With our data, we can document where the rise in cash is occurring. We examine geography first. Although both domestic and foreign cash have risen, the rise in foreign cash has been much greater. In Figure 2, we plot the cash held by purely domestic firms (non-MNCs), the domestic cash held by U.S. MNCs, and the foreign cash held by U.S. MNCs. Consistent with Figure 1, domestic cash held by both MNCs and non-MNCs displays growth faster than the economy, but not by a huge margin. Cash held by non-MNCs has risen by 80% over our sample period, and domestic cash held by MNCs has grown by 90%. Gross domestic product (GDP) has grown by 30% over the same period. The rise in foreign cash has been much more dramatic. It grew by 440%.Fifty-seven percent of the rise in total cash and 85% of the rise in the cash held by MNCs is due to the rise in foreign cash.