The External Wealth of Nations Mark Ii: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004
Philip R. Lane,Philip R. Lane,Philip R. Lane,Gian Maria Milesi-Ferretti,Gian Maria Milesi-Ferretti +4 more
Reads0
Chats0
TLDR
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.Abstract:
We construct estimates of external assets and liabilities for 145 countries for the period 1970-2004. We describe our estimation methods and present key features of the data at the country and the global level. We focus on trends in net and gross external positions, and the composition of international portfolios, distinguishing between foreign direct investment, portfolio equity investment, official reserves, and external debt. 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 that account for this discrepancy.read more
Citations
More filters
Journal ArticleDOI
U.S. current account debate with Japan then, with China now
TL;DR: The authors examined two U.S. current account deficit episodes, one in the 1980s and the other in the current 2000s, in which Japan and China, respectively, are the current account surplus countries that are criticized for contributing to the deficits.
Journal ArticleDOI
Trading on Their Terms? Commodity Exporters in the Aftermath of the Commodity Boom
TL;DR: The authors found that both actual and potential output move together with commodity terms of trade, but that actual output comoves twice as strongly as potential output, and that the weak commodity price outlook is estimated to subtract 1 to 2¼ percentage points from actual output growth annually on average during 2015-17.
OtherDOI
Asia confronts the impossible trinity
Ila Patnaik,Ajay Shah +1 more
TL;DR: In this article, the authors examined capital account openness and exchange rate flexibility in 11 Asian economies and highlighted the need for a consistent monetary policy framework to ensure the stability of capital flows.
BookDOI
Financial Globalization in Emerging Economies: Much Ado about Nothing?
TL;DR: In this article, the authors characterize the evolution of financial globalization in emerging markets using alternative measures, and find that, in the 2000s, financial globalization has grown only marginally and international portfolio diversification has been limited and declining over time.
Journal ArticleDOI
A Forensic Analysis of Global Imbalances
Menzie D. Chinn,Menzie D. Chinn,Barry Eichengreen,Barry Eichengreen,Barry Eichengreen,Hiro Ito +5 more
TL;DR: In this paper, the authors examined whether the determinants of global current account balances changed during the period preceding the global crisis of 2008-09 while inquiring into the prospects for the global imbalances in the post-crisis period.
References
More filters
Posted Content
The External Wealth of NationsMeasures of Foreign Assets and Liabilities for Industrial and Developing Countries
Philip R. Lane,Philip R. Lane,Philip R. Lane,Gian Maria Milesi-Ferretti,Gian Maria Milesi-Ferretti +4 more
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.
Posted Content
THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries
TL;DR: In this article, the authors constructed estimates of foreign assets and liabilities and their equity and debt subcomponents for a sample of 67 industrial and developing countries, and explored the sensitivity of estimated stock positions to the treatment of valuation effects not captured in balance of payments data.
ReportDOI
International Financial Adjustment
TL;DR: In this paper, the authors explore the implications of a country's external budget constraint to study the dynamics of net foreign assets and exchange rate movements, and find that deterioration in a country net exports or net foreign asset position relative to their trend have to be matched either by future net export growth (the trade channel) or by future increases in the returns of the net-foreign asset portfolio, a hitherto unexplored valuation channel.
Posted Content
International Institutions for Reducing Global Financial Instability
Kenneth Rogoff,Kenneth Rogoff +1 more
TL;DR: In this paper, a broad range of plans are considered, including a global lender of last resort facility, an international bankruptcy court, international debt insurance corporation, and unilateral controls on capital flows.
Journal ArticleDOI
International Financial Integration
Philip R. Lane,Philip R. Lane,Philip R. Lane,Gian Maria Milesi-Ferretti,Gian Maria Milesi-Ferretti,Gian Maria Milesi-Ferretti +5 more
TL;DR: In this article, the authors describe the broad trends in international financial integration for a sample of industrial countries, and seek to explain the cross-country and time-series variation in the size of international balance sheets.
Related Papers (5)
What Matters for Financial Development? Capital Controls, Institutions, and Interactions
Menzie D. Chinn,Hiro Ito +1 more
Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.
Manuel Arellano,Stephen Bond +1 more