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Divergence of net international investment positions: a snowball effect ?
[Divergence des positions extérieures nettes : effet boule de neige ?]

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  • Baptiste Meunier

Abstract

The net international investment positions (NIIP) of the G20 countries have diverged since 1990. While this divergence results partly from persistent imbalances in goods and services, NIIPs have their own dynamics: the portfolio generates income and capital gains or losses. These dynamics have had a stabilising effect at the cost of financial risks for some debtors, i.e. the United States, and an excessive accumulation of safe assets by some creditors. Les positions extérieures nettes (PEN) des pays du G20 divergent depuis 1990. Si cela résulte en partie de déséquilibres persistants des soldes de biens et services, les PEN ont leur propre dynamique : le portefeuille génère revenus et plus ou moins-values. Cette dynamique a eu un effet stabilisateur au prix de risques financiers pour certains débiteurs, par ex. les États-Unis, et d’une accumulation excessive d’actifs sûrs par certains créditeurs.

Suggested Citation

  • Baptiste Meunier, 2019. "Divergence of net international investment positions: a snowball effect ? [Divergence des positions extérieures nettes : effet boule de neige ?]," Eco Notepad (in progress) 142, Banque de France.
    • Handle: RePEc:bfr:econot:142
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