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Estimates of Foreign Assets and Liabilities for Ireland

Author

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  • Galstyan, Vahagn

    (Central Bank of Ireland)

Abstract

This paper calculates foreign assets and liabilities for Ireland that are more reflective of foreign activities of Irish-resident entities. This is accomplished by stripping from the Irish international investment position the intermediation component that arises from the activities of investment funds and special purpose entities and, to some extent, correcting distortions arising from redomiciled PLCs, intellectual property transfers and aircraft leasing. My estimations not only reduce substantially gross external positions, but also shrink the extent of Irish net foreign indebtedness from 280 to 80 per cent of modified gross national income.

Suggested Citation

  • Galstyan, Vahagn, 2019. "Estimates of Foreign Assets and Liabilities for Ireland," Research Technical Papers 3/RT/19, Central Bank of Ireland.
  • Handle: RePEc:cbi:wpaper:3/rt/19
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    References listed on IDEAS

    as
    1. Galstyan, Vahagn & Lane, Philip R. & Mehigan, Caroline & Mercado, Rogelio, 2016. "The holders and issuers of international portfolio securities," Journal of the Japanese and International Economies, Elsevier, vol. 42(C), pages 100-108.
    2. Philip R. Lane, 2015. "The Funding of the Irish Domestic Banking System During the Boom," Trinity Economics Papers tep0515, Trinity College Dublin, Department of Economics.
    3. Philip R. Lane & Gian Maria Milesi-Ferretti, 2008. "International Investment Patterns," The Review of Economics and Statistics, MIT Press, vol. 90(3), pages 538-549, August.
    4. John FitzGerald, 2020. "National Accounts for a Global Economy: The Case of Ireland," NBER Chapters, in: Challenges of Globalization in the Measurement of National Accounts, pages 65-101, National Bureau of Economic Research, Inc.
    5. Kelly, Anne-Marie & Osborne-Kinch, Jenny, 2018. "Insurance Corporations Statistics in Ireland: Introducing the New Quarterly Statistics," Quarterly Bulletin Articles, Central Bank of Ireland, pages 52-65, January.
    6. Barrett, Dominick & Godfrey, Brian & Golden, Brian, 2016. "New Data Collection on Special Purpose Vehicles in Ireland: Initial Findings and Measuring Shadow Banking," Quarterly Bulletin Articles, Central Bank of Ireland, pages 71-84, October.
    7. Philip R. LANE & Kitty MOLONEY, 2018. "Market-based finance: Ireland as a host for international financial intermediation," Financial Stability Review, Banque de France, issue 22, pages 63-72, April.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Sanchez Pacheco, André, 2022. "A consolidated-by-nationality approach to Irish foreign exposure," International Economics, Elsevier, vol. 170(C), pages 235-247.
    2. Damgaard, Jannick & Elkjaer, Thomas & Johannesen, Niels, 2024. "What is real and what is not in the global FDI network?," Journal of International Money and Finance, Elsevier, vol. 140(C).
    3. Agustin S. Benetrix & Andre Sanchez Pacheco, 2021. "Corporate Taxation and International Financial Integration: U.S. evidence from a consolidated perspective," Trinity Economics Papers tep0321, Trinity College Dublin, Department of Economics.
    4. Galstyan, Vahagn & Maqui, Eduardo & McQuade, Peter, 2021. "International debt and special purpose entities: Evidence from Ireland," Journal of International Money and Finance, Elsevier, vol. 115(C).
    5. Andre Sanchez Pacheco, 2023. "Consolidated Foreign Wealth of Nations: Nationality-based measures of international exposure," Trinity Economics Papers tep0623, Trinity College Dublin, Department of Economics.
    6. Benedetta Bianchi & Giovanna Bua, 2020. "Foreign exchange derivatives and currency mismatch in Irish investment funds," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Bridging measurement challenges and analytical needs of external statistics: evolution or revolution?, volume 52, Bank for International Settlements.
    7. Mary Everett & Vahagn Galstyan, 2020. "Bilateral cross-border banking and macroeconomic determinants," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 156(4), pages 921-944, November.

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    More about this item

    Keywords

    Ireland; foreign assets; foreign liabilities; international investments.;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F39 - International Economics - - International Finance - - - Other

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