@stevehouf @robin_j_brooks Not saying that you can’t have places that prefer or have tighter fiscal. Just that comparing overall fiscal deficits with debt, more likely than not you’ll end-up finding a tight relationship because interest expense as % of GDP grows with debt as well
@stevehouf @prtjns@FedericoHuneeus@FlorinBilbiie@mickey_gb I think two things, Poland had less of a housing boom compared to Baltics which was the main source of the contraction, and unlike the Baltics which maintained some form of fixed exchange rate vs. Euro, Poland was able to devalue the currency and have a faster export recovery
@mtkonczal What is discretionary vs. commitment here? Could this also be seen as defining a different objective between inflation targeting and price level targeting?
@Brad_Setser In adding all of holdings in Belgium to China, isn’t that overstating China’s holdings. Presumably there should be many other types of holders under euroclear, and maybe the story is somewhere in the middle - China has been selling, but not as much as implied by TIC?
Updated, expanded, and extended long-term projections for BRIC economies. Covering 104 countries to 2075.
@TadasGedm, @kevindaly101@GoldmanSachs
https://t.co/4PzoNqejYl