Open AccessPosted Content
THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries
Reads0
Chats0
TLDR
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.Abstract:
Although capital flows are closely monitored, surprisingly little is known about the accumulated stocks of foreign 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 67 industrial and developing countries. It characterizes the stylized facts of international balance sheets 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 estimated stock positions to the treatment of valuation effects not captured in balance of payments data.read more
Citations
More filters
Journal ArticleDOI
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
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.
Book
Effects of Financial Globalization on Developing Countries: Some Empirical Evidence
TL;DR: The recent wave of financial globalization since the mid-1980s has been marked by a surge in capital flows among industrial countries and, more notably, between industrial and developing countries as discussed by the authors.
Posted Content
Business Cycles in Emerging Economies:The Role of Interest Rates
TL;DR: In this paper, the empirical relation between the interest rates that emerging economies face in international capital markets and their business cycles was investigated, showing that interest rate shocks alone can explain 50% of output fluctuations and can generate business cycle patterns consistent with the regularities described above and with the major booms and recessions in Argentina in the last two decades.
Journal ArticleDOI
The Determinants of Cross-Border Equity Flows
TL;DR: The authors applied a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96, and found that the geography of information heavily determines the pattern of international transactions.
Journal ArticleDOI
Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?
Yin-Wong Cheung,Yin-Wong Cheung,Menzie D. Chinn,Menzie D. Chinn,Antonio Garcia Pascual,Antonio Garcia Pascual +5 more
TL;DR: In this paper, the authors re-assess exchange rate prediction using a wider set of models that have been proposed in the last decade: interest rate parity, productivity based models, and behavioral equilibrium exchange rate' models.