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The Dynamics of Ireland?s Net External Position

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  • Philip R. Lane

    ()
    (Institute for International Integration Studies, Trinity College Dublin)

Abstract

Ireland's net external liability position expanded in dramatic fashion during 2008-2010, despite relatively small net financial flows during this period. Understanding the the source and persistence of this negative shock is critically important in assessing the future path for the Irish economy. However, data analysis is made difficult by the confounding impact of Ireland's major role as an international financial centre, such that the "core" international balance sheet remains obscure. However, there is considerable indirect evidence to believe that a substantial component of this decline is genuine and relates to the internationally-leveraged structure of the financial portfolios of domestic Irish residents.

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Bibliographic Info

Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp388.

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Length: 24 pages
Date of creation: Dec 2011
Date of revision:
Handle: RePEc:iis:dispap:iiisdp388

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Keywords: net external position; Ireland; valuation;

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  1. Stephanie E. Curcuru & Tomas Dvorak & Francis E. Warnock, 2007. "The Stability of Large External Imbalances: The Role of Returns Differentials," NBER Working Papers 13074, National Bureau of Economic Research, Inc.
  2. Gabriel Zucman, 2012. "The missing wealth of nations: Are Europe and the U.S. net debtors or net creditors?," PSE Working Papers halshs-00565224, HAL.
  3. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2001. "The external wealth of nations: measures of foreign assets and liabilities for industrial and developing countries," Journal of International Economics, Elsevier, vol. 55(2), pages 263-294, December.
  4. Philip R. Lane & Gian Maria Milesi-Ferretti, 2009. "Where did all the borrowing go? A forensic analysis of the U.S. external position," NBER Chapters, in: Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR National Bureau of Economic Research, Inc.
  5. Alberto Felettigh & Paola Monti, 2008. "How to interpret the CPIS data on the distribution of foreign portfolio assets in the presence of sizeable cross-border positions in mutual funds. Evidence for Italy and the main euro-area countries," Questioni di Economia e Finanza (Occasional Papers) 16, Bank of Italy, Economic Research and International Relations Area.
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