51 Pages Posted: 12 Aug 2006
Date Written: March 2006
We construct estimates of external assets and liabilities for over 140 countries over the period 1970-2004. We describe our estimation methods and present some key features of the data, both at the country and at the global level. We focus in particular on trends in net and gross external positions, as well as on the composition of international portfolios, distinguishing between foreign direct investment, portfolio equity investment, foreign exchange reserves, and external debt. We also document the existence of a "world net foreign asset discrepancy" (the stock counterpart to the world current account discrepancy) and identify the asset categories that account for this discrepancy.
Keywords: International financial integration, net foreign assets
JEL Classification: F32
Suggested Citation: Suggested Citation
Lane, Philip R. and Milesi-Ferretti, Gian Maria, The External Wealth of Nations Mark Ii: Revised and Extended Estimates of Foreign Assets and Liabilities,1970-2004 (March 2006). IIIS Discussion Paper No.126. Available at SSRN: https://ssrn.com/abstract=923766 or http://dx.doi.org/10.2139/ssrn.923766