Curcuru, Stephanie E.; Dvorak, Tomas; Warnock, Francis E. - In: The Quarterly Journal of Economics 123 (2008) 4, pp. 1495-1530
Using a monthly data set on the foreign equity and bond portfolios of U.S. investors and the U.S. equity and bond portfolios of foreign investors, we find that the returns differential for portfolio securities is far smaller than previously reported. Examining all U.S. claims and liabilities, we...