A Global Perspective on External Positions
By G. Milesi-Ferretti, Philip R. Lane. Social Science Research Network, 2005
302 citations recorded by the source corpus.
This 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.
View Paper: https://www.semanticscholar.org/paper/c7817dcdb5e035b701f643c6a2c5c59981813575
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Citations in the corpus
- Financial Exchange Rates and International Currency Exposures (2010, background): “4See, amongst others, Tille (2003, 2005), Gourinchas and Rey (2005), Lane and Milesi-Ferretti (2001, 2003, 2005, 2006a, 2006b).”
- The Great Retrenchment: International Capital Flows During the Global Financial Crisis (2011, unknown): “6 Lane and Milesi-Ferretti (2010) and Rose and Spiegel (2010) document a sizable heterogeneity in the magnitudes of the recession.”
- Asset Prices, Exchange Rates and the Current Account (2007, background): “…studies point at the rapidly increasing degree of global nancial integration and ensuing valuation e¤ects on gross international asset positions (Lane and Milesi-Ferretti, 2005; Gourinchas and Rey, 2007), while others underline the role of precautionary motives due to uncertainty and…”
- Global Credit and Domestic Credit Booms (2011, unknown): “Note that a comparison of cross-border with overall credit growth differs from a comparison of external claims with GDP, as in Lane and Milesi-Ferretti (2007).”
- Oil Shocks and External Balances (2009, methodology): “The NFA data are from Lane and Milesi-Ferretti (2007b). All other data (including the trade balance, current account, and GDP data) are from the IMF’s World Economic Outlook database.”