Search Results
Showing results 1 to 1 of approximately 1.
(refine search)
Conference Paper
Historic imbalances and great debates: do the economists see it coming?
Today?s debates over the international flows of capital, goods, and services center around the puzzle of privilege?the possibility for some countries to enjoy ?an excess return on assets relative to liabilities allowing them to sustain larger trade deficits in equilibrium?--- as Christopher Meissner and Alan Taylor define it in their contribution to this conference (p.5). Why do foreigners, at apparently such low rates of return, continue to invest so heavily in the United States? Why do American investments abroad apparently earn higher returns than others derive operating in the same ...