International capital flows and debt dynamics /

International capital flows and debt dynamics /

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Bibliographic Details
Author / Creator:	Evans, Martin D. D., author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2012.
Description:	1 online resource (59 pages)
Language:	English
Series:	IMF working paper ; WP/12/175 IMF working paper ; WP/12/175.
Subject:	Capital movements -- Econometric models. Capital movements -- United States -- Econometric models. Debts, External -- Econometric models. Debts, External -- United States -- Econometric models. Capital movements -- Econometric models. Debts, External -- Econometric models. United States.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/11138406

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. Research Department.
ISBN:	1475581211 9781475581218 147550523X 9781475505238 1475566131 9781475566130 9781475505238 9781475566130
Digital file characteristics:	data file
Notes:	Title from PDF title page (IMF Web site, viewed July 17, 2012). "Research." "July 2012." Includes bibliographical references.
Summary:	This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model to estimate the drivers of the U.S. external position and capital flows between 1973 and 2008. The estimates show that most of the secular rise in U.S. international indebtedness is attributable to growing optimism about future returns on U.S. holdings of foreign equity and FDI assets. They also show that the transformation of world savings into risky assets by the U.S. had little effect on its external position, but the expected future real depreciation of the dollar allowed the U.S. to sustain a higher level of international debt after the 1990s.

Description
Summary:	This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model to estimate the drivers of the U.S. external position and capital flows between 1973 and 2008. The estimates show that most of the secular rise in U.S. international indebtedness is attributable to growing optimism about future returns on U.S. holdings of foreign equity and FDI assets. They also show that the transformation of world savings into risky assets by the U.S. had little effect on its external position, but the expected future real depreciation of the dollar allowed the U.S. to sustain a higher level of international debt after the 1990s.
Item Description:	Title from PDF title page (IMF Web site, viewed July 17, 2012). "Research." "July 2012."
Physical Description:	1 online resource (59 pages)
Bibliography:	Includes bibliographical references.
ISBN:	1475581211 9781475581218 147550523X 9781475505238 1475566131 9781475566130