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Financial Flows to the United States in 2022: Was There Fragmentation? Accessible Data
Figure 1. Largest Net Purchasers of U.S. Assets in 2022
Billions of $
| Country | Asset | Values | Total |
|---|---|---|---|
| Cayman Islands | Treasuries | 37.60049769 | 186.3427323 |
| Cayman Islands | Agencies | -0.029340084 | 186.3427323 |
| Cayman Islands | Corporate Bonds | -13.31485794 | 186.3427323 |
| Cayman Islands | Corporate Stocks | 162.0864326 | 186.3427323 |
| Belgium | Treasuries | 109.1036384 | 147.7745741 |
| Belgium | Agencies | -0.585261551 | 147.7745741 |
| Belgium | Corporate Bonds | 48.36859111 | 147.7745741 |
| Belgium | Corporate Stocks | -9.112393866 | 147.7745741 |
| Middle East Oil Exporters | Treasuries | 64.05796046 | 120.1724779 |
| Middle East Oil Exporters | Agencies | 2.522837542 | 120.1724779 |
| Middle East Oil Exporters | Corporate Bonds | 2.34314977 | 120.1724779 |
| Middle East Oil Exporters | Corporate Stocks | 51.24853009 | 120.1724779 |
| China | Treasuries | -58.88261469 | 69.14107929 |
| China | Agencies | 83.74296267 | 69.14107929 |
| China | Corporate Bonds | 3.206559362 | 69.14107929 |
| China | Corporate Stocks | 41.07417194 | 69.14107929 |
| Singapore | Treasuries | 10.09510327 | 63.23769478 |
| Singapore | Agencies | 2.083157334 | 63.23769478 |
| Singapore | Corporate Bonds | 17.2472045 | 63.23769478 |
| Singapore | Corporate Stocks | 33.81222968 | 63.23769478 |
| Germany | Treasuries | 26.58004118 | 46.24212344 |
| Germany | Agencies | 0.463537021 | 46.24212344 |
| Germany | Corporate Bonds | 6.443923647 | 46.24212344 |
| Germany | Corporate Stocks | 12.75462159 | 46.24212344 |
| India | Treasuries | 48.68631867 | 49.53047052 |
| India | Agencies | 0.021798415 | 49.53047052 |
| India | Corporate Bonds | 0.10470127 | 49.53047052 |
| India | Corporate Stocks | 0.717652165 | 49.53047052 |
| Luxembourg | Treasuries | 27.09273855 | 8.143316649 |
| Luxembourg | Agencies | 18.04041997 | 8.143316649 |
| Luxembourg | Corporate Bonds | 2.367570994 | 8.143316649 |
| Luxembourg | Corporate Stocks | -39.35741287 | 8.143316649 |
Note: Middle East oil exporters are Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, UAE.
Source: Staff estimates using Treasury International Capital data.
Figure 2. Purchases of U.S. Securities in 2022 by Selected EMEs
Billions of $
| Country | Year | Net Purchases |
|---|---|---|
| Middle East Oil Exporters | 2013-2021 average | -4.795942284 |
| Middle East Oil Exporters | 2022 | 120.1724779 |
| China | 2013-2021 average | -43.33705851 |
| China | 2022 | 69.14107929 |
| India | 2013-2021 average | 15.77806009 |
| India | 2022 | 49.53047052 |
| Mexico | 2013-2021 average | -7.277183284 |
| Mexico | 2022 | 21.7362039 |
| Colombia | 2013-2021 average | 1.478431808 |
| Colombia | 2022 | 15.0318081 |
| South Africa | 2013-2021 average | 1.373790655 |
| South Africa | 2022 | 2.576404706 |
Note: Middle East oil exporters are Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, UAE.
Source: Staff estimates using Treasury International Capital data.
Figure 3. Middle East Petrodollar Recycling, 2005−2022
$ billions
| Year | Current Account Surplus | Net Purchases of US Assets |
|---|---|---|
| 2005 | 162.332 | 36.00061 |
| 2006 | 202.14 | 61.26917 |
| 2007 | 169.041 | 56.73375 |
| 2008 | 265.417 | 56.48327 |
| 2009 | 50.673 | -24.61835 |
| 2010 | 147.533 | 15.49014 |
| 2011 | 351.909 | 60.52443 |
| 2012 | 400.421 | 21.07335483 |
| 2013 | 349.617 | -26.92261439 |
| 2014 | 243.907 | 26.61623101 |
| 2015 | -44.404 | -31.9572514 |
| 2016 | -50.469 | -39.30587485 |
| 2017 | 32.666 | 29.78002901 |
| 2018 | 150.209 | 78.79410402 |
| 2019 | 92.962 | 12.06658956 |
| 2020 | -35.316 | -42.30929817 |
| 2021 | 154.419 | -49.8 |
| 2022 | 362.777 | 123.2596803 |
Note: 2022 current account balance is projection based on April 2023 WEO. Includes data for Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, UAE. Black line is fitted values from regression of net purchases of U.S. securities on current account surpluses. Shaded area is 95% confidence region.
Source: Staff estimates using Treasury International Capital data, IMF WEO.
Figure 4. Purchases of Foreign Assets by India, 2013−2022
$ billions
| Year | Purchases of All Foreign Assets | Purchases of US Securities |
|---|---|---|
| 2013 | 11.253 | 11.02602098 |
| 2014 | 38.632 | 13.28061065 |
| 2015 | 44.499 | 35.08845026 |
| 2016 | 18.086 | 2.924788078 |
| 2017 | 37.933 | 28.9336997 |
| 2018 | -5.985 | -4.219161858 |
| 2019 | 57.045 | 15.84058097 |
| 2020 | 103.372 | 48.71470124 |
| 2021 | 69.602 | -9.587149217 |
| 2022 | -29.565 | 49.53047052 |
Note: Indian purchases of all foreign assets are the sum of gross portfolio outflows and official reserve asset transactions as reported in the balance of payments. Black line is fitted values from regression of net purchases of U.S. securities on total purchases of foreign assets. Shaded area is 95% confidence region.
Source: Staff estimates using Treasury International Capital data and Haver