Abstract

The US accumulation process relies on the huge opportunities of national companies (amortization and retained earnings), internal sources of lending, and external sources of financing. The article is devoted to analyzing the evolution of the international investment position of the United States since the beginning of the 21st century. The purpose of the study is to identify changes in the structure of US liabilities and assets in three key periods: 2000-2007, 2007-2019, and 2019-2023 in the context of global processes and the country’s monetary policy. In 2000-2023, net investment inflows amounted to nearly $20 trillion at “moderate market prices” discounted for stability and security. Meanwhile, financial investment in the US economy is concentrated in the form of capital, investment funds, and long-term debt. The analysis of the geography of US portfolio investments has revealed the stability of the country’s key partners, among which developed countries and offshore financial centers dominate. However, during the period under review, there were changes in financial flows between the United States and developing countries, primarily the BRICS countries.