A Portfolio Approach to Global Imbalances
收藏NBER2022-07-01 更新2025-01-04 收录
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https://www.nber.org/papers/w30253
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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
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美国国家经济研究局创建时间：
2022-07-01
