, ; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States"; ; "kate.s.hansel@mpls.frb.org"; "Federal Reserve Bank of Minneapolis"; "Global imbalances", "Equity markets", "Current account"; "F40 - Macroeconomic Aspects of International Trade and Finance: General", "F30 - International Finance: General"; """The U.S. net foreign asset position has declined sharply since 2007 and is currently negative 65 percent of U.S. GDP. This deterioration primarily reflects a U.S.-specific rise in corporate asset values that has inflated the value of U.S. equity liabilities to the rest of the world. To interpret these trends we develop an international macro finance model of flows, stocks, asset valuations, the current account, and the net foreign asset position. We find that the welfare impact of rising asset values for a representative U.S. household has been quite negative given extensive foreign ownership of U.S. corporate equity."""^^; "2023-07-12"; "2022-04-25T17:47:35.950541932+00:00"^^; ; "https://doi.org/10.21034/sr.639"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2023-07-12T16:56:26.482486246+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "323", "39", "601"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "639"; "Current account", "Global imbalances", "Equity markets"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; ; . ; ; .