FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2266014715> ?p ?o ?g. }

• W2266014715 abstract "Abstract I present a new model for the U.S. external position that accounts for the accumulation of international debt over the past 60 years. The model is based on the present value restriction that links a country's external position to future trade flows and financial conditions in the absence of arbitrage opportunities and Ponzi schemes. It features the role played by the stochastic discount factor, the trade and valuation adjustment channels and provides a decomposition of the U.S. external position into secular and cyclical components. The model shows that shocks operating via the valuation channel are the dominant drivers of cyclical dynamics, accounting for approximately 80% of the variance over the 60-year sample. This channel works primarily via capital gains and losses on U.S. foreign assets and is closely tied to the international value of the U.S. dollar. In contrast, there is no evidence that valuation channel adjustments contribute to the secular dynamics, but differences between the average returns on foreign assets and liabilities raise the steady-state debt-to-GDP ratio from approximately 12 to 15%. The long-term deterioration in the U.S. position represents a move towards the steady-state before the early 1990s and a move away from the steady-state thereafter. I quantify the expected improvement in future U.S. trade balances needed to justify this as a sustainable path and show that they are very different from its actual behavior during the last 60 years. I also study the behavior of the U.S. position during the 2007–2008 financial crisis." @default.
• W2266014715 created "2016-06-24" @default.
• W2266014715 creator A5083476754 @default.
• W2266014715 date "2017-07-01" @default.
• W2266014715 modified "2023-09-25" @default.
• W2266014715 title "External balances, trade and financial conditions" @default.
• W2266014715 cites W1523708333 @default.
• W2266014715 cites W1564201137 @default.
• W2266014715 cites W1567728793 @default.
• W2266014715 cites W1575847068 @default.
• W2266014715 cites W1605682015 @default.
• W2266014715 cites W197284401 @default.
• W2266014715 cites W2042177683 @default.
• W2266014715 cites W2102119177 @default.
• W2266014715 cites W2104883727 @default.
• W2266014715 cites W2107030460 @default.
• W2266014715 cites W2107751926 @default.
• W2266014715 cites W2108818539 @default.
• W2266014715 cites W2113951213 @default.
• W2266014715 cites W2114498554 @default.
• W2266014715 cites W2128066466 @default.
• W2266014715 cites W2137016177 @default.
• W2266014715 cites W2140366551 @default.
• W2266014715 cites W2144173116 @default.
• W2266014715 cites W2150652869 @default.
• W2266014715 cites W2152249394 @default.
• W2266014715 cites W2159437739 @default.
• W2266014715 cites W2169010782 @default.
• W2266014715 cites W2478041219 @default.
• W2266014715 cites W2892031746 @default.
• W2266014715 cites W2978837572 @default.
• W2266014715 cites W3020982730 @default.
• W2266014715 cites W3022878057 @default.
• W2266014715 cites W3121281077 @default.
• W2266014715 cites W3121417734 @default.
• W2266014715 cites W3121595015 @default.
• W2266014715 cites W3122475708 @default.
• W2266014715 cites W3122558552 @default.
• W2266014715 cites W3122872242 @default.
• W2266014715 cites W3122987776 @default.
• W2266014715 cites W3123216366 @default.
• W2266014715 cites W3124203685 @default.
• W2266014715 cites W3124575545 @default.
• W2266014715 cites W3124755225 @default.
• W2266014715 cites W3124762100 @default.
• W2266014715 cites W3125017137 @default.
• W2266014715 cites W3125468377 @default.
• W2266014715 cites W3126003609 @default.
• W2266014715 doi "https://doi.org/10.1016/j.jinteco.2017.04.002" @default.
• W2266014715 hasPublicationYear "2017" @default.
• W2266014715 type Work @default.
• W2266014715 sameAs 2266014715 @default.
• W2266014715 citedByCount "2" @default.
• W2266014715 countsByYear W22660147152020 @default.
• W2266014715 countsByYear W22660147152021 @default.
• W2266014715 crossrefType "journal-article" @default.
• W2266014715 hasAuthorship W2266014715A5083476754 @default.
• W2266014715 hasBestOaLocation W22660147152 @default.
• W2266014715 hasConcept C10138342 @default.
• W2266014715 hasConcept C106159729 @default.
• W2266014715 hasConcept C109168655 @default.
• W2266014715 hasConcept C120527767 @default.
• W2266014715 hasConcept C139719470 @default.
• W2266014715 hasConcept C160623529 @default.
• W2266014715 hasConcept C162324750 @default.
• W2266014715 hasConcept C186027771 @default.
• W2266014715 hasConcept C198082294 @default.
• W2266014715 hasConcept C2776988154 @default.
• W2266014715 hasConcept C2780933327 @default.
• W2266014715 hasConcept C44171179 @default.
• W2266014715 hasConcept C52092804 @default.
• W2266014715 hasConcept C556758197 @default.
• W2266014715 hasConceptScore W2266014715C10138342 @default.
• W2266014715 hasConceptScore W2266014715C106159729 @default.
• W2266014715 hasConceptScore W2266014715C109168655 @default.
• W2266014715 hasConceptScore W2266014715C120527767 @default.
• W2266014715 hasConceptScore W2266014715C139719470 @default.
• W2266014715 hasConceptScore W2266014715C160623529 @default.
• W2266014715 hasConceptScore W2266014715C162324750 @default.
• W2266014715 hasConceptScore W2266014715C186027771 @default.
• W2266014715 hasConceptScore W2266014715C198082294 @default.
• W2266014715 hasConceptScore W2266014715C2776988154 @default.
• W2266014715 hasConceptScore W2266014715C2780933327 @default.
• W2266014715 hasConceptScore W2266014715C44171179 @default.
• W2266014715 hasConceptScore W2266014715C52092804 @default.
• W2266014715 hasConceptScore W2266014715C556758197 @default.
• W2266014715 hasLocation W22660147151 @default.
• W2266014715 hasLocation W22660147152 @default.
• W2266014715 hasOpenAccess W2266014715 @default.
• W2266014715 hasPrimaryLocation W22660147151 @default.
• W2266014715 hasRelatedWork W1037621783 @default.
• W2266014715 hasRelatedWork W1499034825 @default.
• W2266014715 hasRelatedWork W1532631057 @default.
• W2266014715 hasRelatedWork W1586022812 @default.
• W2266014715 hasRelatedWork W1981400388 @default.
• W2266014715 hasRelatedWork W2008048759 @default.
• W2266014715 hasRelatedWork W2156128003 @default.
• W2266014715 hasRelatedWork W2329442835 @default.
• W2266014715 hasRelatedWork W247603376 @default.
• W2266014715 hasRelatedWork W2796319183 @default.

• next