Why do Foreigners Invest in the United States?

Kristin J. Forbes

NBER Working Paper No. 13908
Issued in April 2008, Revised in December 2011

---- Acknowledgements ----

Thanks to Pierre Azoulay, Henning Bohn, Stephanie Curcuru, Tomas Dvorak, Steve Kamin, Philip Lane, Gian Maria Milesi-Ferretti, Vincenzo Quadrini, Frank Warnock, and seminar participants at MIT, Harvard, the NBER, the San Francisco Pacific Basin Conference and the IMF-UK ESRC Conference on International Macro-Finance for extremely helpful comments and discussions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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