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The US economy is often referred to as the “banker to the world,” due to its unique role in supplying global reserve assets and funding foreign risky investment. This paper develops a general equilibrium model to analyze and quantify the contribution of this role to rising wealth concentration among American households. I highlight the following points: 1) financial globalization raises wealth inequality in a financially-developed economy initially due to foreign capital pressing up domestic asset prices; 2) much of this increase is transitory and can be reversed as future expected returns on domestic assets fall; and 3) despite the low-interest-rate environment, newly accessed foreign capital provides incentives for affluent households to reallocate wealth toward risky assets while impoverished households increase their debt. Wealth concentration ensues only if this rebalancing effect is large enough to counteract diminished return on domestic assets. Quantitative analysis suggests that global financial integration alone can account for a third to a half of the observed increase in the current top one percent wealth share in the US, but indicates a possible reversal in the future.

developpement economique --- georgie --- situation economique --- 307.0 --- 330.540 --- 330.548 --- 330.580 --- 331.30 --- 331.31 --- 338.047 --- GE / Georgia - Georgie --- 338.24 <479.22> --- 338 <479.22> --- 338 (47) --- 338 (47) Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Rusland. Sovjet-Unie --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Rusland. Sovjet-Unie --- 338.24 <479.22> Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--Sovjetrepubliek Georgië --- Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--Sovjetrepubliek Georgië --- 338 <479.22> Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Sovjetrepubliek Georgië --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Sovjetrepubliek Georgië --- economische ontwikkeling --- economische toestand --- Algemene statistische documentatie. Statistische jaarboeken. Grafieken. Statistische gegevensbanken --- Socialistische stelsels: algemeenheden --- Nationalisatie. Privatiseringen --- Gecontroleerde economie. Geleide economie. Welvaarststaat. Algemeenheden --- Economische toestand --- Economisch beleid --- Privé en openbare bedrijven. Openbare diensten. Gemengde economie --- Georgia (Republic) --- Republic of Georgia --- Sakʻartʻvelo (Republic) --- Sakʻartʻvelos Respublika --- Gruzyah (Republic) --- Cheorchia (Republic) --- Xorxa (Republic) --- Jorjia (Republic) --- Gürcüstan (Republic) --- Gruzie (Republic) --- Gruzínská republika --- Georgien (Republic) --- República de Georgia --- Kartvelio (Republic) --- Gruzio (Republic) --- Gruusia (Republic) --- Georgian tasavalta --- Lýðveldið Georgia --- Géorgie (Republic) --- Geörgje (Republic) --- An tSeoirsia --- tSeoirsia (Republic) --- Xeorxia (Republic) --- Republik Georgia --- Gruzija (Republic) --- Grúzia (Republic) --- Pow Grousi --- Gruzijas Republika --- Gruzja (Republic) --- Giorgia (Republic) --- Gruzínsko (Republic) --- Republika Gruzija --- Đurđija (Republic) --- Gürcistan (Republic) --- Georgän (Republic) --- Gjeorgjia (Republic) --- Грузия (Republic) --- Gruzii︠a︡ (Republic) --- Грузија (Republic) --- Грузія (Republic) --- Hruzii︠a︡ (Republic) --- Республіка Грузія --- Respublika Hruzii︠a︡ --- Γεωργία (Republic) --- Gu̇rzhīstan (Republic) --- Georgija (Republic) --- Georgian S.S.R. --- Economic conditions. --- Economic policy. --- International finance --- United States --- Macroeconomics --- Economics: General --- Globalization --- Investments: General --- Exports and Imports --- Finance: General --- Financial Aspects of Economic Integration --- Open Economy Macroeconomics --- Macroeconomics: Consumption --- Saving --- Wealth --- Financial Markets and the Macroeconomy --- Aggregate Factor Income Distribution --- Globalization: General --- Investment --- Capital --- Intangible Capital --- Capacity --- International Investment --- Long-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- International economics --- Income distribution --- National accounts --- Income inequality --- Return on investment --- Foreign direct investment --- Balance of payments --- Currency crises --- Informal sector --- Economics --- Saving and investment --- Investments, Foreign --- Capital movements