The International Investment Position of the United States in the Twenty-First Century
Abstract
The accumulation process in the United States is contingent upon the substantial opportunities presented by domestic corporations, encompassing amortization and retained earnings, in addition to both internal and external sources of financing. The present study is dedicated to the analysis of the evolution of the international investment position of the United States since the beginning of the 21st century. The objective of the present study is to identify changes in the structure of US liabilities and assets during three key periods: 2000–2007, 2007–2019, 2019–2023 in the context of global processes and the country’s monetary policy. During the period spanning from 2000 to 2023, net investment inflows amounted to nearly $20 trillion at “moderate market prices,” discounted for stability and security. Concurrently, financial investment in the US economy is predominantly concentrated in the forms of equity, investment funds, and long-term debt. An analysis of the geographical distribution of US portfolio investments reveals the stability of the nation’s primary partners, with developed countries and offshore financial centers predominating. However, during the period under review, there were changes in financial flows between the US and developing countries, primarily the BRICS countries.
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