Estimating U.S. Cross-Border Securities Flows: Ten Years of the TIC SLT

The Treasury International Capital (TIC) system collects cross-border securities positions and transactions data and is the primary source of information on foreign official and private demand for U.S. Treasuries and other U.S. securities, as well as for U.S. investment in foreign securities. As noted in earlier work, though, the TIC system currently collects data separately on holdings of securities (the monthly TIC SLT and the annual SHL/SHC collections) and on transactions, the TIC S, and these two data streams can be difficult to reconcile, making interpretation of movements in the data challenging.