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A Global View of the U.S. Investment Position

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  • Andrew Swiston
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    Abstract

    This paper analyzes various indicators of the U.S. international investment position from a portfolio perspective. The 1990s saw a decline in home bias, which, coupled with rapid financial deepening, led to a large increase in gross international investment holdings. The home bias of non-U.S. investors declined more rapidly than that of U.S. investors, allowing the United States to finance a rising stock of net liabilities, even as foreign portfolios remained marketweight or underweight U.S. assets in each investment category. However, a comparison to other countries reveals that the U.S. net international investment position (NIIP) is large given the size of the economy and is deteriorating, especially through a growing negative net debt securities position.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/181.

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    Length: 24
    Date of creation: 01 Sep 2005
    Date of revision:
    Handle: RePEc:imf:imfwpa:05/181

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    Related research

    Keywords: Foreign investment; External debt; international investment; foreign assets; industrial countries; financial markets; foreign investors; market size; foreign liabilities; fdi; international financial; foreign asset holdings; global financial system; foreign asset; net foreign assets; exchange rates; global financial markets; international lending; foreign markets; industrial country; global finance; foreign relations; global financial stability; foreign companies; investment decisions; foreign currency; economic integration; foreign investments; globalization; international financial statistics; international financial holdings; international settlements; international finance; global market;

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    1. Maurice Obstfeld & Kenneth Rogoff, 2005. "The unsustainable U.S. current account position revisited," Proceedings, Federal Reserve Bank of San Francisco.
    2. Gian-Maria Milesi-Ferretti & Philip R. Lane, 1999. "The External Wealth of Nations," IMF Working Papers 99/115, International Monetary Fund.
    3. Gourinchas, Pierre-Olivier & Rey, Hélène, 2005. "International Financial Adjustment," CEPR Discussion Papers 4923, C.E.P.R. Discussion Papers.
    4. Karolyi, G. Andrew & Stulz, Rene M., 2003. "Are financial assets priced locally or globally?," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 16, pages 975-1020 Elsevier.
    5. Lee Pinkowitz & Rene M. Stulz & Rohan Williamson, 2001. "Corporate Governance and the Home Bias," NBER Working Papers 8680, National Bureau of Economic Research, Inc.
    6. Carol C. Bertaut & William L. Griever, 2004. "Recent developments in cross-border investment in securities," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Win, pages 19-31.
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    Cited by:
    1. Guy Meredith, 2007. "Debt Dynamics and Global Imbalances: Some Conventional Views Reconsidered," IMF Working Papers 07/4, International Monetary Fund.
    2. Marcela Meirelles Aurelio, 2006. "Going global : the changing pattern of U.S. investment abroad," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 5-32.

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