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The External Wealth of Nations Mark Ii: Revised and Extended Estimates of Foreign Assets and Liabilities,1970-2004

51 Pages Posted: 12 Aug 2006  

Philip R. R. Lane

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

Gian Maria Maria Milesi-Ferretti

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

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Date Written: March 2006

Abstract

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

Lane, Philip R. R. and Milesi-Ferretti, Gian Maria 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

Philip R. R. Lane (Contact Author)

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

Trinity College
Dublin 2
Ireland
+353 1 608 2259 (Phone)
+353 1 677 2503 (Fax)

Centre for Economic Policy Research (CEPR)

77 Bastwick Street
London, EC1V 3PZ
United Kingdom

Gian Maria Maria Milesi-Ferretti

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Centre for Economic Policy Research (CEPR)

77 Bastwick Street
London, EC1V 3PZ
United Kingdom

International Monetary Fund (IMF) ( email )

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Room 9-700
Washington, DC 20431
United States
202-623-7441 (Phone)
202-589-7441 (Fax)

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