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Follow the Money

Brad Setser tracks cross-border flows, with a bit of macroeconomics thrown in.

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Power and Financial Interdependence

by Brad W. Setser May 15, 2024

My new paper for the Geoeconomics and Geofinance Initiative of the Institute Français des Relations Internationals’ (IFRI) explores the history of the Sino-American financial relationship. Read More

Economics
The State of Sovereign Debt Restructuring After the Meetings in Marrakech
Some fundamental problems with the IMF’s Common Framework for debt restructuring have become apparent. Not the least, debt restructuring shouldn't just be an issue for low-income countries.
Blog Post by Brad W. Setser November 1, 2023 Follow the Money
China
Can China Reduce Its Internal Balances Without Renewed External Imbalances?
The rest of the world has a big stake in whether China responds to the demand drag from its construction and real estate slump with looser monetary policy or with direct stimulus to households.
Blog Post by Brad W. Setser October 8, 2023 Follow the Money
China
China Isn't Shifting Away From the Dollar or Dollar Bonds
China's reserves has shifted its dollar reserves from Treasuries to Agencies, and made increased use of offshore custodians. The available evidence suggests that it still holds about 50 percent of its reserves in dollar bonds.
Blog Post by Brad W. Setser October 3, 2023 Follow the Money
  • China
    How to Hide Your Foreign Exchange Reserves—A User’s Guide
    A deep dive into the techniques China used to hide its foreign exchange reserves over the last twenty years 
    Blog Post by Brad W. Setser June 29, 2023 Follow the Money
  • Turkey
    Turkey’s Increasing Balance Sheet Risks
    Turkey is heading for a classic currency crisis.  All of its reserves and then some are borrowed.
    Blog Post by Brad W. Setser June 6, 2023 Follow the Money
  • Economics
    Using an SDR Bond Creatively to Boost Concessional and Climate Finance
    Combining an SDR with budget funding is the most efficient way to stretch budgeted dollars (and euros) and increased the global supply of concessional financing. 
    Blog Post by Brad W. Setser and Stephen Paduano June 1, 2023 Follow the Money