01792cas a2200241 a 4500 AALejournalIMF007790 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451921144 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. Net Foreign Assets and International Adjustment in the United States, Japan and the Federal Republic of Germany. Washington, D.C. : International Monetary Fund, 1989. 1 online resource (60 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 U.S., 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, the adjustment mechanisms sustaining that equilibrium? An analysis of postwar data produces two insights. First, using a cointegration approach, the existence of long-run net foreign asset equilibrium can be identified; in each of the G-3 countries, it is a function of demographic variables and public debt. Second, deviations from the long-run equilibrium give rise to disequilibrium feedback through domestic absorption and through other channels. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1989/022 Full text available on IMF http://elibrary.imf.org/view/journals/001/1989/022/001.1989.issue-022-en.xml IMF e-Library