| Description |
1 online resource (39 pages) : illustrations |
| Series |
IMF working paper, 2227-8885 ; WP/07/160 |
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IMF working paper ; WP/07/160.
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| Summary |
This paper examines the roles of U.S. financial innovation, financial globalization, and the savings glut hypothesis in explaining the rise in U.S. external debt, first in a portfolio balance model, and then empirically. Perhaps surprisingly, financial deepening and falling home bias in industrialized countries explain a large share of external financing. The savings glut hypothesis (including difficult-to-track petrodollar recycling) and U.S. financial innovation are also important, in part as a cause of declining home bias in industrialized countries. The latter underscores the importance of not looking at these factors in isolation, but rather as a constellation of forces that can be self-reinforcing |
| Bibliography |
Includes bibliographical references (pages 37-39) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Balance of payments -- United States -- Econometric models
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Debts, External -- United States -- Econometric models
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Finance -- United States -- Econometric models
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Balance of payments -- Econometric models
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Debts, External -- Econometric models
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Finance -- Econometric models
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United States
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| Form |
Electronic book
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| Author |
Bayoumi, Tamim A., author.
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Tulin, Volodymyr, author.
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International Monetary Fund. Western Hemisphere Department.
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| ISBN |
1283517027 |
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9781283517027 |
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1451911777 |
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9781451911770 |
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