We propose a method to break down capital flows into portfolio growth and portfolio reallocation components and apply it to data on US equity and bond outflows. The decomposition is part of an integrated approach that decomposes purchases of any asset into portfolio growth and reallocation components. US equity and bond outflows depend not just on portfolio growth and the reallocation between US and foreign equity and bonds, but also on reallocation decisions higher up on the decision tree. This includes reallocation between portfolio and non-portfolio assets and between equity and bonds. We also consider the decomposition of US equity and bond outflows to individual foreign countries. The data shed light on the importance of the various components in accounting for capital flows over both the short and long run.

中文翻译：

---

国际资本流动的分解

我们提出了一种将资金流分解为投资组合增长和投资组合再分配组成部分的方法，并将其应用于有关美国股票和债券流出的数据。分解是一种集成方法的一部分，该方法将购买任何资产分解为投资组合增长和重新分配的组成部分。美国股票和债券的流出不仅取决于投资组合的增长以及美国和外国股票与债券之间的重新分配，而且还取决于决策树上端的重新分配决策。这包括在投资组合和非投资组合资产之间以及权益和债券之间进行重新分配。我们还考虑了美国股本和债券向个别外国的流出的分解。数据揭示了各个方面在短期和长期内对资本流动进行核算的重要性。