Abstract

13.1 External debt in the form of debt securities are liabilities within direct and portfolio investment of the balance of payments and the International investment position (IIP). In recent decades, the relaxation of restrictions on the foreign investment activities of financial corporations and other institutional investors, combined with continued financial innovation, has resulted in a surge of cross-border investment in debt securities (and equities). This has increased the interest of policymakers in data on this activity.

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