The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries
Philip Lane and
Gian Maria Milesi-Ferretti ()
No 2231, CEPR Discussion Papers from C.E.P.R. Discussion Papers
Abstract:
Current capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by various countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt subcomponents for a sample of 66 industrial and developing countries. It characterizes the stylized facts of estimated stocks and asks whether there are trends in net foreign asset positions and shifts in debt-equity ratios over time. Finally, it explores the sensitivity of estimates of stock positions to the treatment of valuation effects that are not captured in balance of payments data.
Keywords: External Assets; External Debt; Foreign Direct Investment; Portfolio Equity (search for similar items in EconPapers)
JEL-codes: F21 F34 (search for similar items in EconPapers)
Date: 1999-09
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Related works:
Journal Article: The external wealth of nations: measures of foreign assets and liabilities for industrial and developing countries (2001) 
Working Paper: THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries (2001) 
Working Paper: THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries (2001) 
Working Paper: The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries (1999) 
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