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A Portfolio Approach to Global Imbalances

Tony Zhang - ; Zhengyang Jiang - ; Robert J. Richmond - ;

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 U.S. 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 line 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.


Ketersediaan

Call NumberLocationAvailable
PSB lt.2 - Karya Akhir (Koleksi Majalah)1
PenerbitUSA: The American Finance Association 2024
EdisiVolume 79, Issue 3, June 2024, Pages 2025-2076
SubjekMonetary policy
Portfolio investment
Capital flows
Net Foreign Asset
ISBN/ISSN1540-6261
KlasifikasiNONE
Deskripsi Fisikill, chart, table, grafik, 678 hal, 20 cm
Info Detail SpesifikThe Journal of Finance
Other Version/RelatedTidak tersedia versi lain
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  • A Portfolio Approach to Global Imbalances

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