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By Hans J. Morgenthau

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A. a. a. a. a. a. a. a. a. � not available a. 1991 assets. b. 2002 assets. c. 2001 assets. d. 1991 liabilities. e. 2001 liabilities. Source: See appendix 1A. relatively low ratios of the gross positions relative to GDP for both the United States and Japan reflect the greater size and resultingly lesser openness of the two economies compared with the other industrial countries. Attention to the gross as well as net asset and liability positions also highlights the potential for divergence between expected and actual capi­ tal service burdens in the balance of payments.

1) t�T�n�1 where CAt is the current account balance in year t. Similarly, for those cases in which the most recent year is earlier than 2003 (the general end year), the current account of each year is cumulated to obtain the endof-year NIIP. Lane and Milesi-Ferretti (2000) have similarly used cumulative current accounts to develop more sophisticated series on estimated NIIPs from 1970 through 1998. They make adjustments for the composition of capital flows by type (direct investment, portfolio equity, debt) in order to arrive at valuation adjustments.

Conversely, Finland experienced the steepest drop in its NIIP, from net debt of 33 percent of GDP in 1988–93 to 75 percent in 2000–03. S. 3 Persistent industrial debtors, 1970–75 to 2000–03 (NIIP as a percent of GDP) percent of GDP 0 Spain –20 –40 Canada Sweden Australia –60 Finland –80 Denmark New Zealand –100 –120 Ireland –140 –160 1970–75 1976–81 1982–87 1988–93 1994–99 2000–03 NIIP � net international investment position Source: See appendix 1A. percent by 2002. 4, the United States has been joined by Austria, Greece, the Netherlands, Portugal, and the United Kingdom in the creditor-to-debtor group.

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