countries
The IMF, while recognizing the liquidity challenges sure to be faced by several indebted countries in the coming years, needs to offer a solution that both widens its scope and deepens its analysis.
The Spotty International Tax Record of Big U.S. Technology Companies
Many big technology firms continue to book large offshore profits in low tax jurisdictions, particularly Ireland and Singapore.
American Pharmaceutical Companies Aren’t Paying Any Tax in the United States
The Tax Cuts and Jobs Act (TCJA) has substantially reduced the domestic tax paid by American pharmaceutical giants.
Sri Lanka’s Bond Deal Should Not Set a Precedent
Rather than reducing the risk of future debt trouble, Sri Lanka’s macro-linked bonds set up the risk that Sri Lanka will fall back into debt trouble in 2029 or 2030.
Mobilizing Clean Energy Financing through the Multilateral Development Banks
A new paper published by the MIT Center for Energy and Environmental Policy Research (CEEPR) puts forward an ambitious agenda for innovation in clean energy finance.
Estimating Future Interest Income From Russia’s Frozen Reserves
Outright seizure of the Russian Central Bank’s hundreds of billions in frozen assets is currently off the table, but it is still possible to obtain large sums for Ukraine from the interest income on these assets.
