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From World Banker to World Venture Capitalist: U.S. External Adjustment and the Exorbitant Privilege

Pierre-Olivier Gourinchas and Hélène Rey

in G7 Current Account Imbalances: Sustainability and Adjustment

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter investigates the historical evolution of U.S. external assets and liabilities at market value since 1952. It shows strong evidence of a sizeable excess return of gross assets over gross ... More


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