Working Paper
Demand for U.S Banknotes at Home and Abroad: A Post-Covid Update
Judson, Ruth A. (2024-03-25)
In principle, physical currency should be disappearing: payments are increasingly electronic, with new technologies emerging rapidly, and governments increasingly restrict large-denomination notes as a way to reduce crime and tax evasion. Nonetheless, demand for U.S. banknotes continues to grow, and consistently increases at times of crisis both within and outside the United States because dollar banknotes remain a desirable store of value and medium of exchange when local currency or bank deposits are inferior. Most recently, the COVID crisis resulted in historic increases in currency ...
International Finance Discussion Papers , Paper 1387

Discussion Paper
Implications of a U.S. CBDC for International Payments and the Role of the Dollar
Flemming, Jean; Judson, Ruth A. (2024-02-16)
Technological advances in recent decades have brought about a wave of private-sector innovation in payments and have led central banks to explore a variety of improvements to their payment systems, including the possibility of issuing a central bank digital currency (CBDC). Survey evidence from the Bank for International Settlements (BIS) shows that over 90% of central banks are exploring CBDCs (Kosse & Mattei, 2022). The Federal Reserve is also exploring the implications of, and options for, introducing a CBDC.
FEDS Notes , Paper 2024-02-16

Discussion Paper
Recent Euro-area Inflows into U.S. Bonds: Reconciling and Understanding New Data Sources
Bertaut, Carol C.; Judson, Ruth A. (2015-06-19)
In this note we review the data on U.S. cross-border financial flows and positions with a focus on one question of current interest: have euro-area investors been increasing their holdings of U.S. securities since the possibility of European Central Bank quantitative easing (ECB QE) emerged in the latter half of 2014? The prospect of ECB QE, combined with the prospect of U.S. policy rate liftoff, suggested that U.S. interest rates would soon exceed euro-area rates by a wide margin, which might have provided an incentive for euro-area investors to seek higher-yielding U.S. assets, especially ...
IFDP Notes , Paper 2015-06-19-1

Discussion Paper
Measuring U.S. Cross-Border Securities Flows: New Data and A Guide for Researchers
Bertaut, Carol C.; Judson, Ruth A. (2023-10-02)
Understanding the effects of capital flows across countries depends critically on accurate and comprehensive data. For the U.S., data on cross-border securities holdings and transactions are collected through the TIC (Treasury International Capital) data system. As we have previously noted, it has long been difficult to reconcile the TIC data on securities holdings with the TIC S transactions data (see Bertaut and Tryon (2007) and Bertaut and Judson (2014, 2022)).
FEDS Notes , Paper 2023-10-02