| Description |
1 online resource (59 pages). |
| Physical Medium |
polychrome |
| Description |
text file |
| Series |
IMF working paper ; WP/12/175
|
|
IMF working paper ; WP/12/175.
|
| Note |
Title from PDF title page (IMF Web site, viewed Jul. 17, 2012). |
| Summary |
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. |
| Bibliography |
Includes bibliographical references. |
| Note |
"Research." |
|
"July 2012." |
| Local Note |
eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America |
| Subject |
Capital movements -- Econometric models.
|
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Capital movements -- Econometric models. |
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Capital movements. |
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Capital movements -- United States -- Econometric models.
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United States. |
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Econometric models. |
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Debts, External -- Econometric models.
|
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Debts, External -- Econometric models. |
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Debts, External. |
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Debts, External -- United States -- Econometric models.
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| Genre/Form |
Electronic books.
|
| Added Author |
International Monetary Fund. Research Department.
|
| ISBN |
1475581211 electronic book |
|
9781475581218 electronic book |
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