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Working Paper
Optimal foreign borrowing and investment with an endogenous lending constraint
Glick, Reuven; Kharas, Homi J. (1985)
Working Papers in Applied Economic Theory , Paper 86-02

Report
The international diversification puzzle is not as bad as you think
Heathcote, Jonathan; Perri, Fabrizio (2007)
In simple one-good international macro models, the presence of non-diversifiable labor income risk means that country portfolios should be heavily biased toward foreign assets. The fact that the opposite pattern of diversification is observed empirically constitutes the international diversification puzzle. We embed a portfolio choice decision in a frictionless two-country, two-good version of the stochastic growth model. In this environment, which is a workhorse for international business cycle research, we derive a closed-form expression for equilibrium country portfolios. These are biased ...
Staff Report , Paper 398

Working Paper
The stability of large external imbalances: the role of returns differentials
Curcuru, Stephanie E.; Warnock, Francis E.; Dvorak, Tomas (2007)
Were the U.S. to persistently earn substantially more on its foreign investments (?U.S. claims?) than foreigners earn on their U.S. investments (?U.S. liabilities?), the likelihood that the current environment of sizeable global imbalances will evolve in a benign manner increases. However, utilizing data on the actual foreign equity and bond portfolios of U.S. investors and the U.S. equity and bond portfolios of foreign investors, we find that the returns differential of U.S. claims over U.S. liabilities is essentially zero. Ending our sample in 2005, the differential is positive, whereas ...
International Finance Discussion Papers , Paper 894

Journal Article
F.Y.I. U.S. and foreign direct investment patterns
Kahley, William J. (1989-11)
Economic Review , Issue Nov , Pages 42-57

Journal Article
Latin multinationals become global headliners
Davidson, Charles; Kay, Stephen J. (2007)
Emerging-market multinationals are grabbing the spotlight in the world economy. Gaining ground on firms from Asia, sophisticated Latin American companies are becoming giants in their industries, acquiring firms and tapping into the fertile markets in developed economies like the United States and Europe.
EconSouth , Volume 9 , Issue 3

Journal Article
Understanding U.S. cross-border securities data
Bertaut, Carol C.; Griever, William L.; Tryon, Ralph W. (2006-05)
Federal Reserve Bulletin , Volume 92 , Issue May

Working Paper
Core competencies, matching, and the structure of foreign direct investment: an update
Diez, Federico J.; Spearot, Alan C. (2012)
We develop a matching model of foreign direct investment to study how multinational firms choose between greenfield investment, acquisitions, and joint ownership. Firms must invest in a continuum of tasks to bring a product to market. Each firm possesses a core competency in the task space, but the firms are otherwise identical. For acquisitions and joint ownership, a multinational enterprise (MNE) must match with a local partner that may provide complementary expertise within the task space. However, under joint ownership, investment in tasks is shared by multiple owners and hence is subject ...
Working Papers , Paper 12-8

Journal Article
Financial consequences of new Asian surpluses
Seth, Rama; McCauley, Robert N. (1987-07)
Quarterly Review , Volume 12 , Issue Sum , Pages 32-44

Working Paper
Modeling direct investment valuation adjustments and estimating quarterly positions
Marquez, Jaime R.; Ihrig, Jane E. (2006)
This paper takes an in-depth look at U.S. direct investment valuation adjustments. We develop a methodology to generate valuation adjustments at the quarterly frequency, which can be combined with the Bureau of Economic Analysis's quarterly direct investment flows to obtain quarterly estimates of direct investment assets and liabilities. Our methodology involves two steps. First, we estimate valuation adjustment models with annual data. Our models rely on variables that reflect terms used by the Bureau of Economic Analysis in their data construction: exchange-rate changes, changes in the ...
International Finance Discussion Papers , Paper 857

Report
Voluntary conversions of LDC debt
Remolona, Eli M.; DiLeo, Paul (1989)
Research Paper , Paper 8903

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