| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13908 |
| 来源ID | Working Paper 13908 |
| Why do Foreigners Invest in the United States? | |
| Kristin J. Forbes | |
| 发表日期 | 2008-04-03 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Why are foreigners willing to invest almost $2 trillion per year in the United States? The answer affects if the existing pattern of global imbalances can persist and if the United States can continue to finance its current account deficit without a major change in asset prices and returns. This paper tests various hypotheses and finds that standard portfolio allocation models and diversification motives are poor predictors of foreign holdings of U.S. liabilities. Instead, foreigners hold greater shares of their investment portfolios in the United States if they have less developed financial markets. The magnitude of this effect decreases with income per capita. Countries with fewer capital controls and greater trade with the United States also invest more in U.S. equity and bond markets, and there is no evidence that foreigners invest in the United States based on diversification motives. The empirical results showing a primary role of financial market development in driving foreign purchases of U.S. portfolio liabilities supports recent theoretical work on global imbalances. |
| 主题 | International Economics ; International Factor Mobility ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w13908 |
| 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/571582 |
| 推荐引用方式 GB/T 7714 | Kristin J. Forbes. Why do Foreigners Invest in the United States?. 2008. |
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| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13908.pdf（352KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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