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May 8, 2020

China
China, a Major World Bank Borrower and Competitor, Must Stop Sheltering BRI Debt from G20 Standstill

As we explained in Foreign Affairs on April 27, China is trying quietly to exempt its massive Belt and Road Initiative (BRI) infrastructure loans to poor countries from its agreement to participa…

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Blog Post by Benn Steil and Benjamin Della Rocca Greenberg Center for Geoeconomic Studies

December 5, 2004

The borrower industrial complex

Sunday’s New York Times article on US consumer culture -- and its financial enablers -- has a domestic focus. But doesn’t the term "borrower-industrial complex" describe American’s relationship with…

Blog Post by Brad W. Setser Follow the Money

June 11, 2024

Russia
Estimating Future Interest Income From Russia’s Frozen Reserves

Outright seizure of the Russian Central Bank’s hundreds of billions in frozen assets is currently off the table, but it is still possible to obtain large sums for Ukraine from the interest income on …

Estimating Future Interest Income From Russia’s Frozen Reserves
Blog Post by Brad W. Setser and Michael Weilandt Follow the Money

November 13, 2019

United States
A Big Borrower and a Giant Corporate Tax Dodge? How Best to Describe the U.S. External Balance Sheet

Most grandiose explanations for the United States' persistent surplus in the income balance of the U.S. current account miss the mark. The U.S. debt position tracks the sum of past current account de…

A Big Borrower and a Giant Corporate Tax Dodge? How Best to Describe the U.S. External Balance Sheet
Blog Post by Brad W. Setser Follow the Money

December 4, 2015

China
Want to Borrow From the IMF? China Just Made It More Expensive.

On November 30 the International Monetary Fund made its long-awaited announcement that it would add the Chinese RMB to its basket of globally important reserve currencies – the Special Drawing Rig…

Want to Borrow From the IMF? China Just Made It More Expensive.
Blog Post by Benn Steil and Emma Smith Geo-Graphics

January 3, 2005

Budget, Debt, and Deficits
Borrowing is Saving, Up is Down

Edmund Andrews of the New York Times provides the Rosetta stone that lets us decipher the Bush Administration’s plan to cut the deficit, which seems to be a plan to pretend to cut the deficit. Here i…

Blog Post by Brad W. Setser Follow the Money