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International capital flows and debt dynamics /
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 est...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
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| Colección: | IMF working paper ;
WP/12/175. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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. |
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| Notas: | Title from PDF title page (IMF Web site, viewed July 17, 2012). "Research." "July 2012." |
| Descripción Física: | 1 online resource (59 pages) |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 1475581211 9781475581218 147550523X 9781475505238 1475566131 9781475566130 1475524803 9781475524802 |