| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17268 |
| DP17268 The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States | |
| fabrizio perri; Andy Atkeson; Jonathan Heathcote | |
| 发表日期 | 2022-04-29 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The US net foreign asset position has deteriorated sharply since 2007 and is currently negative 65 percent of US GDP. This deterioration primarily reflects changes in the relative values of large gross international equity positions, as opposed to net new borrowing. In particular, a sharp increase in equity prices that has been US-specific has inflated the value of US foreign liabilities. We develop an international macro finance model to interpret these trends, and we argue that the rise in equity prices in the United States likely reflects rising profitability of domestic firms rather than a substantial accumulation of unmeasured capital by those firms. Under that interpretation, the revaluation effects that have driven down the US net foreign asset position are associated with large, unanticipated transfers of US output to foreign investors. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Current account Equity markets Global imbalaces |
| URL | https://cepr.org/publications/dp17268 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546282 |
| 推荐引用方式 GB/T 7714 | fabrizio perri,Andy Atkeson,Jonathan Heathcote. DP17268 The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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