U.S. International Capital Flows and the Dollar

Lois Stekler and

LS

Lois Stekler Board of Governors of the Federal Reserve System

Peter Isard

PI

Peter Isard Board of Governors of the Federal Reserve System

THIS PAPER ADDRESSES four topics: the recent composition of U.S. international capital flows; capital flows and alternative hypotheses about the dollar’s appreciation; concerns about U.S. net international indebtedness; and the plausibility that the depreciation of the dollar will be gradual.