Macro Musings with David Beckworth cover image

Brad Setser on Addressing the Global Dollar Shortage and COVID-19’s Implications for Worldwide Trade Imbalances

Macro Musings with David Beckworth

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Emerging Markets and the Global Dollar Cycle

The epicenter of the dollar needs has migrated from Europe to Asia more, with some residual still in Europe. And then the nature of the dollar funding needs are more in the non-financial corporate sector,. Some banks still needed it as well. The biggest dollar-based intermediaries are financial institutions in more advanced countries and often they're creditor countries.

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