Jun 23, 2010

China needs a service-sector revolution

BEIJING — China is getting its exchange-rate adjustment whether it likes it or not. While Chinese officials continue to mull the right time to let the renminbi rise, manufacturing workers are voting with their feet — and their picket lines. Honda has offered its ...

May 19, 2010

Instead of folding, EU leaders raise the stakes

BERKELEY, Calif. — The last few weeks have been the most amazing — and important — period of the euro’s 11-year existence. First came the Greek crisis, followed by the Greek bailout. When the crisis spread to Portugal and Spain, there was the $1 ...

Apr 28, 2010

Why China has got it right on the renminbi

BERKELEY — After a period of high tension between the United States and China, culminating earlier this month in rumblings of an all-out trade war, it is now evident that a change in Chinese exchange-rate policy is coming. China is finally prepared to let ...

Mar 26, 2010

Nationality is no way to select IMF leader

BERKELEY, Calif. — The International Monetary Fund, many say, has had a good crisis. As recently as three years ago, many observers thought that the Fund had outlived its usefulness and should be closed down. Since then, it has intervened in Hungary, Latvia, Iceland ...

Jan 29, 2010

A bully pulpit for Obama's financial reforms

BERKELEY, Calif. — President Barack Obama has not had an easy first year economically. He inherited a financial system on the verge of collapse. He was bequeathed an economy in recession and an unemployment rate destined to rise. And he faced a Congress and ...

Dec 25, 2009

The challenge of Seoul's G20 chairmanship

BERKELEY, Calif. — On Jan. 1, South Korea takes over the Group of 20 chairmanship from the United Kingdom. Korea is not the first emerging market to chair the G20, but it is the first to do so since the global financial crisis. And ...

Nov 26, 2009

The irresistible rise of the Chinese renminbi

BEIJING — China is making a big push to encourage greater international use of its currency, the renminbi. It has an agreement with Brazil to facilitate use of the two countries’ currencies in bilateral trade transactions. It has signed renminbi swap agreements with Argentina, ...

Oct 29, 2009

Reports of the dollar's death are exaggerated

BERKELEY, Calif. — The blogosphere is abuzz with reports of the dollar’s looming demise. The greenback has fallen against the euro by nearly 15 percent since the beginning of the summer. Central banks have reportedly slowed their accumulation of dollars in favor of other ...

Jul 29, 2009

All stimulus roads lead to China

BEIJING — Now that the “green shoots” of recovery have withered, the debate over fiscal stimulus is back with a vengeance. In the United States, those who argue for another stimulus package observe that it was always wishful thinking to believe that a $787 ...