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November 18, 2004

Is it the currency of John Snow and the problem of everyone else?

That headline draws on a nice quote from Steve Barrow of Bear Stearns. It paraphrases the famous saying about the dollar -- I think from Nixon’s Treasury Secretary John Connally -- "it is our curren…

Blog Post by Brad W. Setser Follow the Money

January 11, 2007

Financial Markets
Cracks in the GCC’s commitment to the dollar peg?

From Simon Derrick of the Bank of New York. Reuters reports that central bank governors of the UAE will meet in March to discuss currency pegs. The agency cites Governor Sultan Nasser al-Suweidi wh…

Blog Post by Brad W. Setser Follow the Money

January 9, 2007

United States
Nice work if you can get it — the joys of exorbitant privilege

I spent a bit of time trying to estimate how market moves in 2006 will impact the US net international investment position (the NIIP is the gap between all US external assets and all US external liab…

niip_decomposition
Blog Post by Brad W. Setser Follow the Money

November 6, 2004

Will Japan be able to stay on the sidelines for long?

Some facts: 1) In 2003, Japan increased its reserves by $200 billion, emerging Asia by $245 billion. The world as whole increased its reserves by $500 billion, so Asia accounted for most of the worl…

Blog Post by Brad W. Setser Follow the Money

April 27, 2006

Unpleasant balance of payments math — why the interest rate matters for dark matter

Bill Cline of the IIE rightly took Nouriel and me to task (politely) for assuming that the average return on US FDI abroad would equal the average return on foreign FDI in the US in our 2004 paper on…

chart 1
Blog Post by Brad W. Setser Follow the Money