Lane and Milesi-Ferretti highlight the increased dispersion in net external positions in recent years, particularly among industrial countries.

• Position: Conferences

Lane and Milesi-Ferretti highlight the increased dispersion in net external positions in recent years, particularly among industrial countries. They provide a simple accounting framework that disentangles the factors driving the accumulation of external assets and liabilities (such as trade imbalances, investment income flows, and capital gains) for major external creditors and debtors. They also examine the factors driving the foreign asset portfolio of international...