External Adjustment, Global Imbalances and Valuation Effects

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Capital is Back: Wealth-Income Ratios in Rich Countries 1700–2010 (2014, background): “Wealth-income and capital-output ratios provide an 7See Obstfeld (2013) and Gourinchas and Rey (2013) for recent papers surveying the literature on this issue.”
Financial Flows and the International Monetary System (2015, unknown): “As discussed in Gourinchas and Rey (2014), the external assets of the United States for example are tilted towards ”risky assets”, equity and FDI which constitute about 49% of total assets between 1970 and 2010, while external US liabilities consist mostly of ”safer assets” such as debt and bank…”
The External Wealth of Nations Revisited: International Financial Integration in the Aftermath of the Global Financial Crisis (2018, methodology): “The analysis in this paper is framed by the research agenda studying the implications of the size and composition of international balance sheets for macroeconomic outcomes and macroeconomic policy (see, among others, Gourinchas and Rey 2014; Obstfeld 2015).”