As foreign currency revenues decline, Asia's recycling back into dollar assets will also fall.
Thanks to America's superior economic performance, they say, foreign investors are eager to buy dollar assets.
There is a limit to the willingness of investors to hold ever more dollar assets.
The region is forced to acquire dollar assets in order to avoid exchange-rate appreciation and deflation.
Yields on Treasuries have not risen and spreads on riskier dollar assets continue to shrink.
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Awesome these dollar purchases undoubtedly are, but shocking also is the supply of dollar assets coming to market.
These purchases of dollar assets have helped to prop up the greenback and finance America's vast trade deficit.
Oil-exporting countries have reinvested their gains from higher oil prices in dollar assets.
Yields on safe, dollar assets are low and the opportunity cost is high, given better returns at home or elsewhere.
All this might lead some investors to think that dollar assets will offer a better long-term return on their money.
And multi-trillion dollar assets and investments in the Middle East have kept the White House involved in the region for decades.
America's creditors (central banks and private investors alike) will eventually grow wary of adding dollar assets to their portfolios, he said.
South Korea's central bank made it clear that it did not intend to sell dollar assets, just to buy fewer in future.
Over the past couple of years investors have borrowed yen at low interest rates and invested the proceeds in higher-yielding dollar assets.
GDP, America remains dangerously reliant on foreigners' willingness to buy dollar assets.
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The very suggestion that foreigners might not continue to buy dollar assets in future was enough to make some investors sell this week.
Messrs Dooley, Folkerts-Landau and Garber argue that East Asia's governments are accumulating dollar assets as a by-product of a strategy of export-led growth.
There is a further incentive for them to do so: returns on dollar assets are likely to be much lower than in recent years.
If the dollar were to start falling, these investors would earn less attractive returns and might become increasingly concerned about investing in dollar assets.
China may not have as many dollars to invest in U.S. dollar assets, the argument goes, but the U.S. won't need to buy so much anyway.
Moreover, the strong Brazilian currency trend means that Brazilians can spend less of their own hard earned money, the real, to acquire weak dollar assets like real estate.
And given the overweighting of the dollar in their current portfolios, central banks and private investors alike seem likely to switch some of their dollar assets into euros.
All U.S. government debt is denominated in U.S. dollar assets.
But investors may now prove less willing, which will mean either that interest rates have to be raised, or, to make dollar assets more attractive, the dollar must fall.
The foreign debts represent only 6% of total bank assets and the effect on these liabilities is mitigated by the dollar assets banks create with this funding through export-credit financing.
As a result, the difference between real yields in America and Japan has narrowed from a peak of nearly 5% in early 1998 to just over 2%, making dollar assets less attractive.
Goldman Sachs points out that these are just the purchases for which good records are kept: some, perhaps much, of the rest might have gone into American corporate debt or other dollar assets.
The data on what China invests in are sketchy but two things at least are clear: China has a stated desire to diversify away from dollar assets and the euro zone is the natural alternative.
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They are saying that a weak dollar is forcing Central Banks around the world to turn to other currencies and hard assets because they are losing value on their dollar based assets.
The revenue generated per dollar of assets may be about to decline by around a third.
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