TY  - BOOK
AU  - Favilukis,Jack
AU  - Ludvigson,Sydney C.
AU  - Van Nieuwerburgh,Stijn
ED  - National Bureau of Economic Research.
TI  - Foreign Ownership of U.S. Safe Assets: Good or Bad? 
T2  - NBER working paper series
PY  - 2014///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - February 2014; Hardcopy version available to institutional subscribers
N2  - The last 20 years have been marked by a sharp rise in international demand for U.S. reserve assets, or safe stores-of-value. What are the welfare consequences to U.S. households of these trends, or of a reversal? In a lifecycle model with aggregate and idiosyncratic risks, the young and oldest households may benefit substantially from such capital inflows, but middle-aged savers may suffer from greater exposure to systematic risk in equity and housing markets. Under the veil of ignorance, a newborn in the lowest wealth quantile is willing to forego 2.7% of lifetime consumption to avoid a large capital outflow
UR  - https://www.nber.org/papers/w19917
UR  - http://dx.doi.org/10.3386/w19917
ER  -