The DOI matches its Crossref record; 32 of the 32 references it cites were found in a registry or an index.
Financial Integration, Financial Development, and Global Imbalances
Abstract
Global financial imbalances can result from financial integration when countries differ in financial markets development. Countries with more advanced financial markets accumulate foreign liabilities in a gradual, long‐lasting process. Differences in financial development also affect the composition of foreign portfolios: countries with negative net foreign asset positions maintain positive net holdings of nondiversifiable equity and foreign direct investment. Three observations motivate our analysis: (1) financial development varies widely even among industrial countries, with the United States on top; (2) the secular decline in the U.S. net foreign asset position started in the early 1980s, together with a gradual process of international financial integration; (3) the portfolio composition of U.S. net foreign assets features increased holdings of risky assets and a large increase in debt.
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Cites
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An Equilibrium Model of “Global Imbalances” and Low Interest Rates
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Cited by
Song, Z., Storesletten, K., & Zilibotti, F. (2011) · American Economic Review · doi:10.1257/aer.101.1.196 · Cited by 1,741
The Missing Wealth of Nations: Are Europe and the U.S. net Debtors or net Creditors?*
Zucman, G. (2013) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt012 · Cited by 544
Global imbalances and the financial crisis: reassessing the role of international finance
BORIO, C., & DISYATAT, P. (2010) · Asian Economic Policy Review · doi:10.1111/j.1748-3131.2010.01163.x · Cited by 66
Metadata
- Authors
- Mendoza, E. G., Quadrini, V., & Ríos‐Rull, J.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 2009-06
- Volume
- 117
- Issue
- 3
- Pages
- 371-416
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2159437739
- Cited by
- 785
- References
- 32
- FWCI
- 98.60
- Type
- journal article
- Language
- en
- Open access
- closed
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