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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 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

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

June 27, 2007

Monetary Policy
Reserve diversification — what does the IMF data tell us?

There is a lot of interest in reserve diversification.    And most of those present at the May Euromoney fx conference in London—judging from the audience poll – believed that at least some central b…

cofere_em_reporting