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The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities,1970–2004

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Author Info
Philip R. Lane
Gian Maria Milesi-Ferretti

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Abstract

We construct estimates of external assets and liabilities for over 140 countries over the period 1970-2004. We describe our estimation methods and present some key features of the data, both at the country and at the global level. We focus in particular on trends in net and gross external positions, as well as on the composition of international portfolios, distinguishing between foreign direct investment, portfolio equity investment, foreign exchange reserves, and external debt. We also document the existence of a “world net foreign asset discrepancy” (the stock counterpart to the world current account discrepancy) and identify the asset categories that account for this discrepancy.

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Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp126.

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Date of creation: 05 Apr 2006
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Handle: RePEc:iis:dispap:iiisdp126

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Related research
Keywords: International financial integration; net foreign assets;

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Find related papers by JEL classification:
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Maurice Obstfeld, 2004. "External Adjustment," NBER Working Papers 10843, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Francis E. Warnock & Veronica C. Warnock, 2005. "International capital flows and U.S. interest rates," International Finance Discussion Papers 840, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  3. Philip R. Lane & G.M. Milesi-Ferretti, 2003. "International Financial Integration," Trinity Economics Papers 20031, Trinity College Dublin, Department of Economics. [Downloadable!]
    Other versions:
  4. Philip Lane & Gian Maria Milesi-Ferretti, 2001. "THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries," CEG Working Papers 20012, Trinity College Dublin, Department of Economics. [Downloadable!]
    Other versions:
  5. Pierre-Olivier Gourinchas & Hélène Rey, 2005. "International Financial Adjustment," International Finance 0505004, EconWPA. [Downloadable!]
    Other versions:
  6. Francis E. Warnock & Veronica C. Warnock, 2005. "International Capital Flows and U.S. Interest Rates," The Institute for International Integration Studies Discussion Paper Series iiisdp103, IIIS. [Downloadable!]
  7. Cedric Tille, 2003. "The impact of exchange rate movements on U.S. foreign debt," Current Issues in Economics and Finance, Federal Reserve Bank of New York, issue Jan. [Downloadable!]
  8. Charles P. Thomas & Francis E. Warnock & Jon Wongswan, 2004. "The performance of international portfolios," International Finance Discussion Papers 817, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Rabah Arezki & Fuad Hasanov, 2009. "Global Imbalances and Petrodollars," IMF Working Papers 09/89, International Monetary Fund. [Downloadable!]
  2. Bank for International Settlements, 2008. "Monetary and financial stability implications of capital flows in Latin America and the Caribbean," BIS Papers, Bank for International Settlements, number 43, 11. [Downloadable!]
  3. Nadeem Ilahi & Riham Shendy, 2008. "Do the Gulf Oil-Producing Countries Influence Regional Growth? the Impact of Financial and Remittance Flows," IMF Working Papers 08/167, International Monetary Fund. [Downloadable!]
  4. Dimitris K. Christopoulos & Karine Gente & Miguel A. Leon-Ledesma, 2008. "Net Foreign Assets, Productivity and Real Exchange Rates in Constrained Economies," Discussion Papers 2008-17, School of Economics, The University of New South Wales. [Downloadable!]
  5. Iñaki Erauskin-Iurrita, 2009. "The current account and the new rule in a not-so-small open economy," Investigaciones Economicas, Fundación SEPI, vol. 33(3), pages 529-557, September. [Downloadable!]
  6. Céline Azémar & Rodolphe Desbordes, 2008. "Public Governance, Health and Foreign Direct Investment in Sub-Saharan Africa," Working Papers 2009_04, Department of Economics, University of Glasgow. [Downloadable!]
  7. Ansgar Belke & Andreas Rees, 2009. "We analyze the importance of global shocks for the global economy and national policy makers. More specifically, we investigate whether monetary policy has become less effective in the wake of financi," Ruhr Economic Papers 0135, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen. [Downloadable!]
  8. Papaioannou, Elias, 2008. "What Drives International Financial Flows? Politics, Institutions and Other Determinants," CEPR Discussion Papers 7010, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  9. Patrick A. Imam & Camelia Minoiu, 2008. "Mauritius: A Competitiveness Assessment," IMF Working Papers 08/212, International Monetary Fund. [Downloadable!]
  10. Tovar, Camilo Ernesto, 2008. "DSGE Models and Central Banks," Economics Discussion Papers 2008-30, Kiel Institute for the World Economy. [Downloadable!]
    Other versions:
  11. Hanan Morsy, 2009. "Current Account Determinants for Oil-Exporting Countries," IMF Working Papers 09/28, International Monetary Fund. [Downloadable!]
  12. Andrew Sheng & Allen Ng, 2008. "The External Wealth of China: An Investigation from the International Balance Sheet Perspective," Working Papers 012008, Hong Kong Institute for Monetary Research. [Downloadable!]
  13. Nicola Gennaioli & Alberto Martin & Stefano Rossi, 2009. "Institutions, Public Debt and Foreign Finance," Economics Working Papers 1170, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  14. Thomas Nitschka, 2009. "Momentum in stock market returns, risk premia on foreign currencies and international financial integration," IEW - Working Papers iewwp405, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  15. Jeanne, Olivier & Rancière, Romain, 2008. "The Optimal Level of International Reserves For Emerging Market Countries: A New Formula and Some Applications," CEPR Discussion Papers 6723, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  16. Michael B. Devereux & Hans Genberg, 2006. "Currency Appreciation and Current Account Adjustment," Working Papers 172006, Hong Kong Institute for Monetary Research. [Downloadable!]
    Other versions:
  17. Chris Papageorgiou & Subir Lall & Florence Jaumotte, 2008. "Rising Income Inequality: Technology, or Trade and Financial Globalization?," IMF Working Papers 08/185, International Monetary Fund. [Downloadable!]
  18. Foued Chihi & Michel Normandin, 2008. "External and Budget Deficits in Developing Countries," Cahiers de recherche 0819, CIRPEE. [Downloadable!]
  19. Eichengreen, Barry & Gullapalli, Rachita & Panizza, Ugo, 2009. "Capital account liberalization, financial development and industry growth: a synthetic view," P.O.L.I.S. department's Working Papers 128, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  20. Francisco J. Buera & Yongseok Shin, 2009. "Productivity Growth and Capital Flows: The Dynamics of Reforms," NBER Working Papers 15268, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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