Publication

This edition of the Capital Flows Quarterly focuses on two factors that pertain to the US dollar, investigating how long-run fundamentals might evolve going forward, with a particular focus on capital-flows-based drivers of long-term value. This concerns the ability of the dollar to maintain its status as the global reserve currency. The second concern about the dollar’s long-term value hinges on persistent US current-account deficits and the enormous positions foreigners have amassed in the US.