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The External Wealth of Nations Mark II

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  • Philip R. Lane
  • Gian-Maria Milesi-Ferretti

Abstract

We construct estimates of external assets and liabilities for 145 countries for the period 1970-2004. We describe our estimation methods and present key features of the data at the country and the global level. We focus on trends in net and gross external positions, and the composition of international portfolios, distinguishing between foreign direct investment, portfolio equity investment, official reserves, and external debt. We document the increasing importance of equity financing and the improvement in the external position for emerging markets, and the differing pace of financial integration between advanced and developing economies. We also show the existence of a global discrepancy between estimated foreign assets and liabilities, and identify the asset categories that account for this discrepancy.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/69.

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Length: 50
Date of creation: 01 Mar 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/69

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Related research

Keywords: Financial assets; Foreign investment; External debt; foreign assets; foreign asset; net foreign asset; net foreign assets; industrial countries; net foreign asset position; foreign asset position; fdi; international financial; financial integration; foreign asset positions; net foreign asset positions; international investment; international financial integration; capital flows; direct investment; international balance sheets; globalization; foreign direct investment; industrial country; exchange rates; financial globalization; portfolio investment; international balance sheet; trade integration; international finance; international trade; global development finance; international financial statistics; international settlements; foreign exchange; foreign asset holdings; financial markets; foreign liabilities; equity portfolios; foreign investors; global financial integration; industrial ? countries; international financial system; global stock market; international investors; direct investment statistics; direct investments; international financial transactions; international financial markets; international financial centers; foreign currency;

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References

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  1. Gourinchas, Pierre-Olivier & Rey, Hélène, 2005. "International Financial Adjustment," Center for International and Development Economics Research, Working Paper Series qt124628cx, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  2. 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.
  3. Gian Maria Milesi-Ferretti, & Philip R. Lane, 2003. "International Financial Integration," The Institute for International Integration Studies Discussion Paper Series iiisdp03, IIIS.
  4. 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.).
  5. 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, vol. 9(Jan).
  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.
  7. 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.).
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