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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

Emerging Markets
What Role Should the IMF Play in Responding to COVID-19?
Right now the bulk of the IMF's lending capacity likely won't be used in the face of the economic, financial, and public health shock from COVID-19. Mobilizing the IMF's lending capacity likely will require a new facility. The Short-term Liquidity Line created this spring isn't actually well suited for the moment.
Blog Post by Brad W. Setser June 10, 2020 Follow the Money
United States
Did the Dollar's Position as the Leading Reserve Currency Help Hold Treasury Yields Down This Spring?
Foreign Treasury sales, including large sales from reserve managers, made the Fed's job harder, not easier, in March.
Blog Post by Brad W. Setser May 27, 2020 Follow the Money
United States
The Irish Shock to U.S. Manufacturing?
 Over the last fifteen years, U.S. production of pharmaceuticals has fallen while imports have soared. It is worth asking why.   
Blog Post by Brad W. Setser May 15, 2020 Follow the Money
  • United States
    Five Points about U.S. Trade Over the Last Thirty Years
    A few things that jumped out at me about the U.S. trade data. Some no doubt are controversial. 
    Blog Post by Brad W. Setser May 8, 2020 Follow the Money
  • Turkey
    Turkey Shows the Value of Balance Sheet Analysis
    Selling reserves borrowed from the banks ultimately puts the health of Turkey's banks at risk.
    Blog Post by Brad W. Setser May 5, 2020 Follow the Money