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Book Cover
Author Lane, Philip R., 1969- author

Title Where did all the borrowing go? : a forensic analysis of the U.S. external position / prepared by Philip R. Lane and Gian Maria Milesi-Ferretti
Published Washington, D.C. : International Monetary Fund, Research Dept., 2008
Online access available from:
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Description 1 online resource (35 pages) : illustrations
Series IMF working paper ; WP/08/28
IMF working paper ; WP/08/28
Summary The deterioration in the U.S. net external position in recent years has been much smaller than the extensive net borrowing associated with large current account deficits would have suggested. This paper examines the sources of discrepancies between net borrowing and accumulation of net liabilities for the U.S. economy over the past 25 years. In particular, it highlights and quantifies the role played by net capital gains on the U.S. external portfolio and 'residual adjustments' in explaining this discrepancy. It discusses whether these 'residual adjustments' are likely to be originating from measurement errors in external assets and liabilities, financial flows, or capital gains, and explores the implications of these conjectures for the U.S. financial account and external position
Bibliography Includes bibliographical references (pages 20-22)
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. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Balance of payments -- United States.
Capital movements -- United States.
Debts, Public -- United States.
Investments, American.
Form Electronic book
Author Milesi-Ferretti, Gian Maria, author
International Monetary Fund. Research Department.
ISBN 1283516772
1451913435 (e-book)
9781451913439 (e-book)