Search Results - subject:"Foreign assets"

Lane, Philip R.; Milesi-Ferretti, Gian Maria - 2021

International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this paper, we show that a small set of fundamentals - shifts in relative output levels, the stock of public debt and demographic factors - can do much to explain...

Persistent link: https://www.econbiz.de/10013317890

Japan's Foreign Assets and Liabilities : Implications for the External Accounts

Colacelli, Mariana; Gautam, Deepali; Rebillard, Cyril - 2021

The composition of Japan's current account balance has changed over time, with an increasing income balance primarily reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan's income balance with peer countries highlights: (i) relatively high yields on...

Persistent link: https://www.econbiz.de/10013243059

Puzzles Over International Taxation of Cross Border Flows of Capital Income

Whalley, John - 2021

I discuss the tax treatment of transborder capital income, focussing on prevailing arrangements rather than de novo design of optimal tax arrangements. These comprise unilateral reliefs from double taxation under credit or exemption systems, and treaty reliefs (largely following the OECD model...

Persistent link: https://www.econbiz.de/10013244097

Current Account Balances, Financial Development and Institutions : Assaying the World "Savings Glut"

Chinn, Menzie David; Ito, Hiro - 2021

We investigate the medium-term determinants of the current account using a model that controls for factors related to institutional development, with a goal of informing the recent debate over the existence and relevance of the "savings glut." The economic environmental factors that we consider...

Persistent link: https://www.econbiz.de/10013246398

From World Banker to World Venture Capitalist : Us External Adjustment and the Exorbitant Privilege

Gourinchas, Pierre-Olivier; Rey, Hélène - 2021

US gets on its foreign assets. We also find evidence of a "composition effect": the US tends to borrow short and lend …

Persistent link: https://www.econbiz.de/10013248578

Renminbising China's Foreign Assets

Cheung, Yin-Wong; Ma, Guonan; McCauley, Robert N. - 2021

Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects...

Persistent link: https://www.econbiz.de/10013316219

Excess Returns on Net Foreign Assets : The Exorbitant Privilege From a Global Perspective

Habib, Maurizio Michael - 2021

This paper studies net foreign assets and the differential returns between gross foreign assets and liabilities for a … imparting a drift to net foreign assets over the long-run, whereas the latter dominate short-term dynamics. Excess returns on … net foreign assets of the United States are indeed exorbitant from a global perspective, only occasionally matched by …

Persistent link: https://www.econbiz.de/10013316259

Non-Economic Engagement and International Exchange : The Case of Environmental Treaties

Rose, Andrew Kenan; Spiegel, Mark M. - 2021

We examine the role of non-economic partnerships in promoting international economic exchange. Since far-sighted countries are more willing to join costly international partnerships such as environmental treaties, environmental engagement tends to encourage international lending. Countries with...

Persistent link: https://www.econbiz.de/10013238743

Long-Term Capital Movements

Lane, Philip R.; Milesi-Ferretti, Gian Maria - 2021

the desired net foreign asset position and the investment returns generated on the outstanding stock of net foreign assets …

Persistent link: https://www.econbiz.de/10013228610

A Portfolio Approach to Global Imbalances

Jiang, Zhengyang; Richmond, Robert; Zhang, Tony - 2021

We develop a portfolio-based framework to understand the deterioration of the U.S. net foreign asset (NFA) position and the returns earned on U.S. NFA (exorbitant privilege). We show global savings gluts and monetary policies widened the U.S. NFA position, while investor demand shifts offset...

Persistent link: https://www.econbiz.de/10013236185