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Working Paper
Implications for future U.S. net investment payments of growing U.S. net international indebtedness
In the 1980s, the United States developed a large and persistent current account deficit, financed by borrowing from abroad. The purpose of this paper is to explore the sustainability of these large deficits from one of several possible perspectives. Simulations of a model of the U.S. current account are used to examine the future servicing burden implied by the accumulating U.S. indebtedness to foreigners (or more precisely by the negative net international investment position).
Journal Article
U.S. international transaction in 1980
Working Paper
The statistical discrepancy in the U.S. international transactions accounts: sources and suggested remedies
The statistical discrepancy in the U.S. international transactions accounts has tended to be both large and positive over the last decade and a half. In 1990 the statistical discrepancy rose by $45 billion to a record $64 billion and brought the cumulative discrepancy since 1960 to almost $250 billion. The size and persistence of this discrepancy has called into question the accuracy of the data on the U.S. current and capital accounts. ; This paper attempts to find clues to the sources of the statistical discrepancy by 1) reviewing past history, 2) examining the data sources for each major ...
Working Paper
The adequacy of the data on U.S. international financial transactions: a Federal Reserve perspective
This paper was prepared for the meeting of the Panel on International Capital Transactions of the National Research Council (National Academy of Sciences), April 23, 1992. There are well-documented inadequacies in the data on U.S. international capital flows, cross-border holdings of assets, and investment income. In order to set priorities for data improvements, it is necessary to evaluate our needs for information, survey possible additions and alternatives to the current data collection system, and weigh the costs and benefits of proposed improvements. ; This paper focuses on only one ...
Working Paper
The adequacy of U.S. direct investment data
New questions dealing with the growth of foreign direct investment in the United States have prompted this reassessment of the adequacy of U.S. data on direct investment--data on both foreign direct investment in the United States and U.S. direct investment abroad. We have examined the adequacy of the existing data system for answering important questions in a number of areas--some of them new, but others of longstanding interest: the coverage and accuracy of the data, and the public's accessibility to them; the measurement of the U.S. investment position and servicing burden; the interaction ...
Working Paper
Modeling investment income and other services in the U.S. international transactions accounts
This paper presents the services account sector of a model of U.S. international transactions (the USIT model) that is maintained in the Division of International Finance of the Federal Reserve Board. Part I present the models for payments and receipts on direct investment, other investment income, and non-investment services. Part II reports on simulations that indicate the sensitivity of the model's forecast to changes in its predetermined variables such as interest rates and exchange rates. In particular, we explore the implications of large current account deficits and the resulting ...
Working Paper
Adequacy of international transactions and position data for policy coordination
This paper examines the adequacy of data on current account positions and international indebtedness as indicators of the need for policy adjustments and coordination. Doubts about the adequacy of these data have been raised by the growth of the global current account discrepancy and the statistical discrepancy in the U.S. international transactions accounts. The paper includes a brief review of the conclusions of the IMF working party on the world current account discrepancy and a detailed examination of the data on U.S. international transactions and net investment position. Both ...
Journal Article
U.S. international transactions in 1990