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Follow the Money

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

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Power and Financial Interdependence

by Brad W. Setser May 15, 2024

My new paper for the Geoeconomics and Geofinance Initiative of the Institute Français des Relations Internationals’ (IFRI) explores the history of the Sino-American financial relationship. Read More

Economics
Three Steps to Strengthen the U.S. Treasury's Foreign Exchange Report
The analytics used in the U.S. Treasury's Foreign Exchange Report should be updated to better capture the significant state flows that no longer appear as part of many country's disclosed foreign exchange reserves.
Blog Post by Brad W. Setser and Mark Sobel February 2, 2023 Follow the Money
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.
Blog Post by Brad W. Setser and Alex Etra January 16, 2023 Follow the Money
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.
Blog Post by Brad W. Setser December 8, 2022 Follow the Money
  • 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.
    Blog Post by Brad W. Setser November 30, 2022 Follow the Money
  • 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…
    Blog Post by Brad W. Setser February 8, 2021 Follow the Money