Contents

Trade War

-US Unilateralism Revisited by David Skilling

-Why a US-China Trade War Is Self-Defeating in a Connected World by Liu Jun

-Reignited China-US Trade War and Its Implication on Global Value Chain by Sumedh Deorukhkar, Jinyue Dong and Le Xia

-A Naval Race with China Is Unnecessary and Will Likely Backfire by John Glaser

-War by Other Means: US Tariffs Undermine International Trade by David Skilling

Global Economy

-The Iranian Rial Through the Eyes of the Black-Market Premium by Steve H. Hanke

-North Korea More Stable Than Experts Say by Steve H. Hanke

-Oil Price Spike Brings Risk Back by Seema Shah

China

-Great Power Collide by Hao Hong

-China Plays the Long Chess Game by Gary Smith

-China's Financial Liberalization: Time to Restart by Jinyue Dong and Le Xia

-Managing China's Global Risks by Andrew Sheng and Geng Xiao

-Signaling Western Rejection by Herbert Poenisch

-From Capital Outflows to Capital Inflows in China: Role of Banks and Issuers of Debt Securities by Herbert Poenisch

Monetary Policy

-Delayed Tightening Poisoned Chalice by David Marsh

-Keep Your Eye on Broad Money That's What Counts by Steve H. Hanke

-Not Time to Say Goodbye to HKD Peg by Betty Huang and Le Xia

-Truculent View on Target-2 by David Marsh

-America's Currency Confusion by Mark Sobel

Investment

-Flexibility in Allocation Strategy by Ben Robinson

-Gold Beats Untested Cryptocurrency by John Reade

Cryptocurrency

-From Dollar to e-SDR by Andrew Sheng and Geng Xiao

-Regulators Face up to Cryptomania by Mark Branson

-Hazards of Initial Coin Offerings by Bhavin Patel

Working Paper

-The Impact of Internet Sales Tax in a Search Model of Money by Xiangbo Liu

-Regime-Dependent Determinants of Euro Area Sovereign CDS Spreads by Zongxin Qian