verify the theoretical prediction. We apply probit estimation controlling for time and country effects. Additionally, we show …

foreign goods. Second, an increase in the foreign demand for U.S. assets. Both forces have contributed to steadily increasing …

Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short … change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits …, of the two sources of the change in net foreign assets -- the current account and the capital gain on the net foreign …