International capital flows and debt dynamics:
Gespeichert in:
Bibliographische Detailangaben
Beteilige Person: Evans, Martin D. D. (VerfasserIn)
Format: Elektronisch E-Book
Sprache:Englisch
Veröffentlicht: [Washington, D.C.] International Monetary Fund ©2012
Schriftenreihe:IMF working paper WP/12/175
Schlagwörter:
Links:http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568165
http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568165
http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568165
Beschreibung:Title from PDF title page (IMF Web site, viewed Jul. 17, 2012). - "Research.". - "July 2012."
This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model to estimate the drivers of the U.S. external position and capital flows between 1973 and 2008. The estimates show that most of the secular rise in U.S. international indebtedness is attributable to growing optimism about future returns on U.S. holdings of foreign equity and FDI assets. They also show that the transformation of world savings into risky assets by the U.S. had little effect on its external position, but the expected future real depreciation of the dollar allowed the U.S. to sustain a higher level of international debt after the 1990s
Includes bibliographical references
Umfang:59 pages
ISBN:1475581211
9781475581218