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Philip R Lane - One of the best experts on this subject based on the ideXlab platform.

  • the external wealth of nations mark ii revised and extended estimates of Foreign Assets and liabilities 1970 2004
    Journal of International Economics, 2007
    Co-Authors: Philip R Lane, Gian Maria Milesiferretti
    Abstract:

    Abstract We construct estimates of external Assets and liabilities for 145 countries for 1970–2004. We describe our estimation methods and key features of the data at the country and global level. We focus on trends in net and gross external positions, and the composition of international portfolios. 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 accounting for this discrepancy.

  • the external wealth of nations mark ii revised and extended estimates of Foreign Assets and liabilities 1970 2004
    IMF Working Papers, 2006
    Co-Authors: Philip R Lane, Gian Maria Maria Milesiferretti
    Abstract:

    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.

  • the transfer problem revisited net Foreign Assets and real exchange rates
    The Review of Economics and Statistics, 2004
    Co-Authors: Philip R Lane, Gian Maria Milesiferretti
    Abstract:

    The relationship between international payments and the real exchange rate-the transfer problem—is a classic question in international economics. We use cross-country data on real exchange rates and a newly constructed data set on countries' net external positions to shed new light on this question. We present a simple theoretical framework that leads to testable implications for the long-run comovements of real exchange rates, net Foreign Assets, relative GDP and terms of trade, and cross-country and time series evidence on the subject. We show that on average countries with net external liabilities have more depreciated real exchange rates, and that the main channel of transmission seems to be the relative price of nontraded goods, rather than the relative price of traded goods, across countries.

  • international financial integration
    International Financial Integration, 2003
    Co-Authors: Philip R Lane, Gian Maria Maria Milesiferretti
    Abstract:

    In recent decades, Foreign Assets and liabilities in advanced countries have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. In this Paper, we describe the broad trends in international financial integration for a sample of industrial countries, and seek to explain the cross-country and time-series variation in the size of international balance sheets. We also examine the behaviour of the rates of return on Foreign Assets and liabilities, relating them to ‘market’ returns.

  • international financial integration
    IMF Working Papers, 2003
    Co-Authors: Philip R Lane, Gian Maria Maria Milesiferretti
    Abstract:

    In recent decades, the Foreign Assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on Foreign Assets and liabilities, relating them to "market" returns.

Gian Maria Maria Milesiferretti - One of the best experts on this subject based on the ideXlab platform.

  • the external wealth of nations mark ii revised and extended estimates of Foreign Assets and liabilities 1970 2004
    IMF Working Papers, 2006
    Co-Authors: Philip R Lane, Gian Maria Maria Milesiferretti
    Abstract:

    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.

  • international financial integration
    International Financial Integration, 2003
    Co-Authors: Philip R Lane, Gian Maria Maria Milesiferretti
    Abstract:

    In recent decades, Foreign Assets and liabilities in advanced countries have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. In this Paper, we describe the broad trends in international financial integration for a sample of industrial countries, and seek to explain the cross-country and time-series variation in the size of international balance sheets. We also examine the behaviour of the rates of return on Foreign Assets and liabilities, relating them to ‘market’ returns.

  • international financial integration
    IMF Working Papers, 2003
    Co-Authors: Philip R Lane, Gian Maria Maria Milesiferretti
    Abstract:

    In recent decades, the Foreign Assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on Foreign Assets and liabilities, relating them to "market" returns.

  • the external wealth of nations measures of Foreign Assets and liabilities for industrial and developing countries
    Journal of International Economics, 2001
    Co-Authors: Philip R Lane, Gian Maria Maria Milesiferretti
    Abstract:

    Capital flows are closely monitored, but surprisingly little is known about the stocks of external Assets and liabilities held by countries, especially in the developing world. This paper constructs estimates of Foreign Assets and liabilities and their equity and debt subcomponents for 66 industrial and developing countries for the period 1970-97. It explores the sensitivity of estimates of stock positions to the treatment of valuation effects not captured in balance of payments data. Finally, it characterizes the stylized facts of estimated stocks and asks whether there are trends in net Foreign asset positions and differences in debt-equity ratios across countries.

  • the external wealth of nations measures of Foreign Assets and liabilities for industrial and developing countries
    Trinity Economics Papers, 2001
    Co-Authors: Philip R Lane, Gian Maria Maria Milesiferretti
    Abstract:

    Although capital flows are closely monitored, surprisingly little is known about the accumulated stocks of Foreign Assets and liabilities held by various countries, especially in the developing world. This paper constructs estimates of Foreign Assets and liabilities and their equity and debt subcomponents for a sample of 67 industrial and developing countries. It characterizes the stylized facts of international balance sheets and asks whether there are trends in net Foreign asset positions and shifts in debt-equity ratios over time. Finally, it explores the sensitivity of estimated stock positions to the treatment of valuation effects not captured in balance of payments data.

Alan M. Rugman - One of the best experts on this subject based on the ideXlab platform.

  • Testing the Link Between Multinationality and the Return on Foreign Assets
    2009
    Co-Authors: George S. Yip, Alina Kudina, Alan M. Rugman
    Abstract:

    textabstractA large and robust emperical literature demonstrates that there is a strong relationship between the performance of a multinational enterprise (MNE) and its degree of multinationality. We develop a new metric to capture the return on Foreign Assets (ROFA), which we use as an alternative metric to return on total Assets (ROTA) as a dependent variable representing performance. We find a significant S-shaped realtion between ROFA and the degree of multinationality across a large set of UK firms.

  • Testing the Link Between Multinationality and the Return on Foreign Assets
    Multinational Business Review, 2009
    Co-Authors: Alina Kudina, Alan M. Rugman, George S. Yip
    Abstract:

    A large and robust empirical literature demonstrates that there is a strong relationship between the performance of a multinational enterprise (MNE) and its degree of multinationality. We develop a new metric to capture the return on Foreign Assets (ROFA), which we use as an alternative metric to return on total Assets (ROTA) as a dependent variable representing performance. We find a significant S‐shaped relation between ROFA and the degree of multinationality across a large set of UK firms.

  • a note on return on Foreign Assets and Foreign presence for uk multinationals
    British Journal of Management, 2008
    Co-Authors: Alan M. Rugman, George S. Yip, Saliya Jayaratne
    Abstract:

    Within the context of the international business literature on multinationality and performance we develop new data on the Foreign presence and performance of large UK multinational enterprises (MNEs). There are 32 UK MNEs for which we can obtain data on both their degree of multinationality (measured by the ratio of Foreign to total (F/T) sales) and their performance. Here, in addition to the traditional overall performance of the firm, shown as return on total Assets, we use new data on the return on Foreign Assets (ROFA). We conduct analytical work to show the positioning of the UK MNEs in the ROFA and F/T sales space and provide regression results showing a linear relationship between multinationality and performance, using the new ROFA metric.

  • a note on return on Foreign Assets and Foreign presence for uk multinationals
    2007
    Co-Authors: Alan M. Rugman, George S. Yip, Saliya Jayaratne
    Abstract:

    Within the context of the international business literature on multinationality and performance we develop new data on the Foreign presence and performance of large UK multinational enterprises (MNEs). There are 32 UK MNEs for which we can obtain data on both their degree of multinationality (measured by the ratio of Foreign-to-total sales, F/T) and on their performance. Here, in addition to the traditional overall performance of the firm, shown as return on total Assets (ROTA), we use new data on the return on Foreign Assets (ROFA). We conduct analytical work to show the positioning of the UK MNEs in the ROFA and F/T space and provide regression results showing a linear relationship between multinationality and performance, using the new ROFA metric.

George S. Yip - One of the best experts on this subject based on the ideXlab platform.

  • Testing the Link Between Multinationality and the Return on Foreign Assets
    2009
    Co-Authors: George S. Yip, Alina Kudina, Alan M. Rugman
    Abstract:

    textabstractA large and robust emperical literature demonstrates that there is a strong relationship between the performance of a multinational enterprise (MNE) and its degree of multinationality. We develop a new metric to capture the return on Foreign Assets (ROFA), which we use as an alternative metric to return on total Assets (ROTA) as a dependent variable representing performance. We find a significant S-shaped realtion between ROFA and the degree of multinationality across a large set of UK firms.

  • Testing the Link Between Multinationality and the Return on Foreign Assets
    Multinational Business Review, 2009
    Co-Authors: Alina Kudina, Alan M. Rugman, George S. Yip
    Abstract:

    A large and robust empirical literature demonstrates that there is a strong relationship between the performance of a multinational enterprise (MNE) and its degree of multinationality. We develop a new metric to capture the return on Foreign Assets (ROFA), which we use as an alternative metric to return on total Assets (ROTA) as a dependent variable representing performance. We find a significant S‐shaped relation between ROFA and the degree of multinationality across a large set of UK firms.

  • a note on return on Foreign Assets and Foreign presence for uk multinationals
    British Journal of Management, 2008
    Co-Authors: Alan M. Rugman, George S. Yip, Saliya Jayaratne
    Abstract:

    Within the context of the international business literature on multinationality and performance we develop new data on the Foreign presence and performance of large UK multinational enterprises (MNEs). There are 32 UK MNEs for which we can obtain data on both their degree of multinationality (measured by the ratio of Foreign to total (F/T) sales) and their performance. Here, in addition to the traditional overall performance of the firm, shown as return on total Assets, we use new data on the return on Foreign Assets (ROFA). We conduct analytical work to show the positioning of the UK MNEs in the ROFA and F/T sales space and provide regression results showing a linear relationship between multinationality and performance, using the new ROFA metric.

  • a note on return on Foreign Assets and Foreign presence for uk multinationals
    2007
    Co-Authors: Alan M. Rugman, George S. Yip, Saliya Jayaratne
    Abstract:

    Within the context of the international business literature on multinationality and performance we develop new data on the Foreign presence and performance of large UK multinational enterprises (MNEs). There are 32 UK MNEs for which we can obtain data on both their degree of multinationality (measured by the ratio of Foreign-to-total sales, F/T) and on their performance. Here, in addition to the traditional overall performance of the firm, shown as return on total Assets (ROTA), we use new data on the return on Foreign Assets (ROFA). We conduct analytical work to show the positioning of the UK MNEs in the ROFA and F/T space and provide regression results showing a linear relationship between multinationality and performance, using the new ROFA metric.

Mohit Karnani - One of the best experts on this subject based on the ideXlab platform.

  • sudden stops of capital flows do Foreign Assets behave differently from Foreign liabilities
    Journal of International Money and Finance, 2019
    Co-Authors: Manuel R Agosin, Juan D Diaz, Mohit Karnani
    Abstract:

    Abstract We study the determinants of sudden stops in capital flows to emerging markets. Using gross international asset and liability flows (from the point of view of domestic residents), we identify three types of situations: countries that do not experience any type of sudden stops; those who experience a sudden stop in inflows (liabilities), but no sudden stop in their net financial account of the balance of payments; and countries who suffer a sudden stop in inflows and in their net financial account. Based on these three events, we estimate a multinomial logit model and obtain two important results. We find that developed countries have about the same probability of experiencing sudden stops in gross capital inflows as emerging economies. Moreover, the probability of experiencing a sudden stop in gross inflows that winds up becoming a sudden stop in the financial account is affected by the behavior of a country's international Assets: countries whose agents possess Assets abroad tend to repatriate them during periods of sudden stops in inflows, while the economies of countries whose agents do not possess Foreign Assets are much more sensitive to the behavior of Foreign investors: a sudden stop in inflows can have very adverse effects on output and employment.