A Portfolio Approach to Global Imbalances

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2024-04-09 DOI:10.1111/jofi.13333

ZHENGYANG JIANG, ROBERT J. RICHMOND, TONY ZHANG

引用次数: 0

Abstract

We use a portfolio-based framework to understand what drives the decline of the U.S. net foreign asset (NFA) position and the reversal in returns earned on the U.S. NFA (exorbitant privilege). We show that global savings gluts and monetary policies widened the U.S. NFA position, while investor demand shifts partially offset this widening. Moreover, U.S. privilege declined after 2010, in line with increasing foreign demand for U.S. equity. We also highlight a quantity dimension of the U.S. privilege: The U.S. can issue substantially more debt than other countries for a given yield increase.

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应对全球失衡的组合方法

我们使用一个基于投资组合的框架来理解是什么导致了美国净海外资产（NFA）头寸的下降以及美国净海外资产（高昂的特权）收益的逆转。我们的研究表明，全球储蓄膨胀和货币政策扩大了美国的净海外资产头寸，而投资者需求的转移部分抵消了这一扩大。此外，随着外国对美国股票需求的增加，美国的特权在 2010 年后有所下降。我们还强调了美国特权的数量方面：在收益率增加的情况下，美国可以比其他国家发行更多的债务。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.