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May 13, 2009

China
China’s $1.5 Trillion Bet

Overview This is an update to the January 2009 Working Paper China’s $1.7 Trillion Bet. Download the original paper [PDF]. China is now by far the United States’ largest creditor. Its treasury …

China’s $1.5 Trillion Bet header

December 12, 2018

India
India and the World

India’s capability to grow in a carbon-scarce world will determine the fate of the Sustainable Development Goals.

Women walk among windmills in Jaisalmer, India, on March 8, 2017.

May 17, 2009

Monetary Policy
"We hate you guys ... but there is nothing much we can do"

That – now famous -- quote by Luo Peng isn’t really true. China’s government choose to peg its currency to the dollar. More importantly, China’s government choose to peg to the dollar at a rate t…

"We hate you guys ... but there is nothing much we can do"

August 4, 2009

Monetary Policy
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 t…

frbny-custodial-data-july-09-3

February 26, 2009

Monetary Policy
Who bought all the Treasuries the US issued in 2008? And who will be the big buyers in 2009?

And just how important is China -- clearly now the largest single holder of Treasury bonds -- to the market? Both questions matter more than ever -- to the market, and to the US government. …

Who bought all the Treasuries the US issued in 2008?  And who will be the big buyers in 2009?