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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w13768 |
来源ID | Working Paper 13768 |
Cross-Border Returns Differentials | |
Stephanie E. Curcuru; Tomas Dvorak; Francis E. Warnock | |
发表日期 | 2008-02-07 |
出版年 | 2008 |
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, using a monthly dataset on the 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 for portfolio securities is near zero, far smaller than previously reported. Examining all U.S. claims and liabilities (portfolio securities as well as direct investment and banking), we find that previous estimates of large differentials are biased upward. The bias owes to computing implied returns from an internally inconsistent dataset of revised data; original data produce a much smaller differential. We also attempt to reconcile our finding of a near zero returns differential with observed patterns of cumulated current account deficits, the net international investment position, and the net income balance. Overall, we find no evidence that the U.S. can count on earning substantially more on its claims than it pays on its liabilities. |
主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets |
URL | https://www.nber.org/papers/w13768 |
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/571444 |
推荐引用方式 GB/T 7714 | Stephanie E. Curcuru,Tomas Dvorak,Francis E. Warnock. Cross-Border Returns Differentials. 2008. |
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 | ||
w13768.pdf(163KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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