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Returns on foreign assets and liabilities- exorbitant privileges and stabilising adjustments

Zsolt Darvas () and Pia Hüttl

Working Papers from Bruegel

Abstract: Financial globalisation has led to large increases in foreign assets and liabilities in recent decades, increasing the scope for valuation changes that are potentially greater than trade or financial flows. We confirm that the United States enjoys an ‘exorbitant privilege’ on flow income from foreign assets, which is primarily related to foreign direct investment (FDI). The geographical allocation of FDI assets explains only a small part of the US yield...

Date: 2017-11
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