Blogs

Follow the Money

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

Latest Post

China’s New Currency Peg

The peg that shall not be named, and all the trouble that creates. Read More

Japan
The Disappearing Japanese Bid for Global Bonds
The rise in Japanese holdings of foreign bonds had an enormous impact on global markets between 2011 and 2020. The markets will now have to adapt to a sustained reduction in Japanese demand.
China
China's Balance of Payments Data Does Not Add Up
China's current balance of payments data doesn't quite make sense. Significant and poorly explained gaps exist between the reported BoP data and the underlying source data. China's economy is so big that data gaps really matter.
Economics
The New Geopolitics of Global Finance
The global balance of payments only adds up if the G-7's geopolitical rivals are also its bankers.
  • Economics
    Farewell
    I am stepping down from my position at the Council of Foreign Relations to take a new job. That, among other things, means that I will not be blogging here for the foreseeable future. I am enormou…
  • Currency Reserves
    It Is Time To Scrap the IMF's Reserve Adequacy Metric
    The IMF reserve metric isn't working: it is failing to differentiate between obviously under-reserved countries like Turkey and Argentina and adequately reserved countries like China.