The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004
IMF Working Papers, March 1, 2006
Source details
- Canonical URL
- The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004
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Bibliographic details
- Authors: Philip R. Lane, Gian M Milesi-Ferretti
- Published: March 1, 2006
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451863291.001
Overview and scope
- Authors: Philip R. Lane, Gian M Milesi-Ferretti
- Publication date: March 1, 2006
- Coverage: 145 countries for the period 1970-2004
- Pages: 50
- Series: Working Paper No. 2006/069
- Volume: 2006
- Issue: 069
- DOI: https://doi.org/10.5089/9781451863291.001
- ISBN: 9781451863291
- ISSN: 1018-5941
Data construction and methods
- Constructed estimates of external assets and liabilities for 145 countries for the period 1970-2004.
- Estimation methods are described in the paper (methodological detail not reproduced here).
- Distinguishes between categories: foreign direct investment, portfolio equity investment, official reserves, and external debt.
Key empirical findings
- Focus areas:
- Trends in net and gross external positions.
- Composition of international portfolios by asset category.
- Documented trends and patterns:
- Increasing importance of equity financing.
- Improvement in the external position for emerging markets.
- Differing pace of financial integration between advanced and developing economies.
- Global discrepancy:
- The study shows the existence of a global discrepancy between estimated foreign assets and liabilities.
- Identifies the asset categories that account for this discrepancy (specific categories and magnitudes are detailed in the paper).
Subject areas and keywords
- Subject: Current account; Emerging and frontier financial markets; External position; Foreign assets; Stocks
- Keywords: cumulated portfolio equity outflow; liability position; portfolio equity inflow; portfolio equity liability; WP
Publication note
- 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.
Source: IMF Working Paper — The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004 (Philip R. Lane and Gian M Milesi-Ferretti), March 1, 2006.