01855cas a2200265 a 4500 AALejournalIMF001439 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451979244 1018-5941 BD-DhAAL BD-DhAAL Horne, Jocelyn. Net Foreign Assets and International Adjustment : The United States, Japan, and Germany / Jocelyn Horne, Paul Masson, Jeroen Kremers. Washington, D.C. : International Monetary Fund, 1993. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines external adjustment in the United States, Japan and Germany from the perspective of net foreign asset positions. It asks two questions: What are, in the long run, the determinants of net foreign asset equilibrium? and: What are, in the short run, some of the adjustment mechanisms sustaining that equilibrium? An analysis of post-war data produces two insights. First, using a cointegration approach, the existence of long-run net foreign asset equilibrium can be identified: it is a function of demographic variables and public debt. Second, deviations from long-run equilibrium give rise to feedback through different components of domestic absorption in the three countries. Mode of access: Internet Kremers, Jeroen. Masson, Paul. IMF Working Papers; Working Paper ; No. 1993/033 Full text available on IMF http://elibrary.imf.org/view/journals/001/1993/033/001.1993.issue-033-en.xml IMF e-Library