OECD Economics Department Working Papers

Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.

The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.

English, French

The Dollar Position of the Non-U.S. Private Sector, Portfolio Effects, and the Exchange Rate of the Dollar

This paper measures the net dollar position of the non-U.S. private sector and a few other international positions -- notably the net foreign-currency position of the U.S. private sector. These currency positions provide the basis for a discussion of portfolio effects which are especially relevant for questions related to the future financing of U.S. current-account deficits. A special feature of this exercise is the explicit identification of the non-U.S. public sector as a potential source of dollar assets for the non-U.S. private sector ...


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