Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/57740
Authors: 
Hoffmann, Mathias
Year of Publication: 
2005
Series/Report no.: 
CFR Working Paper 05-09
Abstract: 
Over the last two decades, countries have exhibited net foreign assets and liabilities. This paper develops an empirical model to examine the causes for the stock of the net foreign asset positions in 51 developing and industrialised countries. The reasons for significantly high or low net foreign asset positions can be derived from long-run trend differences in saving and investment. Using cointegration techniques, it is shown that GDP per capita, public debt and demographic factors influence long-run saving and investment and, hence, net external wealth of developing and industrialised countries.
Subjects: 
Savings
Investment and Net Foreign Assets
Cointegrated Panel Data
JEL: 
C23
F41
G15
Document Type: 
Working Paper

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