Gian Maria Milesi-Ferretti

TL;DR: In this article, the authors construct estimates of external assets and liabilities for 145 countries for the period 1970-2004, focusing on trends in net and gross external positions, and the composition of international portfolios.

TL;DR: In this paper, the authors construct estimates of external assets and liabilities for 145 countries for 1970-2004, focusing on trends in net and gross external positions, and the composition of international portfolios.

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.

TL;DR: In this article, the authors study the effects of electoral institutions on the size and composition of public expenditure in OECD and Latin American countries and present a model emphasizing the distinction between purchases of goods and services and transfers, which are easier to target across social groups.

TL;DR: Milesi-Ferretti and Tille as mentioned in this paper identify stylized facts and main drivers of the retrenchment in international capital flows and identify the stylized fact and main driver of this development.