The External Wealth of Nations : Measures of Foreign Assets and Liabilities for Industrial and Developing Countries

Author/Editor:

Gian M Milesi-Ferretti ; Philip R. Lane

Publication Date:

August 1, 1999

Electronic Access:

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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:

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.

Series:

Working Paper No. 99/115

Notes:

Link to the data set and documentation for this Working Paper.

English

Publication Date:

August 1, 1999

ISBN/ISSN:

9781451853841/1018-5941

Stock No:

WPIEA1151999

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

62

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