The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States
研究了2007年后美国净外国资产头寸急剧恶化至GDP的-60%的现象，发现主因是美国企业资产价值上升导致对外股权负债膨胀，并通过模型分析指出这对代表性美国家庭的福利影响为负。
The US net foreign asset position declined sharply after 2007, reaching negative 60 percent of GDP by the third quarter of 2023. This deterioration primarily reflects a US-specific rise in corporate asset values that inflated the value of US equity liabilities to the rest of the world. To interpret these trends, we develop an international macrofinance model of flows, stocks, asset valuations, the current account, and the net foreign asset position. We find that the welfare impact of rising asset values for a representative US household has been quite negative given extensive foreign ownership of US corporate equity.