Working Paper
Foreign holdings of U.S. Treasuries and U.S. Treasury yields
Marquez, Jaime R.; Kretchmer, Maxwell; Beltran, Daniel O.; Thomas, Charles P. (2012)
Foreign official holdings of U.S. Treasuries increased from $400 billion in January 1994 to about $3 trillion in June 2010. Most of this growth is accounted for by a handful of emerging market economies that have been running large current account surpluses. These countries are channeling their savings through the official sector, which is then acquiring foreign exchange reserves. Any shift in policy to reduce their current account surpluses or dampen the rate of reserves accumulation would likely slow the pace of foreign official purchases of U.S. Treasuries. Would such a slowing of foreign ...
International Finance Discussion Papers , Paper 1041