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Journal Article
Should U.S. investors hold foreign stocks?
U.S. investors have traditionally been reluctant to acquire foreign securities_in part, perhaps, because they fear that restrictions on trading in foreign markets will sharply limit any gains they might realize from diversifying their portfolios. An analysis of the effects of one type of restriction, short-sale constraints, on stock returns between 1976 and 1999 suggests that investing in emerging market stocks offers substantial benefits even when a ban on short sales is in place.
Journal Article
Invest in the U.S.A.?
Journal Article
Don't worry, we'll grow out of it: an analysis of demographics, consumer spending, and foreign debt
An analysis of the impact of the baby-boom generation's inrush into the work force on consumer spending, debt, and foreign investment, finding evidence that age demographics are a strong determinant of aggregate household consumption.
Journal Article
Foreign investment in the United States: a cause for concern?
Journal Article
Budget deficits and foreign savings
Discussion Paper
The globalization of U.S. business investment
This paper documents some key facts about foreign direct investment flows by U.S. businesses overseas and foreign businesses in the United States. We show how the pattern of flows has evolved, examine the sources and destination of these flows, document associated employment and productivity gains, and show how investment-related sales compare with traditional exports. While the United States is a net debtor to the rest of the world, direct investment overseas by U.S. businesses exceeds direct investment in the U.S. by foreign businesses. Furthermore, U.S. businesses seem to earn more on ...
Journal Article
Explaining the persistence of the U.S. trade deficit in the late 1980s
The U.S. trade deficit was twice as large a percentage of U.S. GDP in 1989 as in 1979 although the value of the dollar and the level of U.S. demand relative to foreign demand were roughly comparable in both years. This article investigates the reasons for the deficit's magnitude in the late 1980s. Particular attention is given to two prominent theories about the persistence of the deficit, one focusing on the relationship between exchange rate movements and capital stock developments and the other on shifts in the structure of U.S. trade flows.
Journal Article
Financing current account deficits