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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

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