Returns on foreign assets and liabilities- exorbitant privileges and stabilising adjustments
Zsolt Darvas () and
Working Papers from Bruegel
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...
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