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Working Paper
Monthly estimates of U.S. cross-border securities positions
Bertaut, Carol C.; Tryon, Ralph W. (2007)
This paper reports monthly estimates of U.S. cross-border securities positions obtained by combining the (now) annual TIC surveys with monthly transactions data adjusted for various differences in the two reporting standards. Our approach is similar to that of Thomas, Warnock, and Wongswan (2004), but in addition to having a somewhat larger dataset we are able to make some simplifications to the numerical procedure used and we incorporate additional adjustments to the transactions data. This paper describes the procedure used and presents the monthly results. In addition, we discuss how the ...
International Finance Discussion Papers , Paper 910

Journal Article
In brief: high foreign real interest rates and investment in the 1990s
Osler, Carol L. (1994-04)
This article argues that high interest rates abroad have substantially depressed private investment in most foreign members of the Group of Seven during the 1990s. Business investment has been especially hard hit and housing construction disrupted, although the effect on housing has been offset in some countries by stimulative fiscal policies. The author estimates that overall, high interest rates have reduced output in the foreign G-7 by 2 1/2 to 4 1/4 percent per year on average over 1990-93.
Quarterly Review , Volume 19 , Issue Spr , Pages 38-44

Conference Paper
Foreign direct investment, trade, and real exchange rate linkages in developing countries
Goldberg, Linda S.; Klein, Michael W. (1996)
Proceedings

Journal Article
Recycling petrodollars
Lerman, Robert; Klitgaard, Thomas; Higgins, Matthew (2006-12)
In recent years, oil-exporting countries have experienced windfall gains with the rise in the price of oil. A look at how oil exporters "recycle" their revenues reveals that roughly half of the petrodollar windfall has gone to purchase foreign goods, especially from Europe and China, while the remainder has been invested in foreign assets. Although it is difficult to determine where the funds are first invested, the evidence suggests that the bulk are ending up, directly or indirectly, in the United States.
Current Issues in Economics and Finance , Volume 12 , Issue Dec

Conference Paper
The U.S. current account deficit: collateral for a total return swap
Dooley, Michael P.; Garber, Peter M. (2005-02)
Proceedings , Issue Feb

Report
Foreign investment fluctuations and emerging market stock returns: the case of Mexico
Berko, Elizabeth; Clark, John (1997)
We investigate the economically and statistically significant positive correlation between monthly foreign purchases of Mexican stocks and Mexican stock returns. We find that a 1 percent of market capitalization surprise foreign inflow is associated with a 13 percent increase in Mexican stock prices. We explore whether this correlation might be explained by permanent reductions in conditional expected returns resulting from expansion of the investor base along the lines modeled by Merton (1987), or correlations with other factors causing returns, price pressures, or positive feedback ...
Staff Reports , Paper 24

Report
International trade and factor mobility: an empirical investigation
Goldberg, Linda S.; Klein, Michael W. (1999)
Foreign Direct Investment (FDI) has been growing rapidly, at a pace far exceeding the growth in international trade. Thus, a full understanding of the relationship between trade in goods and FDI is important for obtaining a complete picture of the extent and sources of international linkages. We investigate whether FDI serves as a complement to trade or a substitute for trade based on the effects identified by the Rybczynski theorem whereby an increase in a factor of production used intensively in one sector affects production both in that sector and in other sectors. Using detailed data on ...
Staff Reports , Paper 81

Working Paper
The (non-)resiliency of foreign direct investment in the United States during the 2007-2009 financial crisis
De Pace, Pierangelo; Contessi, Silvio (2011)
We study the contraction of Foreign Direct Investment (FDI) flows in the United States during the recent financial crisis and show their unusual non-resiliency, which depends in part on the global nature of the economic recession, but also on the increases in the cost of financing FDI in the economies in which the flows originate. To formally study the effects of external financial conditions on FDI in the United States, we exploit the three dimensions of a panel of U.S. inward FDI flows organized by recipient U.S. industries, source countries, and years for the recorded flows. Changes in the ...
Working Papers , Paper 2011-037

Report
Borrowing without debt? Understanding the U.S. international investment position
Klitgaard, Thomas; Higgins, Matthew; Tille, Cedric (2006)
Sustained large U.S. current account deficits have led some economists and policymakers to worry that future current account adjustment could occur through a sudden and disruptive depreciation of the dollar and a sharp drop in U.S. consumption. Two factors that, to date, have cast doubt on such concerns are the stability of U.S. net external liabilities and the minimal net income payments made by the United States on these liabilities. We show that the stability of the external position reflects sizable capital gains stemming from strong foreign equity markets and a weaker dollar - conditions ...
Staff Reports , Paper 271

Working Paper
Interactions between domestic and foreign investment
Stevens, Guy V. G.; Lipsey, Robert E. (1988)
This paper studies both the domestic and foreign fixed investment expenditures of a sample of U. S. multinational firms. In addition to explaining empirically each type of investment, an important goal is to determine whether there are significant interactions between expenditures in the different locations. ; Two types of interaction--one, financial, and the other, production-based--are explored theoretically and empirically. The financial interaction is the result of a model which assumes a risk of bankruptcy and its associated costs; under these circumstances, the firm faces an increasing ...
International Finance Discussion Papers , Paper 329

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