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The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries

Author

Listed:
  • Mr. Gian M Milesi-Ferretti
  • Mr. Philip R. Lane

Abstract

Capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt subcomponents for 66 industrial and developing countries for the period 1970-97. It explores the sensitivity of estimates of stock positions to the treatment of valuation effects not captured in balance of payments data. Finally, it characterizes the stylized facts of estimated stocks and asks whether there are trends in net foreign asset positions and differences in debt-equity ratios across countries.

Suggested Citation

  • Mr. Gian M Milesi-Ferretti & Mr. Philip R. Lane, 1999. "The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries," IMF Working Papers 1999/115, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:1999/115
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    Cited by:

    1. Karine Gente & Miguel Leon-Ledesma, 2006. "Does the world real interest rate affect the real exchange rate? The South East Asian experience," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 15(4), pages 441-467.
    2. Mathias Hoffmann, 2003. "Cross-country evidence on the link between the level of infrastructure and capital inflows," Applied Economics, Taylor & Francis Journals, vol. 35(5), pages 515-526.
    3. Heathcote, Jonathan & Perri, Fabrizio, 2004. "Financial globalization and real regionalization," Journal of Economic Theory, Elsevier, vol. 119(1), pages 207-243, November.
    4. Lorenzo Pozzi, 2003. "Tax Discounting in a High‐debt Economy," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(3), pages 261-282, July.
    5. Archi Bhatia & Hans Raj Sharma, 2019. "Financial liberalization and channels of growth: a comparative study of developed and emerging economies," Indian Economic Review, Springer, vol. 54(1), pages 81-119, June.
    6. Hale, Galina & Arteta, Carlos, 2009. "Currency crises and foreign credit in emerging markets: Credit crunch or demand effect?," European Economic Review, Elsevier, vol. 53(7), pages 758-774, October.
    7. Faisal Ahmed & Rabah Arezki & Norbert Funke, 2007. "The composition of capital flows to South Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 19(2), pages 275-294.
    8. Aart Kraay & Norman Loayza & Luis Servén & Jaume Ventura, 2005. "Country Portfolios," Journal of the European Economic Association, MIT Press, vol. 3(4), pages 914-945, June.
    9. International Monetary Fund, 2002. "Tunisia’s Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime," IMF Working Papers 2002/190, International Monetary Fund.
    10. Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2008. "Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation," The Review of Economics and Statistics, MIT Press, vol. 90(2), pages 347-368, May.
    11. Willi Semmler, 2011. "Asset Prices, Booms and Recessions," Springer Books, Springer, number 978-3-642-20680-1, July.
    12. S. Holle & M. Demertzis, 2002. "External Wealth and the Trade Balance: A Time-Series Analysis for the Netherlands," WO Research Memoranda (discontinued) 716, Netherlands Central Bank, Research Department.
    13. Enrica De Cian, 2006. "International Technology Spillovers in Climate-Economy Models: Two Possible Approaches," Working Papers 2006.141, Fondazione Eni Enrico Mattei.
    14. Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2007. "Capital Flows in a Globalized World: The Role of Policies and Institutions," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, pages 19-72, National Bureau of Economic Research, Inc.
    15. Cerdeiro, Diego A. & Komaromi, Andras, 2021. "Financial openness and capital inflows to emerging markets: In search of robust evidence," International Review of Economics & Finance, Elsevier, vol. 73(C), pages 444-458.
    16. Portes, Richard, 2001. "The European Contribution to International Financial Stability," CEPR Discussion Papers 2956, C.E.P.R. Discussion Papers.
    17. Yifan Hu, 2006. "The choice of inflation targeting—an empirical investigation," International Economics and Economic Policy, Springer, vol. 3(1), pages 27-42, April.
    18. Philip Lane & Gian Maria Milesi-Ferretti, 2002. "Long-run determinants of the Irish real exchange rate," Applied Economics, Taylor & Francis Journals, vol. 34(5), pages 549-553.
    19. C. M. Buch, 2003. "What Determines Maturity? An analysis of German Commercial Banks' foreign Assets," Applied Financial Economics, Taylor & Francis Journals, vol. 13(5), pages 337-351.
    20. Alberto Bagnai, 2006. "Structural breaks and the twin deficits hypothesis," International Economics and Economic Policy, Springer, vol. 3(2), pages 137-155, November.
    21. Dragomirescu-Gaina, Catalin & Philippas, Dionisis, 2013. "Is the EMU government bond market a playground for asymmetries?," The Journal of Economic Asymmetries, Elsevier, vol. 10(1), pages 21-31.
    22. Guonan Ma & Zhou Haiwen, 2009. "China’s evolving external wealth and rising creditor position," BIS Working Papers 286, Bank for International Settlements.
    23. Alberto Bagnai, 2010. "Structural changes, cointegration and the empirics of Thirlwall's law," Applied Economics, Taylor & Francis Journals, vol. 42(10), pages 1315-1329.
    24. Enrique G. Mendoza & P. Marcelo Oviedo, 2006. "Fiscal Policy and Macroeconomic Uncertainty in Emerging Markets: The Tale of the Tormented Insurer," 2006 Meeting Papers 377, Society for Economic Dynamics.

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