From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege**
Gourinchas, P.O., Rey, H.
Date Published: 2007
Gourinchas, Pierre-Olivier, and Helene Rey. "From world banker to world venture capitalist: US external adjustment and the exorbitant privilege." G7 Current Account Imbalances: Sustainability and Adjustment. University of Chicago Press, 2007. 11-66.
Abstract:
We analyse the structure of US external assets and liabilities since 1952 and discover an "exorbitant privilege".
Citation:
Gourinchas, Pierre-Olivier, and Helene Rey. "From world banker to world venture capitalist: US external adjustment and the exorbitant privilege." G7 Current Account Imbalances: Sustainability and Adjustment. University of Chicago Press, 2007. 11-66.
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**This material is based upon work supported by the National Science Foundation under Grant No. 0519217.
[Data: Gross positions by asset class, flows, and total nominal implicit returns are
available here.]
[Media coverage: Bloomberg]
CEPR DP 5220,
NBER WP 11563
Copyright © 2007 The University of Chicago. All rights reserved.