| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13074 |
| 来源ID | Working Paper 13074 |
| The Stability of Large External Imbalances: The Role of Returns Differentials | |
| Stephanie E. Curcuru; Tomas Dvorak; Francis E. Warnock | |
| 发表日期 | 2007-05-09 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Were the U.S. to persistently earn substantially more on its foreign investments ("U.S. claims") than foreigners earn on their U.S. investments ("U.S. liabilities"), the likelihood that the current environment of sizeable global imbalances will evolve in a benign manner increases. However, utilizing data on the actual foreign equity and bond portfolios of U.S. investors and the U.S. equity and bond portfolios of foreign investors, we find that the returns differential of U.S. claims over U.S. liabilities is essentially zero. Ending our sample in 2005, the differential is positive, whereas through 2004 it is negative; in both cases the differential is statistically indecipherable from zero. Moreover, were it not for the poor timing of investors from developed countries, who tend to shift their U.S. portfolios toward (or away from) equities prior to the subsequent underperformance (or strong performance) of equities, the returns differential would be even lower. Thus, in the context of equity and bond portfolios we find no evidence that the U.S. can count on earning more on its claims than it pays on its liabilities. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w13074 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570742 |
| 推荐引用方式 GB/T 7714 | Stephanie E. Curcuru,Tomas Dvorak,Francis E. Warnock. The Stability of Large External Imbalances: The Role of Returns Differentials. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13074.pdf（446KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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