Cross-Border Returns Differentials
利用美国投资者持有外国股票和债券以及外国投资者持有美国股票和债券的月度数据，发现证券投资组合的回报差异远小于此前报告的水平，并指出先前估计偏差源于使用内部不一致的修订数据。
Using a monthly data set on the 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 for portfolio securities is far smaller than previously reported. Examining all U.S. claims and liabilities, we find that previous estimates of large differentials are biased upward. The bias owes to computing implied returns from an internally inconsistent data set of revised data; original data produce a much smaller differential. We also attempt to reconcile our findings with observed patterns of cumulated current account deficits, the net international investment position, and the net income balance. Overall, we find no evidence that the United States can count on earning substantially more on its claims than it pays on its liabilities.