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Article: The valuation of hidden assets in foreign transactions: why "dark matter" matters; It is more important than is sometimes thought.
- Article from:
- Business Economics
- Article date:
- January 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 The National Association for Business Economists. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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This paper clarifies how the valuation of hidden assets--what we call "dark matter"--changes our assessment of the U.S. external imbalance. Dark matter assets are defined as the capitalized value of the return privilege obtained by U.S. assets. Because this return privilege has been steady over recent decades, it is likely to persist in the future or even to increase, as it becomes leveraged by an increasingly globalized world. Once this is included in future projections of U.S. current accounts, the U.S. external position looks much more balanced than depicted in official statistics.
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It is well known that the U.S. economy has been running ...
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