The role of stock-flow adjustment during the global financial crisis
研究了全球金融危机后净国际投资头寸的差异扩大，发现存量失衡由资本流动驱动，但存量-流量调整呈稳定模式，净外债最多的国家估值收益最大，且这种稳定由投资组合权益价值变化驱动。
While the recent contraction of current account imbalances that followed the Global Financial Crisis is well documented, this paper analyzes the increasing divergence of net international investment positions in the post-crisis period. Decomposing the change in the net international investment position into capital flows and stock-flow adjustment, I find that the increasing stock imbalances are driven by the flows. However, stock-flow adjustments show a stabilizing pattern. Countries with the largest net foreign liabilities experienced the greatest valuation gains. Analyzing this effect by different asset classes shows that this stabilizing pattern was driven by a change in the value of portfolio equity. The pro-cyclical movement of domestic stock markets during the post-crisis period improved international risk sharing through foreign portfolio equity liabilities.