| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30253 |
| 来源ID | Working Paper 30253 |
| A Portfolio Approach to Global Imbalances | |
| Zhengyang Jiang; Robert J. Richmond; Tony Zhang | |
| 发表日期 | 2022-07-18 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We use a portfolio-based framework to understand what drives the decline of the U.S. net foreign asset (NFA) position and the reversal in returns earned on the US NFA (exorbitant privilege). We show that global savings gluts and monetary policies widened the U.S. NFA position, while investor demand shifts partially offset this widening. Moreover, U.S. privilege declined after 2010, in accordance with increasing foreign demand for U.S. equity. We also highlight a quantity dimension of the U.S. privilege: the U.S. can issue substantially more debt than other countries for a given yield increase. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w30253 |
| 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/587925 |
| 推荐引用方式 GB/T 7714 | Zhengyang Jiang,Robert J. Richmond,Tony Zhang. A Portfolio Approach to Global Imbalances. 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 | ||
| w30253.pdf（564KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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