Author Archives: Jeffrey Frankel

September 22 is the 30th Anniversary of the Plaza Accord

Exactly 30 years ago, on September 22, 1985, ministers of the Group of Five countries met at the Plaza Hotel in New York and agreed on a successful initiative to reverse what had been a dangerously overvalued dollar. The Plaza … Continue reading

Posted in Agreement, Baker, Competitive, Currency, Depreciation, Dollar, Exchange Rates, International Cooperation, Intervention, Manipulation, Plaza | Leave a comment

Misinterpreting Chinese Intervention in Financial Markets

September 7, 2015 It is tempting to view economic events in China through a single template: the view that they are driven by government intervention because the authorities haven’t learned to let the market operate.  After all, Mao’s portrait still … Continue reading

Posted in Asia, Bubble, Financial Regulation, Intervention, Macro-prudential, Margin requirement, RMB, Shanghai, Stock market, Yuan | Leave a comment

Gas Taxes and Oil Subsidies: Time for Reform

World oil prices have been highly volatile during the last decade.   Over the past year they have fallen more than 50%. Should we root for prices to go up, down, or stay the same?   The economic effects of falling oil prices are negative … Continue reading

Posted in Budget, Emerging markets, Environment, Gas Prices, Oil | Tagged , , , , , | Leave a comment

Did China’s regulators exacerbate its recent stock market bubble?

The plunge of China’s stock market that has taken place since June 2015 has received a lot of attention.  All the commentary says not only that the Chinese authorities have taken a variety of artificial measures to try to boost … Continue reading

Posted in China, economics, Financial Regulation, Investing, Monetary Policy | Leave a comment

Only Tsipras Can “Go to China”

Alexis Tsipras, the Greek prime minister, has the chance to play a role for his country analogous to the roles played by Korean President Kim Dae Jung in 1997 and Brazilian President Luiz Inácio Lula da Silva in 2002.  Both … Continue reading

Posted in Europe, Financial Crisis, Financial Regulation, Monetary Policy | Leave a comment

Answering the TPA Critics Head-On

In recent op-eds and blog-posts I have argued that prospective trade agreements like the TPP (the Trans Pacific Partnership) would be economically beneficial for reasons similar to past trade agreements and that they would have geopolitical benefits too. I have also opposed adding currency manipulation to … Continue reading

Posted in International Trade, Monetary Policy, Obama Administration | Leave a comment

The Top Ten Reasons Why Trade Agreements Should Not Cover Currency Manipulation

President Obama is still pressing the difficult campaign to obtain Trade Promotion Authority and use it to conclude international negotiations — across one ocean for the Trans Pacific Partnership (TPP), and then across the other ocean for the Transatlantic Trade … Continue reading

Posted in China, Dollar, Euro, Europe, Exchange Rates, Fiscal Stimulus, International Cooperation, International Monetary Fund, International Trade, Japan, Monetary Policy, Obama Administration | Leave a comment

New and Improved Trade Agreements?

WASHINGTON, DC – Trade is high on the agenda in the United States, Europe, and much of Asia this year. In the US, where concern has been heightened by weak recent trade numbers, President Barack Obama is pushing for Congress … Continue reading

Posted in Analysis, Budget, Conservatives and Liberals, Dollar, Economic Development, economics, Emerging markets, Exchange Rates, Financial Crisis, Financial Regulation, Fiscal Stimulus, Investing, Recession | Leave a comment

Give Obama Trade Promotion Authority

Trade is now high on the agenda in Washington. President Obama is pushing hard for Congress to give him Trade Promotion Authority (TPA), once known as fast-track authority.  He intends to use it to complete negotiations with 11 trading partners under the … Continue reading

Posted in Analysis, Budget, Conservatives and Liberals, Dollar, Economic Development | Leave a comment

Asia Games: Not Zero-Sum

Two hostesses are rivals in a popularity contest throughout the social season.  When they hold soirees on the same night invitees must choose which one to go to.  The hostesses guard their social ranking jealously, and may even punish a … Continue reading

Posted in Analysis, Budget, Commodities, Conservatives and Liberals, Dollar, economics, Emerging markets | 1 Comment