A Portfolio Approach to Global Imbalances
用投资组合框架分析美国净外国资产头寸下降及特权逆转的驱动因素，发现全球储蓄过剩和货币政策扩大头寸，而投资者需求变化部分抵消了这种扩大，且2010年后美国特权下降与外国对美国股票需求增加一致。
ABSTRACT We use a portfolio‐based framework to understand what drives the decline of the U.S. net foreign asset (NFA) position and the reversal in returns earned on the U.S. NFA (exorbitant privilege). We show that global savings gluts and monetary policies widened the U.S. NFA position, while investor demand shifts partially offset this widening. Moreover, U.S. privilege declined after 2010, in line with increasing foreign demand for U.S. equity. We also highlight a quantity dimension of the U.S. privilege: The U.S. can issue substantially more debt than other countries for a given yield increase.