| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29771 |
| 来源ID | Working Paper 29771 |
| The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States | |
| Andrew Atkeson; Jonathan Heathcote; Fabrizio Perri | |
| 发表日期 | 2022-02-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The US net foreign asset position has deteriorated sharply in the years following the Global Financial Crisis 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 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 Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w29771 |
| 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/587445 |
| 推荐引用方式 GB/T 7714 | Andrew Atkeson,Jonathan Heathcote,Fabrizio Perri. The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States. 2022. |
| 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 | ||
| w29771.pdf（1006KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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