G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17268
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
URLhttps://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.
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