Reading their lips

Article Abstract:

China has been congratulated for not devaluing the yuan, but there are good reasons for keeping the currency stable. A network of corporate groups which are mainly the property of provincial governments have foreign debts totalling more than $10 billion, and they would have problems repaying this debt if the yuan was devalued. There are doubts as to whether official foreign debt figures are accurate. The government is seeking to control the rise in foreign debt. Part of China's capital account outflow is disguised capital flight involving illegal activities.

China, Economic aspects, Economic policy, External debts, Yuan (China)

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Cuba's two nations: or, why dollars are dangerous

Article Abstract:

The August 1993 decision to allow Cubans to hold dollars boosted the value of the peso, and a the regime has tried to mitigate the dollar's impact by taxing income for the first time in more than 30 years. Already a variety of international financial firms are touting investment in Cuba.

Cuba, Dollar (United States), Social change

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Floating the Tobin tax

Article Abstract:

The Tobin tax, suggested by US economist James Tobin, would be applied to foreign exchange transactions. Theoretically it would discourage short-term speculation on the foreign exchange market and give government monetary policies more strength, though its effect would be questionable.

International aspects, Column, Speculation, Monetary policy

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