The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004

• 成果类型: Article
• 署名作者: Lane, Philip R.; Milesi-Ferretti, Gian Maria
• 署名单位: Trinity College Dublin; International Monetary Fund
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2007.02.003
• 发表日期: 2007
• 页码: 223-250
• 关键词: financial integration; capital flows; external assets and liabilities; equity investment; External debt; Foreign direct investment

摘要

We construct estimates of external assets and liabilities for 145 countries for 1970-2004. We describe our estimation methods and key features of the data at the country and global level. We focus on trends in net and gross external positions, and the composition of international portfolios. 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 accounting for this discrepancy. (C) 2007 Elsevier B.V. All rights reserved.