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October 9, 2019

Taiwan
$130+ Billion in Undisclosed Foreign Exchange Intervention by Taiwan's Central Bank

Based on the profits and losses disclosed by Taiwan’s central bank, it appears that its true FX exposures exceed its disclosed foreign exchange reserves by USD 130bn, and perhaps by as much as USD 20…

fig 19

December 13, 2007

United States
Richard Iley on the US current account deficit

Richard IleyBrad Setser: Richard Iley of BNP Paribas – the author, with Mervyn Lewis, of a new book on the US current account deficit --- doesn’t see the world quite the way I do.   I put a l…

iley_investment_income_try_2

December 18, 2007

United States
Yes, Virginia, the world’s central banks are financing most of the US current account deficit (my rebuttal to Richard Iley)

Back in the summer of 2004, Nouriel Roubini and I published a paper arguing that large trade deficits implied a deteriorating US net international investment position and a deteriorating “income” bal…

setser_gross_private_flows_01

March 1, 2009

Monetary Policy
Secrets from the Treasury’s Survey: It looks like China bought a lot of equities just before the stock market tumbled

Late on Friday, the US Treasury released the preliminary results of its annual survey of foreign portfolio investment in the US. That always makes for an interesting weekend. The survey offers …

Secrets from the Treasury’s Survey: It looks like China bought a lot of equities just before the stock market tumbled

June 16, 2009

Monetary Policy
Read Brender and Pisani’s “Globalised finance and its collapse”

I highly recommend Anton Brender and Florence Pisani’s recent monograph, "Globalized finance and its collapse." In a lot of ways, it is something that I wish I could have written. I don’t agree with …