Author Archive

One time return to blogging

2009/09/22
By Brad Setser

My post on the G-20’s agenda can be found on the official Pittsburgh Summit blog.
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All great things have to end

2009/08/04
By Brad Setser

This will be my last blog post, at least for the foreseeable future. I have accepted a new job, one that will require a certain level of discretion. I am excited by its challenges: ‘Balanced and sustainable” growth is something that I believe in. But...
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Bonus graph

2009/08/04
By Brad Setser
Bonus graph

A quick chart showing how my estimates (from work I have done with Arpana Pandey of the CFR) for official holdings of Treasuries and Agencies compares with the FRBNY custodial holdings and the data that the US reports on the TIC website.My estimates match those of the TIC in June of every year —...
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China, new financial superpower …

2009/08/03
By Brad Setser

One of the biggest economic and political stories of this decade has been China’s emergence as the world’s biggest creditor country. At least in a ‘flow” sense. China’s current account surplus is now the world’s largest – and its government easily tops a “reserve and sovereign wealth fund” growth...
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Still growing …

2009/08/01
By Brad Setser
Still growing …

The Fed’s custodial holdings of Treasuries just topped $2 trillion. Custodial holdings of Treasuries rose by $25 billion in July. The overall pace of growth in the Fed’s custodial holdings did slow a bit in July, as some of the rise in Treasuries was offset by a fall in Agency...
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China linkfest

2009/08/01
By Brad Setser

Qing Wang of Morgan Stanley: “Given China’s high national savings rate, from the perspective of the economy as a whole, there are only three forms in which China can deploy its savings: 1) onshore physical assets; 2) offshore physical assets; and 3) offshore financial assets. …. We therefore think that from the...
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Geoeconomics, in pictures

2009/07/31
By Brad Setser
Geoeconomics, in pictures

This post is by Brad Setser and Paul Swartz of the Council on Foreign Relations. No doubt today’s GDP release will attract the lion’s share of the econoblogosphere’s attention. But sometimes it is a good idea to counter-program. Paul Swartz, I and others at the Council’s Center for Geoeconomic...
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The (almost) dollar crisis of 2007 …

2009/07/30
By Brad Setser
The (almost) dollar crisis of 2007 …

It is now rather common to argue that those economists who anticipated the crisis anticipated the wrong crisis – a dollar crisis, not a banking crisis. Robin Harding of the FT writes: “If economists try to predict crises they will get it wrong, and that will reduce their credibility when they...
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