External Capital Structure Theory and Evidence

33 Pages Posted: 31 Jan 2006

See all articles by Philip R. Lane

Philip R. Lane

Trinity College (Dublin) - Department of Economics; Centre for Economic Policy Research (CEPR); Central Bank of Ireland

Gian Maria Milesi-Ferretti

International Monetary Fund (IMF); National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Date Written: August 2000

Abstract

Recent years have witnessed a change in the composition of capital flows to developing countries, and FDI and equity flows have been playing an increasing role. In this paper we discuss the challenges for international macroeconomics that these developments pose and characterize stylized facts associated with the structure of external liabilities in developing countries, focusing in particular on FDI and equity stocks.

Keywords: Net foreign assets, portfolio equity, foreign direct investment, external debt

JEL Classification: F21, F34

Suggested Citation

Lane, Philip R. and Milesi-Ferretti, Gian Maria, External Capital Structure Theory and Evidence (August 2000). IMF Working Paper, Vol. , pp. 1-33, 2000. Available at SSRN: https://ssrn.com/abstract=879967

Philip R. Lane (Contact Author)

Trinity College (Dublin) - Department of Economics ( email )

Trinity College
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Centre for Economic Policy Research (CEPR)

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Central Bank of Ireland ( email )

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Gian Maria Milesi-Ferretti

International Monetary Fund (IMF) ( email )

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National Bureau of Economic Research (NBER)

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Centre for Economic Policy Research (CEPR)

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United Kingdom

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