01912cas a2200253 a 4500 AALejournalIMF009790 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451868906 1018-5941 BD-DhAAL BD-DhAAL Milesi-Ferretti, Gian. Where Did All the Borrowing Go? : A Forensic Analysis of the U.S. External Position / Gian Milesi-Ferretti, Philip Lane. Washington, D.C. : International Monetary Fund, 2008. 1 online resource (35 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 The deterioration in the U.S. net external position in recent years has been much smaller than the extensive net borrowing associated with large current account deficits would have suggested. This paper examines the sources of discrepancies between net borrowing and accumulation of net liabilities for the U.S. economy over the past 25 years. In particular, it highlights and quantifies the role played by net capital gains on the U.S. external portfolio and 'residual adjustments' in explaining this discrepancy. It discusses whether these 'residual adjustments' are likely to be originating from measurement errors in external assets and liabilities, financial flows, or capital gains, and explores the implications of these conjectures for the U.S. financial account and external position. Mode of access: Internet Lane, Philip. IMF Working Papers; Working Paper ; No. 2008/028 Full text available on IMF http://elibrary.imf.org/view/journals/001/2008/028/001.2008.issue-028-en.xml IMF e-Library