41
• CUMCA
Figure 3. Net Foreign Assets, Developing Countries
O CUMFL
« CUMCA
OCUMFL
• CUMCA ∙ IIP
O CUMFL
« CUMCA ∙ IIP « CUMCA . IIP
OCUMFL OCUMFL
International investment position (IPNFA)
Cumulative current account (CUMCA)
-θ—θ- Cumulative capital flows (CUMFL)
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