The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States

• 成果类型: Article
• 署名作者: Atkeson, Andrew; Heathcote, Jonathan; Perri, Fabrizio
• 署名单位: University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20230732
• 发表日期: 2025
• 页码: 2151-2206
• 关键词: international diversification puzzle; External adjustment; market power; returns; NATIONS; WEALTH; liabilities; GROWTH; TRENDS; rise

摘要

The US net foreign asset position declined sharply after 2007, reaching negative 60 percent of GDP by the third quarter of 2023. This deterioration primarily reflects a US-specific rise in corporate asset values that inflated the value of US equity liabilities to the rest of the world. To interpret these trends, we develop an international macro-finance model of flows, stocks, asset valuations, the current account, and the net foreign asset position. We find that the welfare impact of rising asset values for a representative US household has been quite negative given extensive foreign ownership of US corporate equity. (JEL F32, F21, F40, G15)