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Follow the Money

Brad Setser tracks cross-border flows, with a bit of macroeconomics thrown in.

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Chinese State Investors Do Not Seem to Profit From Higher U.S. Interest Rates

by Brad W. Setser September 2, 2024

Given the size and composition of its external lending, China should be clearing far more interest income on its reserves and policy lending than SAFE reports. Read More

International Economic Policy
Are Asian Insurers the New European Banks?
It is hard to understand the global flow of funds without understanding the risks now being taken by Japanese, Taiwanese, and Korean life insurers.
Blog Post by Brad W. Setser September 11, 2019 Follow the Money
South Korea
Can Korea Provide a New (Fiscal) Model for North Europe’s Twin Surplus Countries?
Korea looks to be doing a real stimulus. Other "twin surplus" countries should too.
Blog Post by Brad W. Setser September 5, 2019 Follow the Money
China
The IMF's (New) China Problem
If China ever followed the IMF’s fiscal advice, it would go back to running large trade surpluses—and its exchange rate would be undervalued again in the IMF's models. 
Blog Post by Brad W. Setser August 13, 2019 Follow the Money
  • China
    When it Comes to Exporting (Manufactures), Europe is Now the One from Mars
    Manufacturing exports are about three times more important to the euro area than to the U.S. economy. That's largely because the U.S. now exports very few manuactures. And China's imports of manufactures, once you net out imports for re-export (processing) really are quite small.
    Blog Post by Brad W. Setser August 13, 2019 Follow the Money
  • China
    On Designating China as a Currency Manipulator…
    China really did manipulate its currency before the global crisis.  It really doesn't do so now.   But how China's manages its currency still matters for the global economy.
    Blog Post by Brad W. Setser August 13, 2019 Follow the Money