Special Report
Taiwan firms key to nearshoring and reshoring to support AI boom
While China’s trade and investment with Mexico have attracted significant attention, Taiwan firms’ investment in both Mexico and Texas is arguably more significant for the evolution of U.S.–Mexico production networks.
March 06, 2026
Dallas Fed Economics
Global Institute presentation: Steve Kamin on the dollar’s status
During a presentation and discussion hosted by the Global Institute last month, Steve Kamin discussed how tariffs, volatility and evolving payment technologies are challenging—but not yet dislodging—the dollar’s position as a reserve currency at the center of the global financial system.
December 31, 2025
Dallas Fed Economics
China manufacturing overcapacity boosts output, stagnation fears
Nearly 30 percent of China's industrial firms operate at a loss, up from 20 percent before the pandemic. The question arises: How can this be sustained?
December 30, 2025
Dallas Fed Economics
China debt overhang leads to rising share of ‘zombie’ firms
China’s private sector debt ballooned from 2008 through 2016, among the largest and most sustained such increases historically. Notably, this Chinese credit growth was financed entirely from domestic savings, unlike many other examples of rapid credit expansion elsewhere.
December 23, 2025
Working Papers
Optimal Foreign Reserve Intervention and Financial Development
This paper documents evidence of a U-shaped relationship between financial development and the adjustments of foreign exchange reserve holdings in response to a U.S. interest rate increase.
November 03, 2025
Special Report
Higher tariffs in U.S., Mexico part of global response to China export surge
Concerns regarding diversion or transshipment of Chinese exports have figured prominently in U.S. trade talks in 2025. Mexico and Canada have already raised tariffs on Chinese goods in some sectors to protect their domestic industries.
October 31, 2025
Dallas Fed Economics
Central bank swaps offer dollar crisis lifeline to non-U.S. banks
Starting in late 2007, the Federal Reserve, in partnership with a few major foreign central banks, began offering central bank dollar liquidity swap lines as an important liquidity backstop.
September 30, 2025
Special Report
China expands Mexico investment but notably lags U.S., other G7 economies
China has been the fastest growing source of foreign direct investment (FDI) to Mexico in recent years. Chinese investment has also become a prominent issue in U.S.-Mexico economic relations. However, this FDI remains small compared with U.S. investment in Mexico.
September 26, 2025
Working Papers
Pandemic and War Inflation: Lessons from the International Experience
This paper examines the drivers of the 2020–23 inflation surge, with an emphasis on the similarities and differences across countries, as well as the role that monetary policy frameworks might have played in shaping central banks’ responses.
September 19, 2025
Dallas Fed Economics
Are trade deficits good or bad, and can tariffs reduce them?
Typically, trade deficits are viewed through a lens of exports and imports, with the latter exceeding the former. While that is a useful exercise, it’s also helpful to examine deficits through a macroeconomic lens.
September 04, 2025