A Global Perspective on External Positions

Gian Maria Milesi-Ferretti () and Philip Lane

No 5234, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: The paper highlights the increased dispersion in net external positions in recent years, particularly among industrial countries. It provides a simple accounting framework that disentangles the factors driving the accumulation of external assets and liabilities (such as trade imbalances, investment income flows, and capital gains) for major external creditors and debtors. It also examines the factors driving the foreign asset portfolio of international investors, with a special focus on the weight of US liabilities in the rest of the world's stock of external assets. Finally, it relates the empirical evidence to the current debate about the roles of portfolio balance effects and exchange rate adjustment in shaping the external adjustment process.

Keywords: Financial integration; Capital flows; External assets and liabilities (search for similar items in EconPapers)
JEL-codes: F31 F32 (search for similar items in EconPapers)
Date: 2005-09
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (115)

Downloads: (external link)
https://cepr.org/publications/DP5234 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

Related works:
Chapter: A Global Perspective on External Positions (2007)
Working Paper: A Global Perspective on External Positions (2005)
Working Paper: A Global Perspectiveon External Positions (2005)
Working Paper: A Global Perspective on External Positions (2005)
Working Paper: A Global Perspective on External Positions (2005)
Working Paper: A Global Perspective on External Positions (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:5234

Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP5234

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().