Short and White Papers
American Investment in Chinese Renminbi
Bruno Cavani, Christopher Clayton, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger - In preparation for the AEA Papers and Proceedings, 2026
We document the rise and subsequent retreat of U.S. investment in Chinese renminbi-denominated bonds, showing that recent declines are driven primarily by U.S. funds exiting RMB positions altogether amid heightened geopolitical tension.
Global Imbalances and Power Imbalances
Christopher Clayton, Matteo Maggiori, Jesse Schreger - In preparation for the AEA Papers and Proceedings, 2026
A short paper examining how global imbalances may give rise to power imbalances, as illustrated by the Suez Crisis.
GCAP Public Security-Level Data on U.S. Fund Holdings
Bruno Cavani, Matteo Maggiori, Jesse Schreger - White Paper, October 2025
We construct representative security-fund-level longitudinal data for the United States using regulatory filings of portfolio holdings from Form N-PORT. Our results confirm that N-PORT data offer a comprehensive, reliable, and public source for research in macroeconomics and finance. We make all the security-level data on holdings available in a public repository of the GCAP Lab and provide code for updating the data.
The Political Economy of Geoeconomic Power
Christopher Clayton, Matteo Maggiori, Jesse Schreger - AEA Papers and Proceedings, 2025
Great powers are increasingly using their economic and financial strength for geopolitical aims. This rise of "geoeconomics" has the potential to reshape the international trade and financial system. This paper examines the role of domestic political economy forces in determining a government's ability to project geoeconomic power abroad. We also discuss the role that persuading or coercing foreign governments plays in projecting geoeconomic power around the world.
Selected media coverage: Central Banking | Corriere della Sera | Economic Times
China In Tax Havens
Christopher Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger – AEA Papers and Proceedings, 2023
We document the rise of China in offshore capital markets over the past twenty years.
Selected media coverage: Bloomberg | New York Times | The Wire China
The Rise of the Dollar and Fall of the Euro as International Currencies
Matteo Maggiori, Brent Neiman, Jesse Schreger — AEA Papers and Proceedings, 2019
Starting with the 2008 financial crisis, the U.S. dollar experienced an increase in its international currency role, while the Euro experienced a corresponding decline. The switch is broad-based across bonds, loans, and invoicing in goods markets.