International Financial Integration*



-39-

Table 1. Change in external assets and liabilities, cumulative capital flows, and capital gains,
1995-2000 (ratios of 2000 GDP)

(1)

Change in
ext.. assets

(2)

Cumul.

cap.
outflows

(3) = (1)-(2)

Impact of
capital
gains

(4)

Change in
extern. liabil.

(5)
Cumulative
cap. inflows

(6)=(4)-(5)

Impact of
cap. gains

with FDI at book value

United States

27.8

23.8

4.0

36.4

34.8

1.6

United Kingd.

144.1

145.2

-1.2

145.5

149.0

-3.5

Austria

53.7

70.9

-17.2

57.9

84.8

-26.9

Denmark

76.1

84.2

-8.1

60.0

85.3

-25.3

France

51.1

68.4

-17.3

64.3

55.1

9.1

Germany

49.9

72.2

-22.3

53.6

74.9

-21.4

Italy

50.1

56.4

-6.3

40.9

52.5

-11.7

Norway

76.8

79.5

-2.7

59.2

61.4

-2.2

Sweden

69.5

43.0

26.5

57.4

38.1

19.3

Switzerland

208.9

256.3

-47.4

208.1

201.4

6.7

Canada

31.1

37.6

-6.5

16.7

32.1

-15.4

Japan

7.1

4.0

3.1

-0.1

-7.4

7.3

Finland

74.3

99.6

-25.3

180.4

76.9

103.5

Iceland

31.9

33.5

-1.7

53.1

66.0

-12.9

Portugal

51.3

56.5

-5.2

83.8

85.9

-2.0

Spain

52.6

64.8

-12.2

51.6

69.2

-17.6

with FDI at market value

United States

34.6

23.1

11.6

47.2

37.4

9.9

France

80.5

68.4

12.1

70.3

55.1

15.2

Netherlands

135.4

100.0

35.3

163.7

88.3

75.4

Sweden

130.1

43.0

87.1

97.0

38.1

58.9

Australia

19.7

17.4

2.3

22.0

39.0

-16.9

Note: the change in external assets (liabilities) is the difference in gross external assets (liabilities)
between end-2000 and end-1995 (end-1996 for Portugal), as ratio of 2000 GDP. The impact of capital
gains is the difference between the change in external assets (liabilities) and cumulative capital
outflows (inflows) between 1996 and 2000 (1997-2000 for Portugal), also as ratio of 2000 GDP.



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