global perspective on external positions
By: Philip R. Lane, Gian Maria Milesi-Ferretti.
Contributors: Milesi-Ferretti, Gian Maria.; National Bureau of Economic Research.
Series: NBER working paper paper series -- no. 11589.; Working paper series (National Bureau of Economic Research) -- working paper no. 11589.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, Mass
Language: eng
Number of pages: 42
Subjects: International finance; Balance of trade; Balance of trade -- United States
Description: "The paper highlights the increased dispersion in net external positions in recent years, particularly among industrial countries.  It provides a simple accounting framework that disentangles the factors driving the accumulation of external assets and liabilities (such as trade imbalances, investment income flows, and capital gains) for major external creditors and debtors.  It also examines the factors driving the foreign asset portfolio of international investors, with a special focus on the weight of U.S. liabilities in the rest of the world's stock of external assets.  Finally, it relates the empirical evidence to the current debate about the roles of portfolio balance effects and exchange rate adjustment in shaping the external adjustment process"--National Bureau of Economic Research web site.
Notes: "August 2005."

Includes bibliographical references (p. 20-22).

Also available in PDF from the NBER world wide web site (www.nber.org).