The Rise (and Fall?) of the USD

Over time, there are three things which have held true – death, taxes and a change in the global reserve currency.  By nature, all predecessors to the USD’s rule as the global reserve currency have fallen – brought down by a combination of...

Emerging Markets Debt

When central banks lower cash rates and peg interest rates, they are lowering the price of money and time-value (appreciation rate), creating the economic incentive to borrow whether that be for consumption or investment. For some, this will mean they consume more...

In the Name of Love

Each year there is a large gathering of economists, financial market participants, academics, US government officials in Jackson Hole, Wyoming (USA), to discuss long-term economic policy issues of mutual concern. All the papers are available online. This year’s...