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Business and Economics > Investments: Stocks

You are looking at 1 - 10 of 15 items for :

  • Type: Journal Issue x
  • External position x
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Cover IMF Working Papers
Asymmetries in the Coordinated Direct Investment Survey: What Lies Behind?
Emma Angulo
and
Alicia Hierro
This paper analyzes asymmetries in direct investment positions reported in the Coordinated Direct Investment Survey (CDIS) following a top down approach. First, it examines asymmetries at global level; second, it examines asymmetries between CDIS reported and derived data for individual economies; and third, the paper analyzes data at bilateral economy level. Then, the paper explores seven main reasons for asymmetries, including those arising even when economies follow international standards. Finally, the paper includes a section on addressing bilateral asymmetries and concludes with specific planned actions to reduce asymmetries, including initiatives led by international organizations.
Keywords:
WP; investment position; enterprise; economy; CDIS; Direct Investment; Bilateral Asymmetries; counterpart economy; direct investment position; equity investment; ultimate investing economy; reporting economy; enterprise survey; conduit company; reporting enterprise; compilation system; enterprise group; economy breakdown; Foreign direct investment; Securities; Special purpose vehicle; Stocks; International investment position; Global; Africa
Cover The Coordinated Direct Investment Survey Guide 2015
The Coordinated Direct Investment Survey Guide 2015
Miss Rita Mesias

Abstract

This Coordinated Direct Investment Survey Guide (Guide) has been prepared to assist economies in participating in the Coordinated Direct Investment Survey (CDIS). The CDIS is being conducted under the auspices of the Statistics Department of the IMF across a wide range of economies. The survey is conducted simultaneously by all participating economies; uses consistent definitions; and encourages best practices in collecting, compiling, and disseminating data on direct investment positions. The CDIS is thus an important tool in capturing world totals and the geographic distribution of direct investment positions, thereby contributing to important new understandings of the extent of globalization, and improving the overall quality of direct investment data worldwide. As of the writing of this updated Guide, more than 100 economies participate in the CDIS.

Keywords:
M&G; background color; country currency; reported data; Dem. rep.; enterprise B; McDonald island; Foreign direct investment; Securities; Stocks; Nonbank financial institutions; International investment position; Global; South America; Central America; East Asia; North Africa; Sub-Saharan Africa; Pacific Islands; position data; CDIS data; equity investment assets; investment fund share; Business enterprises
Cover Technical Notes and Manuals
Direct Reporting of Private Sector Cross-Border Financial Flows and Stocks in Selected African Countries
Kenneth Egesa
and
Howard Murad
Private cross-border financial flows and stocks have grown to account for an increasingly significant part of overall transactions and positions in many African countries. Direct reporting through enterprise surveys has become a key data source to enable them to be measured accurately. The paper describes a multi-year technical assistance project in The Gambia, Ghana, Kenya, Mauritius, Mozambique, and Nigeria, where annual enterprise surveys are now established. To varying degrees, the survey results have been incorporated into the balance of payments and International Investment Position statistics. The case studies may serve as a useful reference for other countries embarking on efforts to establish direct reporting of cross-border financial flows and stocks.
Keywords:
TNM; enterprise survey; survey frame; EDDI project; enterprise group; balance sheet account; IIP data; International Investment Position; International Capital Flows; Balance of Payments Statistics in Africa; portfolio investment; Foreign direct investment; Portfolio investment; Balance of payments statistics; Stocks; Africa
Cover IMF Working Papers
Causes of Asset Shortages in Emerging Markets
Mr. Jiaqian Chen
and
Patrick A. Imam
We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We develop a model that explains how asset shortage develop, and then econometrically estimate the causes of asset shortages. We conclude with policy implications.
Keywords:
WP; asset shortage; fixed income; incomplete market; money supply; supply and demand; Emerging Market; Capital Market; Regulation; asset issuance; asset supply; private equity; EM asset class; venture capital; asset shortage problem; asset class; asset shortage Indexit; risk asset class; asset shortage persistence; supply of financial assets; Capital markets; Pension spending; Foreign assets; Stocks; Securities markets; East Asia; Middle East; Global
Cover IMF Working Papers
Where Did All the Borrowing Go? A Forensic Analysis of the U.S. External Position
Mr. Gian M Milesi-Ferretti
and
Mr. Philip R. Lane
The deterioration in the U.S. net external position in recent years has been much smaller than the extensive net borrowing associated with large current account deficits would have suggested. This paper examines the sources of discrepancies between net borrowing and accumulation of net liabilities for the U.S. economy over the past 25 years. In particular, it highlights and quantifies the role played by net capital gains on the U.S. external portfolio and 'residual adjustments' in explaining this discrepancy. It discusses whether these 'residual adjustments' are likely to be originating from measurement errors in external assets and liabilities, financial flows, or capital gains, and explores the implications of these conjectures for the U.S. financial account and external position.
Keywords:
WP; market value; exchange rate; net capital; rate of return
Cover IMF Working Papers
Capital Flows to Central and Eastern Europe
Mr. Gian M Milesi-Ferretti
and
Mr. Philip R. Lane
We examine the evolution of the net external asset positions of Central and Eastern Europe (CEEC) countries over the past decade, with a strong emphasis on the composition of their international balance sheets. We assess the extent of their international financial integration, compared with the advanced economies and other emerging markets, and highlight the salient features of their external capital structure in terms of the relative importance of FDI, portfolio equity, and external debt. In addition, we briefly describe the country and currency composition of their external liabilities. Finally, we explore the implications of the accumulated stock of external liabilities for future trade and current account balances.
Keywords:
WP; liability; emerging market; current account
Cover IMF Working Papers
The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
We construct estimates of external assets and liabilities for 145 countries for the period 1970-2004. We describe our estimation methods and present key features of the data at the country and the global level. We focus on trends in net and gross external positions, and the composition of international portfolios, distinguishing between foreign direct investment, portfolio equity investment, official reserves, and external debt. We document the increasing importance of equity financing and the improvement in the external position for emerging markets, and the differing pace of financial integration between advanced and developing economies. We also show the existence of a global discrepancy between estimated foreign assets and liabilities, and identify the asset categories that account for this discrepancy.
Keywords:
WP; portfolio equity liability; cumulated portfolio equity outflow; liability position; portfolio equity inflow
Cover IMF Working Papers
A Global View of the U.S. Investment Position
Mr. Andrew J Swiston
This paper analyzes various indicators of the U.S. international investment position from a portfolio perspective. The 1990s saw a decline in home bias, which, coupled with rapid financial deepening, led to a large increase in gross international investment holdings. The home bias of non-U.S. investors declined more rapidly than that of U.S. investors, allowing the United States to finance a rising stock of net liabilities, even as foreign portfolios remained marketweight or underweight U.S. assets in each investment category. However, a comparison to other countries reveals that the U.S. net international investment position (NIIP) is large given the size of the economy and is deteriorating, especially through a growing negative net debt securities position.
Keywords:
WP; market; portfolio; securities position; International investment position; Home bias; Foreign investment; debt securities position; portfolio internationalization; investment portfolio; portfolio share; asset portfolio; valuation change; portfolio perspective; Foreign assets; Securities; Stocks; Global
Cover IMF Working Papers
A Global Perspectiveon External Positions
Mr. Gian M Milesi-Ferretti
and
Mr. Philip R. Lane
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.
Keywords:
WP; exchange rate; return; trade deficit; U.S. dollar; Financial integration; capital flows; external assets and liabilities; capital flow; portfolio equity; current account; return differential; returns influence; rates of return on asset; asset category; asset trade; portfolio equity instrument; return premium; FDI assets; equity position; Foreign assets; Stocks; Asset prices; Global; Asia and Pacific; Middle East
Cover IMF Staff Papers
IMF Staff Papers, Volume 50, Special Issue, IMF Third Annual Research Conference
Mr. Robert P Flood
The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as the fiscal burden reaches a critical level. The paper provides an overview of key elements of corporate bankruptcy codes and practice around the world that are relevant to the debate on sovereign debt restructuring. It also describes the broad trends in international financial integration for a sample of industrial countries and explains the cross-country and time-series variation in the size of international balance sheets.
Keywords:
SP; risk premium; STT.; portfolio; portfolio equity assets; STTS shift; output space; emerging market crisis; portfolio equity gain; exchange rate depreciation; STTS gain sponsorship; Sovereign debt restructuring; Stocks; Debt restructuring; Foreign assets; Corporate insolvency; Global; East Asia; Sub-Saharan Africa; Europe; North America