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Where Did All The Borrowing Go? A Forensic Analysis of the U.S. External Position Author info | Abstract | Publisher info | Download info | Related research | Statistics Lane, Philip R.
Milesi-Ferretti, Gian Maria
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The deterioration in the U.S. net external position in recent years has been much smaller than the extensive net borrowing associated with large current account deficits would have suggested. This paper examines the sources of discrepancies between net borrowing and accumulation of net liabilities for the U.S. economy over the past 25 years. In particular, it highlights and quantifies the role played by net capital gains on the U.S. external portfolio and ‘residual adjustments’ in explaining this discrepancy. It discusses whether these ‘residual adjustments’ are likely to be originating from measurement errors in external assets and liabilities, financial flows, or capital gains, and explores the implications of these conjectures for the U.S. financial account and external position.
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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number
6655.
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Date of creation: Jan 2008Date of revision:
Handle: RePEc:cpr:ceprdp:6655Contact details of provider: Postal: Centre for Economic Policy Research, 53--56 Great Sutton Street, London EC1V 0DG Phone: 44 - 20 - 7183 8801 Fax: 44 - 20 - 7183 8820
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Keywords: capital flows ; current account ; external adjustment ; external assets and liabilities ; Financial integration ; net foreign asset position ; Other versions of this item:
Find related papers by JEL classification: F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Matthew Higgins & Thomas Klitgaard & Cédric Tille, 2006.
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Stephanie E. Curcuru & Charles P. Thomas & Francis E. Warnock, 2008.
"Current Account Sustainability and Relative Reliability ,"
NBER Working Papers
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Stephanie E. Curcuru & Tomas Dvorak & Francis Warnock, 2007.
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"Turkiye'nin Cari Acigi: Uluslararasi Karsilastirma [International Trends in Current Account Deficit: The Case of Turkey] ,"
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8568, University Library of Munich, Germany, revised 01 Apr 2008.
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Stephanie E. Curcuru & Charles P. Thomas & Francis E. Warnock, 2008.
"Current account sustainability and relative reliability ,"
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