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A Global Perspective on External Positions

Author/Editor: Lane, Philip R. | Milesi-Ferretti, Gian Maria
Authorized for Distribution: August 1, 2005
Electronic Access: Free Full Text (PDF file size is 651KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This 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 U.S. 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.
 
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Series: Working Paper No. 05/161
Subject(s): Capital flows | External borrowing | External debt | Financial systems | Government accounting
Author's keyword(s): Financial integration | capital flows | external assets and liabilities
 
English  
    Published:   August 1, 2005        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2005161   Pages:   44
    Price:   US$15.00 (Academic Rate: US$15.00 )
       
     
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