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Economic Commentary

U.S. Dependence on Foreign Saving

Earlier this year, foreign central banks made very substantial purchases of U.S. securities. They did so with some of the proceeds of their massive intervention in the foreign-exchange market, involving purchases of the dollar intended to prevent its depreciation. In the same period, private international investors sharply reduced their net new investment in U.S. financial markets.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Anderson, Gerald, and John B. Carlson. 1987. “U.S. Dependence on Foreign Saving.” Federal Reserve Bank of Cleveland, Economic Commentary 9/1/1987.

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