20 Results for:

April 24, 2018

International Economic Policy
Asia's Central Banks and Sovereign Funds Are Back Asia's Central Banks and Sovereign Funds Are Back

East Asia (China, Japan, and the NIEs) ran a $600 billion current account surplus in 2017. "Official" (central bank and sovereign fund) outflows accounted for about half of that. Asia's foreign excha…

April 13, 2018

Thailand
Previewing the U.S. Treasury’s April Foreign Exchange Report Previewing the U.S. Treasury’s April Foreign Exchange Report

The U.S. Treasury Department’s next foreign exchange report is due on April 15—so it should come out soon, maybe even tonight. Normally the section on China attracts all the attention. But righ…

February 16, 2018

United States
Mapping Capital Flows Into the U.S. Over the Last Thirty Years Mapping Capital Flows Into the U.S. Over the Last Thirty Years

Up until 2014, the growth in central bank dollar reserves closely mapped to the increase in U.S. net external debt. The past few years have been different: for the first time in a long time, yield-st…

October 17, 2017

United States
Chinese steel factory The U.S. Trade Deficit: How Much Does It Matter?

President Trump has made reducing the U.S. trade deficit a priority, blaming trade deals like NAFTA, but economists disagree over how policymakers should respond.

October 5, 2017

Eurozone
Official Investors and the Eurozone Debt Market Official Investors and the Eurozone Debt Market

The share of Treasuries held by official investors—foreign central bank reserve managers as well as the Fed—has been going down in recent years. But the share of Eurozone bonds held by official inves…

September 13, 2017

South Korea
Weak Won, Tight Fiscal: Korea's Not-So Mysterious External Surplus Weak Won, Tight Fiscal: Korea's Not-So Mysterious External Surplus

Korea's macroeconomic policies have had a greater impact on its pattern of trade than any free trade agreement.

June 29, 2017

United States
Tracking the Broad Dollar The Trump Dollar Revisited

Disaggregating the broad dollar.

May 18, 2017

Singapore
Singapore: Official Asset Growth Singapore's "Shadow" Intervention

Singapore looks to have resumed intervention in the foreign exchange market

April 20, 2017

Monetary Policy
The Combined Surplus of Asia and Europe Stayed Big in 2016 The Combined Surplus of Asia and Europe Stayed Big in 2016

A long time ago I confessed that I like to read the IMF’s World Economic Outlook (WEO) from back to front. OK, I sometimes skip a few chapters. But I take particular interest in the IMF’s data tables…

January 18, 2017

China
china-intervention-reserve-accumulation China’s WTO Entry, 15 Years On

Late last year Tim Duy asked for an assessment of the decision to allow China to join the WTO, now that 15 years have passed. Greg Ip met the call well before I did, in a remarkable essay. But …