在一篇2005年的论文中，皮埃尔-奥利佛·古林查斯（Pierre-Olivier Gourinchas）和伊莲·雷（Hélène Rey）指出，曾经是世界的银行家的美国，已经变成了世界的风险资本家，展开国际股权及债券投资，特别是在亚洲，而不只是银行借贷。
In a 2005 paper, Pierre-Olivier Gourinchas and Hélène Rey argued that the US, once the world’s banker, had become its venture capitalist, investing internationally, especially in Asia, instead of just borrowing and lending.