The International Investment Position of the United States at Yearend 2000 – Statistical Data Included
Harlan W. King
Christopher A. Gohrband directed the preparation of several of the accounts, and Douglas B. Weinberg prepared the direct investment accounts at current cost.
HOLDINGS of foreign-owned assets in the United States increased strongly in 2000, as a result of record financial inflows that were only partly offset by negative valuation adjustments to the holdings. In contrast, holdings of U.S.-owned assets abroad increased by a relatively small amount in 2000; financial outflows were stronger than last year, but negative valuation adjustments significantly reduced the valuation of U.S. holdings. Consequently, the net international investment position of the United States became substantially more negative in 2000 after 3 years of relatively little change. The negative position reflects the amount by which the yearend value of foreign investments in the United States exceeds the yearend value of U.S. investments abroad.
With direct investment valued at the current cost of tangible assets, the negative net position increased to $1,842.7 billion at yearend 2000 from $1,099.8 billion at yearend 1999; with direct investment valued at the stock market value of owners’ equity, it increased to $2,187.4 billion at yearend 2000 from $1,525.3 billion at yearend 1999 (table A, chart 1).(1)
[GRAPH OMITTED]
Table A.–U.S. Net International Investment Position at Yearend
[Billions of dollars]1998 1999 2000
Net position:
At current cost -1,128.7 -1,099.8 -1,842.7
At market value -1,424.0 -1,525.3 -2,187.4
U.S.-owned assets abroad:
At current cost 5,091.6 5,921.1 6,167.2
At market value 6,063.2 7,206.3 7,189.8
Foreign-owned assets in
the United States:
At current cost 6,220.3 7,020.9 8,009.9
At market value 7,487.2 8,731.7 9,377.2
With direct investment valued at current cost, U.S.-owned assets abroad increased to $6,167.2 billion at yearend 2000 from $5,921.1 billion at yearend 1999. With direct investment valued at market value, U.S.-owned assets abroad decreased to $7,189.8 billion at yearend 2000 from $7,206.3 billion at yearend 1999 (table A).
* Financial flows increased net U.S. investments abroad $581.0 billion. Net U.S. purchases of foreign stocks were large, U.S. direct investment abroad was strong, and U.S. bank and nonbank claims on foreigners increased sharply (table B).
Table B.–Changes in U.S.-Owned Assets Abroad, 2000
[Billions of dollars]At current cost At market value
Total change 246.1 -16.5
Financial flows 581.0 581.0
Valuation adjustments -334.9 -597.5
Price changes -162.4 -364.5
Exchange rate changes -194.4 -264.9
Other valuation changes 21.9 31.9
* Negative valuation adjustments reduced the value of net U.S. investments abroad $334.9 billion with direct investment on a current-cost basis and $597.5 billion with direct investment on a market-value basis. The negative valuation adjustments on both bases reflected declines in foreign stock prices and declines in foreign-currency-denominated assets due to depreciation of most foreign currencies against the dollar (table B).
With direct investment valued at current cost, foreign-owned assets in the United States increased to $8,009.9 billion at yearend 2000 from $7,020.9 billion at yearend 1999. With direct investment valued at market value, foreign-owned assets increased to $9,377.2 billion at yearend 2000 from $8,731.7 billion at yearend 1999 (table A).
* Financial flows increased net foreign investments in the United States $1,024.2 billion. Net foreign purchases of U.S. securities other than U.S. Treasury securities were a record, foreign direct investment in the United States was a near record, and U.S. liabilities reported by banks and by nonbanks increased sharply (table C).
Table C.–Changes in Foreign-Owned Assets in the United
States, 2000
[Billions of dollars]At current cost At market value
Total change 989.0 645.6
Financial flows 1,024.2 1,024.2
Valuation adjustments -35.2 -378.6
Price changes 26.8 -322.3
Exchange rate changes -33.0 -31.1
Other valuation changes -29.1 -25.3
* Negative valuation adjustments reduced the value of net foreign-owned assets in the United States $35.2 billion with direct investment at current cost and $378.6 billion with direct investment at market value. The substantial reduction on the market-value basis was due to the decline in U.S. stock prices (table C).
* This article presents the major changes in U.S. assets abroad and in foreign assets in the United States, including direct investment valued at both current cost and at market value, in 2000. Tables 1 and 2 at the end of this article present detailed estimates of the yearend positions.
Changes in U.S.-Owned Assets Abroad
Bank and nonbank claims
U.S. claims on foreigners reported by U.S. banks increased $176.3 billion, to $1,276.7 billion, in 2000, as a result of strong lending to banks abroad, the need to supply funds to foreign bond markets, and large increases in placements of foreign commercial paper in the United States (table D).
Table D.–U.S. Claims Reported by U.S. Banks and U.S.
Nonbanks at Yearend
[Billions of dollars]1998 1999 2000
Total bank-reported claims 1,020.8 1,100.4 1,276.7
Banks’ own claims, payable in
dollars 735.0 793.1 911.9
On own foreign offices 484.5 529.7 630.1
On unaffiliated foreign banks 106.2 97.1 99.6
On other foreigners 144.3 166.3 182.2
Banks’ customer claims, payable in
dollars 186.9 219.1 278.4
Banks’ claims, payable in foreign
currencies 98.9 88.2 86.6
Total nonbank-reported claims 588.3 667.7 825.3
U.S. banks’ own claims on banks abroad payable in dollars increased $118.8 billion, to $911.9 billion. The increase in overseas lending by U.S. banks reflected strong demand for bank credit that resulted from significant merger and acquisition activity overseas, strong economic growth in many industrialized countries, large foreign purchases of U.S. securities, and reductions in U.S. interest rates. The increase in interbank claims was primarily on banks’ own foreign offices. Foreign-owned banks’ claims on their offices in Western Europe, particularly in the United Kingdom and Switzerland, increased throughout the year, reflecting substantial credit demands at these offices. U.S.-owned banks’ claims on their offices in Western Europe and the Caribbean increased mostly in the second half of the year when the U.S. economy and domestic credit growth slowed. Claims on other foreigners also increased, largely reflecting U.S. securities dealers’ lending to international bond funds in the Caribbean and Western Europe.
U.S. banks’ domestic customers’ claims payable in dollars increased $59.3 billion, to $278.4 billion, reflecting strengthened customer demand for foreign short-term paper. Foreign commercial paper issues in the United States increased more than three times as much as in 1999. Increases were particularly large in the third and fourth quarters, when borrowing preferences shifted sharply to short-term financing as borrowing conditions deteriorated in bond markets both in the United States and abroad.
U.S. claims on foreigners reported by U.S. nonbanking concerns increased $157.5 billion, to $825.3 billion, as U.S. nonbanking concerns significantly increased their deposits in banks in Western Europe and in Caribbean banking centers, especially in the first and fourth quarters. The sharp acceleration in U.S. deposits abroad helped to finance the heightened foreign demand for credit among industrial countries and to fund circuitous lending back to U.S. borrowers (table D).
Foreign securities
U.S. holdings of foreign securities decreased $197.9 billion, to $2,406.5 billion, in 2000, reflecting a sharp decrease in the value of foreign stocks resulting from declines in foreign stock prices and from depreciation of most currencies against the U.S. dollar. Holdings of foreign bonds were virtually unchanged.
U.S. holdings of foreign stocks decreased $197.8 billion, to $1,828.8 billion (table E). The decrease resulted from $153.7 billion in price depreciation and $143.9 billion in exchange-rate depreciation that were only partly offset by $99.7 billion in net U.S. purchases. Continued exchanges of stock associated with acquisitions of U.S. companies by European and Canadian companies accounted for most of net U.S. purchases.
Table E.–U.S. Holdings of Foreign Stocks by Major Areas
at Yearend
[Billions of dollars]1998 1999 2000
Total holdings 1,476.2 2,026.6 1,828.8
Western Europe 960.5 1,167.8 1,117.6
Of which: United Kingdom 295.6 374.8 365.2
Finland 45.6 160.2 134.8
France 130.4 183.2 180.9
Germany 104.4 117.6 101.9
Ireland 19.5 18.2 16.1
Italy 59.1 53.5 48.1
Netherlands 115.4 141.9 136.5
Spain 37.7 35.7 28.1
Sweden 43.7 74.8 56.3
Switzerland 73.6 64.3 75.2
Canada 62.0 100.7 123.3
Japan 145.9 273.7 181.4
Latin America 54.0 89.1 73.5
Of which: Argentina 8.9 11.3 8.1
Brazil 17.4 28.9 25.0
Mexico 27.8 30.2 25.1
Other Western Hemishphere 77.8 129.0 144.2
Of which: Bermuda 37.2 45.9 42.6
Netherlands Antilles 24.8 26.7 34.4
Other countries 176.0 266.3 188.8
Of which: Australia 34.3 39.2 35.0
Hong Kong 27.0 38.7 34.9
Singapore 10.3 16.3 8.4
* U.S. holdings of Western European stocks decreased 4 percent. European stock prices declined 4 percent on average, and the euro depreciated 13 percent against the dollar between yearend 1999 and yearend 2000. Partly offsetting were $57.1 billion in net U.S. purchases, mostly in exchanges of stock associated with foreign acquisitions of U.S. companies.
* U.S. holdings of Japanese stocks decreased 34 percent. Large net sales of $17.5 billion, 20-percent price depreciation, and 9-percent exchange-rate depreciation of the yen against the U.S. dollar accounted for the decrease. The reduced demand for Japanese stocks reflected unrealized economic reforms and an uneven economic recovery.
* U.S. holdings of Canadian stocks increased 22 percent, mostly because of strong net U.S. purchases and stock price appreciation of 8 percent. Exchange-rate depreciation of 3 percent was partly offsetting.
* U.S. holdings of other foreign stocks decreased substantially. Holdings of Asian emerging market stocks decreased sharply, reflecting an average price decline of 33 percent. Holdings of Latin American stocks decreased 18 percent.
U.S. holdings of foreign bonds were virtually unchanged, at $577.7 billion (table F). Net U.S. purchases were $25.2 billion; these purchases were offset by price depreciation of $10.7 billion, as foreign bond prices fell, and exchange-rate depreciation of $14.6 billion. The stability of the U.S. bond market relative to other world bond markets encouraged a step-up in new issues, especially by European corporations to finance merger and acquisition activity and by sovereign borrowers from Latin America and emerging market countries. However, price declines and depreciation of most foreign currencies against the U.S. dollar prompted U.S. investors to sell outstanding foreign-currency-denominated bonds.
Table F.–U.S. Holdings of Foreign Bonds by Major Areas at
Yearend
[Billions of dollars]1998 1999 2000
Total holdings 576.7 577.7 577.7
Western Europe 205.9 205.8 223.4
Of which: United Kingdom 61.6 59.0 68.2
France 14.1 12.7 14.1
Germany 44.9 43.9 50.9
Italy 15.4 12.8 11.9
Netherlands 12.6 12.4 17.3
Sweden 13.3 12.2 11.9
Canada 110.8 97.9 91.4
Japan 29.8 24.5 24.9
Latin America 101.6 108.3 120.4
Of which: Argentina 28.2 26.2 24.4
Brazil 19.6 19.6 20.4
Mexico 31.7 38.7 34.3
Other Western Hemisphere 23.8 27.5 27.3
Of which: Cayman Islands 14.8 14.0 9.8
Other countries 87.8 90.2 67.9
Of which: Australia 30.6 27.5 27.5
Korea 14.0 12.5 11.1
International organizations 17.0 23.5 22.4
U.S. direct investment abroad
U.S. direct investment abroad valued at current cost increased $117.2 billion, to $1,445.2 billion, in 2000; at market value, it decreased $145.4 billion, to $2,467.8 billion (table G). Net financial outflows–a near record $152.4 billion–included numerous large acquisitions and were encouraged by favorable growth prospects in many countries, particularly in Europe (table H). Net equity capital outflows were $49.9 billion, below last year’s level but still strong; outflows were associated with strong U.S. acquisitions abroad. Reinvested earnings increased sharply to $99.7 billion, partly as a result of growth in total overseas earnings. Inter-company debt outflows decreased sharply to $2.8 billion. At current cost, the large financial outflows more than accounted for the increase in the position. At market value, the financial outflows were more than offset by a large decrease in U.S. owners’ equity–reflecting the widespread decline in most foreign stock markets, especially in Europe where U.S. investment is large–and by depreciation in foreign-currency-denominated positions due to the decline of most foreign currencies against the U.S. dollar.
Table G.–U.S. Direct Investment Abroad at Yearend
[Billions of dollars]1998 1999 2000
U.S. direct investment abroad:
At current cost 1,196.8 1,328.0 1,445.2
At market value 2,168.3 2,613.2 2,467.8
Table H.–U.S. Direct Investment Abroad, 2000
[Billions of dollars]At current At market
cost value
Total position 1,445.2 2,467.8
Total change 117.2 -145.4
Financial outflows 152.4 152.4
Equity capital 49.9 49.9
Intercompany debt 2.8 2.8
Reinvested earnings 99.7 99.7
Price changes 6.1 -196.0
Exchange rate changes -22.0 -92.5
Other valuation changes -19.3 -9.3
U.S. official reserve assets and other U.S. Government assets
U.S. official reserve assets decreased $8.0 billion, to $128.4 billion, in 2000, mostly reflecting a decline in the market value of the U.S. gold stock and a decrease in the value of foreign currency assets due to strong appreciation of the U.S. dollar against the yen and the euro. For financial flows, U.S. intervention purchases of euros in the third quarter and an increase in U.S. holdings of special drawing rights were largely offset by a decline in the U.S. reserve position at the International Monetary Fund. The U.S. reserve position decreased as a result of large U.S. dollar-denominated repayments by Brazil, Mexico, and Russia that exceeded dollar borrowings.
U.S. Government assets, other than reserve assets, increased $0.9 billion, to $85.2 billion. The increase reflected net new credits extended through U.S. Government international lending programs.
Changes in Foreign-Owned Assets in the United States
Bank and nonbank liabilities
U.S. liabilities reported by U.S. banks increased $72.6 billion, to $1,139.8 billion, in 2000, representing heightened U.S. and international demand for bank credit. The strong growth in outstanding U.S. dollar liabilities was attributable to bank financing for U.S. domestic commercial and industrial loan expansion, mostly in the first half of the year, to considerable international lending, and to an upturn in foreign deposits in the United States (table I).
Table I.–U.S. Liabilities Reported by U.S. Banks and U.S.
Nonbanks at Yearend
[Billions of dollars]1998 1999 2000
Total bank-reported liabilities 1,014.0 1,067.2 1,139.8
Banks’ own liabilities, payable in
dollars 804.7 873.9 952.0
To own foreign offices 562.9 609.2 650.5
To unaffiliated foreign banks 113.2 119.3 138.6
To other foreigners 128.6 145.4 162.9
Banks’ custody liabilities, payable in
dollars 108.2 104.8 111.7
Banks’ liabilities, payable in foreign
currencies 101.1 88.5 76.1
Total nonbank-reported liabilities 485.7 555.6 722.7
U.S. banks’ own liabilities payable in dollars increased $78.1 billion, to $952.0 billion. Most of the increase was to the interbank market. Banks in the United States financed an expansion of domestic assets in the first half of the year through substantial intercompany borrowing, and they borrowed heavily from offices in the Caribbean to meet the surge in credit demand associated with acquisitions and consolidations. In addition, foreigners accelerated their time deposit placements in U.S.-owned banks to capture relatively higher short-term yields, particularly in the second and fourth quarters. Liabilities to other foreigners increased $17.5 billion, mostly as a result of a resurgence in positions of U.S. securities dealers with private foreigners in Western Europe and the Caribbean.
U.S. liabilities to foreigners reported by U.S. nonbanking concerns increased $167.2 billion, to $722.7 billion. U.S. borrowing, particularly from financial institutions in Western Europe and the Caribbean, was large, especially in the first quarter (table I).
U.S. Treasury securities
Foreign holdings of U.S. Treasury securities decreased $21.0 billion, to $639.7 billion, in 2000. The decrease was attributable to $52.8 billion in net sales that were only partly offset by $31.8 billion in price appreciation resulting from lower bond interest rates. The popularity of U.S. Government bonds to foreign portfolio investors was curtailed by their steep interest rate decline, the relative attractiveness of higher yielding U.S. agency and high-grade corporate bonds, and concerns over diminishing supplies of Treasury securities. (Foreign private holdings and foreign official holdings are combined in table J in order to avoid disclosure of sensitive data on individual country holdings by foreign official agencies.)
Table J.–Foreign Official and Private Holdings of U.S.
Treasury Securities by Selected Countries at Yearend
[Billions of dollars]1998 1999 2000
Total holdings 1,318.8 1,238.9 1,222.0
Japan 292.6 320.9 347.7
United Kingdom 279.2 238.8 214.6
Germany 100.2 96.1 91.6
China 48.7 51.3 49.9
Hong Kong 46.0 45.8 45.6
Middle East OPEC members 28.4 28.6 32.9
Korea, Republic of 18.4 25.3 32.2
Belgium & Luxembourg 32.8 27.9 29.7
British West Indies 39.6 28.2 25.7
Singapore 45.0 30.5 24.4
Other U.S. securities
Foreign holdings of U.S. securities, other than U.S. Treasury securities, increased $442.0 billion, to $2,964.0 billion, in 2000. Record net foreign purchases of U.S. securities were partly offset by substantial stock-price depreciation and exchange-rate depreciation on foreign-currency-denominated U.S. corporate bonds.
Foreign holdings of U.S. corporate and U.S. agency bonds increased $312.3 billion, to $1,374.3 billion (table K). Record net foreign purchases of $292.9 billion and price appreciation of $43.6 billion substantially exceeded exchange-rate depreciation of $24.2 billion. Foreign investors were attracted by the higher yields on U.S. corporate and agency bonds than on foreign bonds and on U.S. Treasury bonds, by the strength of the dollar, and by sizable new issues of U.S. agency bonds, many of which replaced purchases of U.S. Treasury bonds.
Table K.–Foreign Private Holdings of U.S. Corporate and
Agency Bonds by Major Areas at Yearend
[Billions of dollars]1998 1999 2000
Total holdings 902.2 1,061.9 1,374.3
Western Europe 588.1 673.1 850.0
Of which: United Kingdom 470.0 536.1 684.5
France 14.6 15.1 17.4
Germany 19.7 24.7 28.2
Italy 3.2 3.5 4.8
Netherlands 16.3 17.2 18.5
Canada 23.3 25.6 37.0
Japan 108.7 120.4 162.9
Latin America 19.9 26.2 37.4
Other Western Hemisphere 105.2 145.9 193.1
Other countries 57.0 70.7 93.9
Foreign holdings of U.S. corporate stocks increased $129.6 billion, to $1,589.7 billion (table L).
Table L.–Foreign Private Holdings of U.S. Corporate Stocks
by Major Areas at Yearend
[Billions of dollars]1998 1999 2000
Total holdings 1,110.3 1,460.1 1,589.7
Western Europe 686.3 926.5 1,064.8
Of which: United Kingdom 302.4 408.6 461.9
France 35.4 49.1 58.5
Germany 51.5 71.3 85.0
Italy 15.1 21.0 25.0
Netherlands 74.9 103.9 123.8
Canada 108.1 142.5 144.8
Japan 81.6 103.8 102.0
Latin America 21.5 27.7 30.1
Other Western Hemisphere 114.2 140.3 115.1
Other countries 98.6 119.3 132.9
Record net purchases of $192.7 billion were partly offset by $63.1 billion in price depreciation. The strength of the U.S. dollar and favorable prospects for the U.S. economy prompted record foreign investments and outweighed the negative influences of increased market volatility and declining stock prices that began after the first quarter. The Nasdaq index, which is heavily weighted with technology-related stocks, lost 39.3 percent in 2000 after gaining 85.6 percent in 1999. The Standard & Poor’s 500 index lost 10.1 percent after a rise of 19.5 percent.
U.S. currency
U.S. currency held by foreigners increased $1.1 billion, to $251.8 billion, in 2000. Supplies of U.S. currency shipped at yearend 1999 as precautions against Y2K problems were sufficient to meet demands for much of 2000.
Foreign direct investment in the United States
Foreign direct investment in the United States valued at current cost increased $275.1 billion, to $1,369.5 billion, in 2000; at market value, it decreased $68.4 billion, to $2,736.9 billion (table M). Net financial inflows were a near record $287.7 billion (table N). Net equity capital inflows slowed slightly to $216.7 billion, but remained very strong as a result of numerous acquisitions during the year, especially by Western European firms. Reinvested earnings increased slightly to $23.7 billion. Net intercompany debt inflows decreased to $47.3 billion. At current cost, net financial inflows were partly offset by small negative valuation adjustments, mainly to reconcile market values with the smaller book values of acquisitions. At market value, net financial inflows were more than offset by substantial price depreciation in foreign owners’ equity, resulting from the &dine in U.S. stock prices.
Table M.–Foreign Direct Investment in the United States at
Yearend
[Billions of dollars]1998 1999 2000
Foreign direct investment
in the United States:
At current cost 912.2 1,094.4 1,369.5
At market value 2,179.0 2,805.2 2,736.9
Table N.–Foreign Direct Investment in the United States,
2000
[Billions of dollars]At current cost At market value
Total position 1,369.6 2,736.9
Total change 275.1 -68.4
Financial inflows 287.7 287.7
Equity capital 216.7 216.7
Intercompany debt 47.3 47.3
Reinvested earnings 23.7 23.7
Price changes 0.1 -349.0
Exchange rate changes -1.9 0.0
Other valuation changes -10.8 -7.1
Foreign official assets
Foreign official assets increased $52.1 billion, to $922.4 billion, in 2000, reflecting $37.6 billion in capital inflows and $14.4 billion in price appreciation. Most of the capital inflows were the result of intervention purchases of U.S. dollars by a few industrial countries. Assets of OPEC members and other developing countries also increased a small amount. The price appreciation of assets was the result of a 6-percent increase in the price of U.S. Treasury bonds.
Table 1.–International Investment Position of the United
States at Yearend, 1999 and 2000
[Millions of dollars]Changes in position
in 2000 (decrease (-))
Attributable to:
Valuation
adjustments
Position, Financial Price
Line Type of investment 1999(r) flows changes
(a) (b)
Net international
investment
position
of the
United
States:
1 With direct
investment
positions
at current
cost (line
3 less
line 24) -1,099,786 -443,266 -189,189
2 With direct
investment
positions
at market
value
(line 4
less line
25) -1,525,347 -443,266 -42,232
U.S.-owned assets
abroad:
3 With direct
investment
positions
at current
cost
(lines
5+10+15 5,921,099 580,952 -162,350
4 With direct
investment
positions
at market
value
(lines
5+10+15) 7,206,320 580,952 -364,486
5 U.S. official
reserve
assets 136,418 290 -4,134
6 Gold 75,950 … (3)-4,134
7 Special
drawing
rights 10,336 722 …
8 Reserve
position
in the
Inter-
national
Monetary
Fund 17,950 -2,308 …
9 Foreign
currencies 32,182 1,876 …
10 U.S. Government
assets,
other than
official
reserve
assets 84,227 944 …
11 U.S. credits
and other
long-term
assets(5) 81,657 920 …
12 Repayable in
dollars 81,367 929 …
13 Other(6) 290 -9 …
14 U.S. foreign
currency
holdings
and U.S.
short-term
assets 2,570 24 …
15 U.S. private
assets:
With direct
investment
at current
cost
(lines
17+19+
22+23) 5,700,454 579,718 -158,216
16 With direct
investment
at market
value
(lines
18+19+
22+23) 6,985,675 579,718 -360,352
Direct
investment
abroad:
17 At current
cost 1,327,954 152,437 6,128
18 At market
value 2,613,175 152,437 -196,008
19 Foreign
securities 2,604,383 124,935 -164,344
20 Bonds 577,745 25,200 -10,672
21 Corporate
stocks 2,026,638 99,735 -153,872
22 U.S. claims on
unaffi-
liated
foreigners
reported
by U.S.
non-
banking
concerns 667,732 163,846 …
23 U.S. claims
reported
by U.S.
banks, not
included
elsewhere 1,100,385 138,500 …
Foreign-owned
assets in
the United
States:
24 With direct
investment
at current
cost
(lines
26+33) 7,020,885 1,024,218 26,839
25 With direct
investment
at market
value
(lines
26+34) 8,731,667 1,024,218 -322,254
26 Foreign official
assets in
the United
States 870,364 37,619 14,446
27 U.S.
Government
securities 628,907 30,676 17,314
28 U.S.
Treasury
securities 578,225 -10,233 14,352
29 Other 50,682 40,909 2,962
30 Other U.S.
Government
liabili-
ties(7) 15,486 -1,987 …
31 U.S. liabi-
lities
reported
by U.S.
banks, not
included
elsewhere 138,847 5,803 …
32 Other foreign
official
assets 87,124 3,127 -2,868
Other foreign
assets:
33 With direct
investment
at current
cost
(lines
35+37+38+
41+42+43) 6,150,521 986,599 12,393
34 With direct
investment
at market
value
(lines
36+37+38+
41+42+43) 7,861,303 986,599 -336,700
Direct
investment
in the
United
States:
35 At current
cost 1,094,439 287,655 102
36 At market
value 2,805,221 287,655 -348,991
37 U.S. Treasury
securities 660,693 -52,792 31,783
38 U.S.
securities
other than
U.S.
Treasury
securities 2,522,009 485,644 -19,492
39 Corporate
and other
bonds 1,061,924 292,904 43,619
40 Corporate
stocks 1,460,085 192,740 -63,111
41 U.S.currency 250,657 1,129 …
42 U.S. liabili-
ties to
unaffi-
liated
foreigners
reported
by U.S.
nonbanking
concerns 555,566 177,010 …
43 U.S. liabili-
ties re-
ported by
U.S.
banks, not
included
elsewhere 1,067,157 87,953 …
Changes in position in 2000
(decrease (-))
Attributable to:
Valuation
adjustments
Exchange
rate Other Position,
Type of investment changes changes Total 2000(p)
(1) (2)
(c) (d) (a+b+c+d)
Net international
investment
position
of the
United
States:
With direct
investment
positions
at current
cost (line
3 less
line 24) -161,397 50,975 -742,877 -1,842,663
With direct
investment
positions
at market
value
(line 4
less line
25) -233,846 57,247 -662,097 -2,187,444
U.S.-owned assets
abroad:
With direct
investment
positions
at current
cost
(lines
5+10+15 -194,351 21,862 246,113 6,167,215
With direct
investment
positions
at market
value
(lines
5+10+16) -264,903 31,909 -16,528 7,189,792
U.S. official
reserve
assets -4,157 -17 -8,018 128,400
Gold … (4)-17 -4,151 71,799
Special
drawing
rights -519 … 203 10,539
Reserve
position
in the
Inter-
national
Monetary
Fund -818 … -3,126 14,824
Foreign
currencies -2,820 … -944 31,238
U.S. Government
assets,
other than
official
reserve
assets … … 944 85,171
U.S. credits
and other
long-term
assets(5) … … 920 82,577
Repayable in
dollars … … 929 82,296
Other(6) … … -9 281
U.S. foreign
currency
holdings
and U.S.
short-term
assets … … 24 2,594
U.S. private
assets:
With direct
investment
at current
cost
(lines
17+19+
22+23) -190,194 21,879 253,187 5,953,641
With direct
investment
at market
value
(lines
18+19+
22+23) -260,746 31,926 -9,454 6,976,221
Direct
investment
abroad:
At current
cost -21,975 -19,367 117,223 1,445,177
At market
value -92,527 -9,320 -145,418 2,467,757
Foreign
securities -158,470 … -197,879 2,406,504
Bonds -14,579 … -51 577,694
Corporate
stocks -143,891 … -197,828 1,828,810
U.S. claims on
unaffi-
liated
foreigners
reported
by U.S.
non-
banking
concerns -6,327 … 157,519 825,251
U.S. claims
reported
by U.S.
banks, not
included
elsewhere -3,422 41,246 176,324 1,276,709
Foreign-owned
assets in
the United
States:
With direct
investment
at current
cost
(lines
26+33) -32,954 -29,113 988,990 8,009,875
With direct
investment
at market
value
(lines
26+34) -31,057 -25,338 645,569 9,337,236
Foreign official
assets in
the United
States … … 52,065 922,429
U.S.
Government
securities … … 47,990 676,897
U.S.
Treasury
securities … … 4,119 582,344
Other … … 43,871 94,553
Other U.S.
Government
liabili-
ties(7) … … -1,987 13,499
U.S. liabi-
lities
reported
by U.S.
banks, not
included
elsewhere … … 5,803 144,650
Other foreign
official
assets … … 259 87,383
Other foreign
assets:
With direct
investment
at current
cost
(lines
35+37+38+
41+42+43) -32,954 -29,113 936,925 7,087,446
With direct
investment
at market
value
(lines
36+37+38+
41+42+43) -31,057 -25,338 593,504 8,454,807
Direct
investment
in the
United
States:
At current
cost -1,897 -10,794 275,066 1,369,505
At market
value … -7,019 -68,355 2,736,866
U.S. Treasury
securities … … -21,009 639,684
U.S.
securities
other than
U.S.
Treasury
securities -24,188 … 441,964 2,963,973
Corporate
and other
bonds -24,188 … 312,335 1,374,259
Corporate
stocks … … 129,629 1,589,714
U.S.currency … … 1,129 251,786
U.S. liabili-
ties to
unaffi-
liated
foreigners
reported
by U.S.
nonbanking
concerns -1,519 -8,319 167,172 722,738
U.S. liabili-
ties re-
ported by
U.S.
banks, not
included
elsewhere -5,350 -10,000 72,603 1,139,760
(p) Preliminary.
(r) Revised.
(1.) Represents gains or losses on foreign-currency-denominated
assets due to their revaluation at current exchange rates.
(2.) Includes changes in coverage, statistical discrepancies,
and other adjustments to the value of assets.
(3.) Reflects changes in the value of the official gold stock due
to fluctuations in the market price of gold.
(4.) Reflects changes in gold stock from U.S. Treasury sales of
gold medallions and commemorative and bullion coins; also reflects
replenishment through open market purchases. These demonetizations/
monetizations are not included in international transactions
financial flows.
(5.) Also includes paid-in capital subscriptions to international
financial institutions and outstanding amounts of miscellaneous
claims that have been settled through international agreements to be
payable to the U.S. Government over periods in excess of 1 year.
Excludes World War I debts that are not being serviced.
(6.) Includes indebtedness that the borrower may contractually, or
at its option, repay with its currency, with a third country’s
currency, or by delivery of materials or transfer of services.
(7.) Primarily U.S. Government liabilities associated with military
sales contracts and other transactions arranged with or through
foreign official agencies.
Table 2.–International Investment Position of the United States at
Yearend, 1976-2000
[Millions of dollars]Line Type of investment 1976 1977 1978 1979
Net international
investment
position of
the United
States:
1 With direct
investment
positions at
current cost
(line 3 less
line 24) 164,832 171,440 206,423 316,926
2 With direct
investment
positions at
market value
(line 4 less
line 25) … … … …
U.S.-owned assets
abroad:
3 With direct
investment
at current
coat (lines
5+10+15) 456,964 512,278 621,227 786,701
4 With direct
investment
at market
value (lines
5+10+15) … … … …
5 U.S. official
reserve
assets 44,094 53,376 69,450 143,260
6 Gold(1) 36,944 45,781 62,471 135,476
7 Special drawing
rights 2,395 2,629 1,558 2,724
8 Reserve position
in the
International
Monetary Fund 4,434 4,946 1,047 1,253
9 Foreign
currencies 321 20 4,374 3,807
10 U.S. Government
assets, other
than official
reserve
assets 44,978 48,567 53,187 58,851
11 U.S. credits and
other long-
term
assets(2) 44,124 47,749 52,252 57,909
12 Repayable in
dollars 41,309 45,154 49,817 54,616
13 Other(3) 2,815 2,595 2,435 3,293
14 U.S. foreign
currency
holdings and
U.S. short-
term assets 854 818 935 942
U.S. private
assets:
15 With direct
investment
at current
cost (lines
17+19+22+23) 367,892 410,335 498,590 584,590
16 With direct
investment
at market
value (lines
18+19+22+23) … … … …
Direct investment
abroad:
17 At current
cost(4) 222,283 246,078 285,005 336,301
18 At market
value(4) … … … …
19 Foreign
securities(5) 44,157 49,439 53,384 56,769
20 Bonds(5) 34,704 39,329 42,148 41,966
21 Corporate
stocks(5) 9,453 10,110 11,236 14,803
22 U.S. claims on
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(6) 20,317 22,256 29,385 34,491
23 U.S. claims
reported by
U.S. banks,
not included
elsewhere(7) 81,135 92,562 130,816 157,029
Foreign-owned assets
in the United
States:
24 With direct
investment
at current
cost (lines
26+33) 292,132 340,838 414,804 469,775
25 With direct
Investment
at market
value (lines
26+34) … … … …
26 Foreign official
assets in
the United
States 104,445 140,867 173,057 159,852
27 U.S. Government
securities 72,572 105,386 128,511 106,640
28 U.S. Treasury
securities(8) 70,555 101,092 123,991 101,748
29 Others(8) 2,017 4,294 4,520 4,892
30 Other U.S.
Government
liabili-
ties(9) 8,860 10,260 12,749 12,749
31 U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 17,231 18,004 23,327 30,540
32 Other foreign
official
assets(8) 5,782 7,217 8,470 9,923
Other foreign
assets in
the United
States:
33 With direct
investment
at current
cost (lines
35+37+38+
41+42+43) 187,687 199,971 241,747 309,923
34 With direct
investment
at market
value (lines
36+37+38+
41+42+43) … … … …
Direct investment
in the United
States:
35 At current
cost(10) 47,528 55,413 68,976 88,579
36 At market
value(10) … … … …
37 U.S. Treasury
securities(8) 7,028 7,562 8,910 14,210
38 U.S. securities
other than
U.S. Treasury
securities(8) 54,913 51,235 53,554 58,587
39 Corporate and
other
bonds(8) 11,964 11,456 11,457 10,269
40 Corporate
stocks(8) 42,949 38,779 42,097 48,318
41 U.S. currency 11,792 13,656 16,569 19,552
42 U.S. liabilities
to
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(11) 12,961 11,921 16,019 18,669
43 U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 53,465 60,184 77,719 110,326
Type of investment 1980 1981 1982
Net international
investment
position of
the United
States:
With direct
investment
positions at
current coat
(line 3 less
line 24) 360,838 339,767 328,954
With direct
investment
positions at
market value
(line 4 less
line 25) … … 235,947
U.S.-owned assets
abroad:
With direct
investment
at current
coat (lines
5+10+15) 929,806 1,001,667 1,108,436
With direct
investment
at market
value (lines
5+10+15) … … 961,015
U.S. official
reserve
assets 171,412 124,568 143,445
Gold(1) 155,816 105,644 120,635
Special drawing
rights 2,610 4,096 5,250
Reserve position
in the
International
Monetary Fund 2,852 5,054 7,348
Foreign
currencies 10,134 9,774 10,212
U.S. Government
assets, other
than official
reserve
assets 65,573 70,893 76,903
U.S. credits and
other long-
term
assets(2) 63,731 69,320 75,105
Repayable in
dollars 60,731 66,591 72,635
Other(3) 3,000 2,729 2,470
U.S. foreign
currency
holdings and
U.S. short-
term assets 1,842 1,573 1,798
U.S. private
assets:
With direct
investment
at current
cost (lines
17+19+22+23) 692,821 806,206 888,088
With direct
investment
at market
value (lines
18+19+22+23) … … 740,667
Direct investment
abroad:
At current
cost(4) 388,072 407,804 374,059
At market
value(4) … … 226,638
Foreign
securities(5) 62,454 62,142 74,046
Bonds(5) 43,524 45,675 56,604
Corporate
stocks(5) 18,930 16,467 17,442
U.S. claims on
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(6) 38,429 42,752 35,405
U.S. claims
reported by
U.S. banks,
not included
elsewhere(7) 203,866 293,508 404,578
Foreign-owned assets
in the United
States:
With direct
investment
at current
cost (lines
26+33) 568,968 661,900 779,482
With direct
Investment
at market
value (lines
26+34) … … 725,068
Foreign official
assets in
the United
States 176,062 180,425 189,109
U.S. Government
securities 118,189 125,130 132,587
U.S. Treasury
securities(8) 111,336 117,004 124,929
Others(8) 6,853 8,126 7,658
Other U.S.
Government
liabili-
ties(9) 13,367 13,029 13,639
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 30,381 26,737 24,989
Other foreign
official
assets(8) 14,125 15,529 17,894
Other foreign
assets in
the United
States:
With direct
investment
at current
cost (lines
35+37+38+
41+42+43) 392,906 481,475 590,373
With direct
investment
at market
value (lines
38+37+38+
41+42+43) … … 535,959
Direct investment
in the United
States:
At current
cost(10) 127,105 164,623 184,842
At market
value(10) … … 130,428
U.S. Treasury
securities(8) 16,113 18,505 25,758
U.S. securities
other than
U.S. Treasury
securities(8) 74,114 75,085 92,988
Corporate and
other
bonds(8) 9,545 10,694 16,709
Corporate
stocks(8) 64,569 64,391 76,279
U.S. currency 24,079 27,295 31,265
U.S. liabilities
to
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(11) 30,426 30,606 27,532
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 121,069 165,361 227,988
Type of investment 1983 1984 1985
Net international
investment
position of
the United
States:
With direct
investment
positions at
current coat
(line 3 less
line 24) 298,304 160,695 54,343
With direct
investment
positions at
market value
(line 4 less
line 25) 257,393 134,088 96,886
U.S.-owned assets
abroad:
With direct
investment
at current
coat (lines
5+10+15) 1,210,974 1,204,900 1,287,396
With direct
investment
at market
value (lines
5+10+16) 1,129,673 1,127,132 1,302,712
U.S. official
reserve
assets 123,110 105,040 117,930
Gold(1) 100,484 81,202 85,384
Special drawing
rights 5,025 5,641 7,293
Reserve position
in the
International
Monetary Fund 11,312 11,541 11,947
Foreign
currencies 6,289 6,656 12,856
U.S. Government
assets, other
than official
reserve
assets 81,664 86,945 89,792
U.S. credits and
other long-
term
assets(2) 79,852 84,857 87,854
Repayable in
dollars 77,618 82,819 85,978
Other(3) 2,234 2,038 1,876
U.S. foreign
currency
holdings and
U.S. short-
term assets 1,812 2,088 1,938
U.S. private
assets:
With direct
investment
at current
cost (lines
17+19+22+23) 1,006,200 1,012,915 1,079,674
With direct
investment
at market
value (lines
18+19+22+23) 924,899 935,147 1,094,990
Direct investment
abroad:
At current
cost(4) 355,643 348,342 371,036
At market
value(4) 274,342 270,574 386,352
Foreign
securities(5) 84,723 88,804 119,403
Bonds(5) 58,569 62,810 75,020
Corporate
stocks(5) 26,154 25,994 44,383
U.S. claims on
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(6) 131,329 130,138 141,872
U.S. claims
reported by
U.S. banks,
not included
elsewhere(7) 434,505 445,631 447,363
Foreign-owned assets
in the United
States:
With direct
investment
at current
cost (lines
26+33) 912,670 1,044,205 1,233,053
With direct
Investment
at market
value (lines
26+34) 872,280 993,044 1,205,826
Foreign official
assets in
the United
States 194,468 199,678 202,482
U.S. Government
securities 136,987 144,665 145,063
U.S. Treasury
securities(8) 129,716 138,168 138,438
Others(8) 7,271 6,497 6,625
Other U.S.
Government
liabili-
ties(9) 14,231 14,959 15,803
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 25,534 26,090 26,734
Other foreign
official
assets(8) 17,716 13,964 14,882
Other foreign
assets in
the United
States:
With direct
investment
at current
cost (lines
35+37+38+
41+42+43) 718,202 844,527 1,030,571
With direct
investment
at market
value (lines
38+37+38+
41+42+43) 677,812 793,366 1,003,344
Direct investment
in the United
States:
At current
cost(10) 193,708 223,538 247,223
At market
value(10) 153,318 172,377 219,996
U.S. Treasury
securities(8) 33,846 62,121 87,954
U.S. securities
other than
U.S. Treasury
securities(8) 113,811 128,477 207,868
Corporate and
other
bonds(8) 17,454 32,421 82,290
Corporate
stocks(8) 96,357 96,056 125,578
U.S. currency 36,776 40,797 46,036
U.S. liabilities
to
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(11) 61,731 77,415 86,993
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 278,330 312,179 354,497
Type of investment 1986 1987 1988
Net international
investment
position of
the United
States:
With direct
investment
positions at
current coat
(line 3 less
line 24) -36,209 -80,007 -178,470
With direct
investment
positions at
market value
(line 4 less
line 25) 100,782 50,529 10,466
U.S.-owned assets
abroad:
With direct
investment
at current
coat (lines
5+10+15) 1,469,396 1,646,527 1,829,665
With direct
investment
at market
value (lines
5+10+16) 1,594,652 1,758,711 2,008,365
U.S. official
reserve
assets 139,875 162,370 144,179
Gold(1) 102,428 127,648 107,434
Special drawing
rights 8,395 10,283 9,637
Reserve position
in the
International
Monetary Fund 11,730 11,349 9,745
Foreign
currencies 17,322 13,090 17,363
U.S. Government
assets, other
than official
reserve
assets 91,850 90,681 87,892
U.S. credits and
other long-
term
assets(2) 90,923 89,900 87,163
Repayable in
dollars 89,271 88,344 85,768
Other(3) 1,652 1,556 1,395
U.S. foreign
currency
holdings and
U.S. short-
term assets 927 781 729
U.S. private
assets:
With direct
investment
at current
cost (lines
17+19+22+23) 1,237,671 1,393,476 1,597,594
With direct
investment
at market
value (lines
18+19+22+23) 1,362,927 1,505,660 1,776,294
Direct investment
abroad:
At current
cost(4) 404,818 478,062 513,761
At market
value(4) 530,074 590,246 692,461
Foreign
securities(5) 158,123 188,589 232,849
Bonds(5) 85,724 93,889 104,187
Corporate
stocks(5) 72,399 94,700 128,662
U.S. claims on
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(6) 167,392 177,368 197,757
U.S. claims
reported by
U.S. banks,
not included
elsewhere(7) 507,338 549,457 653,227
Foreign-owned assets
in the United
States:
With direct
investment
at current
cost (lines
26+33) 1,505,605 1,726,534 2,008,135
With direct
Investment
at market
value (lines
26+34) 1,493,870 1,708,182 1,997,899
Foreign official
assets in
the United
States 241,226 283,058 322,036
U.S. Government
securities 178,916 220,548 260,934
U.S. Treasury
securities(8) 173,310 213,713 252,962
Others(8) 5,606 6,835 7,972
Other U.S.
Government
liabili-
ties(9) 17,993 15,667 15,200
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 27,920 31,838 31,520
Other foreign
official
assets(8) 16,397 15,005 14,382
Other foreign
assets in
the United
States:
With direct
investment
at current
cost (lines
35+37+38+
41+42+43) 1,264,379 1,443,476 1,686,099
With direct
investment
at market
value (lines
38+37+38+
41+42+43) 1,252,644 1,425,124 1,675,863
Direct investment
in the United
States:
At current
cost(10) 284,701 334,552 401,766
At market
value(10) 272,966 316,200 391,530
U.S. Treasury
securities(8) 96,078 82,588 100,877
U.S. securities
other than
U.S. Treasury
securities(8) 309,803 341,732 392,292
Corporate and
other
bonds(8) 140,863 166,089 191,314
Corporate
stocks(8) 168,940 175,643 200,978
U.S. currency 50,122 55,584 61,261
U.S. liabilities
to
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(11) 90,703 110,187 144,548
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 432,972 518,833 585,355
Type of investment 1989 1990 1991
Net international
investment
position of
the United
States:
With direct
investment
positions at
current coat
(line 3 less
line 24) -259,506 -245,347 -309,259
With direct
investment
positions at
market value
(line 4 less
line 25) -46,987 -164,495 -260,819
U.S.-owned assets
abroad:
With direct
investment
at current
coat (lines
5+10+15) 2,070,868 2,178,978 2,286,456
With direct
investment
at market
value (lines
5+10+15) 2,350,235 2,294,085 2,470,629
U.S. official
reserve
assets 168,714 174,664 159,223
Gold(1) 105,164 102,406 92,561
Special drawing
rights 9,951 10,989 11,240
Reserve position
in the
International
Monetary Fund 9,048 9,076 9,488
Foreign
currencies 44,551 52,193 45,934
U.S. Government
assets, other
than official
reserve
assets 86,643 84,344 81,422
U.S. credits and
other long-
term
assets(2) 86,057 83,716 79,776
Repayable in
dollars 84,734 82,602 78,814
Other(3) 1,323 1,114 962
U.S. foreign
currency
holdings and
U.S. short-
term assets 586 628 1,646
U.S. private
assets:
With direct
investment
at current
cost (lines
17+19+22+23) 1,815,511 1,919,970 2,045,811
With direct
investment
at market
value (lines
18+19+22+23) 2,094,878 2,035,077 2,229,984
Direct investment
abroad:
At current
cost(4) 553,093 616,655 643,364
At market
value(4) 832,460 731,762 827,537
Foreign
securities(5) 314,294 342,313 455,750
Bonds(5) 116,949 144,717 176,774
Corporate
stocks(5) 197,345 197,596 278,976
U.S. claims on
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(6) 234,307 265,315 256,295
U.S. claims
reported by
U.S. banks,
not included
elsewhere(7) 713,817 695,687 690,402
Foreign-owned assets
in the United
States:
With direct
investment
at current
cost (lines
26+33) 2,330,374 2,424,325 2,595,715
With direct
Investment
at market
value (lines
26+34) 2,397,222 2,458,580 2,731,448
Foreign official
assets in
the United
States 341,746 373,293 398,538
U.S. Government
securities 263,612 291,228 311,199
U.S. Treasury
securities(8) 257,201 285,911 305,994
Others(8) 6,411 5,317 5,205
Other U.S.
Government
liabili-
ties(9) 15,374 17,243 18,610
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 36,495 39,880 38,396
Other foreign
official
assets(8) 26,265 24,942 30,333
Other foreign
assets in
the United
States:
With direct
investment
at current
cost (lines
35+37+38+
41+42+43) 1,988,628 2,051,032 2,197,177
With direct
investment
at market
value (lines
38+37+38+
41+42+43) 2,055,476 2,085,287 2,332,910
Direct investment
in the United
States:
At current
cost(10) 467,886 505,346 533,404
At market
value(10) 534,734 539,601 669,137
U.S. Treasury
securities(8) 166,541 152,452 170,295
U.S. securities
other than
U.S. Treasury
securities(8) 482,864 460,644 546,008
Corporate and
other
bonds(8) 231,673 238,903 274,136
Corporate
stocks(8) 251,191 221,741 271,872
U.S. currency 67,118 85,933 101,317
U.S. liabilities
to
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(11) 167,093 213,406 208,908
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 637,126 633,251 637,245
Type of investment 1992 1993 1994
Net international
investment
position of
the United
States:
With direct
investment
positions at
current coat
(line 3 less
line 24) -431,198 -306,956 -311,872
With direct
investment
positions at
market value
(line 4 less
line 25) -452,305 -178,020 -170,505
U.S.-owned assets
abroad:
With direct
investment
at current
coat (lines
5+10+15) 2,331,696 2,753,648 2,988,633
With direct
investment
at market
value (lines
5+10+16) 2,466,496 3,057,669 3,279,871
U.S. official
reserve
assets 147,435 164,945 163,394
Gold(1) 87,168 102,556 100,110
Special drawing
rights 8,503 9,039 10,039
Reserve position
in the
International
Monetary Fund 11,759 11,818 12,030
Foreign
currencies 40,005 41,532 41,215
U.S. Government
assets, other
than official
reserve
assets 83,022 83,382 83,908
U.S. credits and
other long-
term
assets(2) 81,352 81,435 81,884
Repayable in
dollars 80,498 80,660 81,389
Other(3) 854 775 495
U.S. foreign
currency
holdings and
U.S. short-
term assets 1,670 1,947 2,024
U.S. private
assets:
With direct
investment
at current
cost (lines
17+19+22+23) 2,101,239 2,505,321 2,751,331
With direct
investment
at market
value (lines
18+19+22+23) 2,236,039 2,809,342 3,032,569
Direct investment
abroad:
At current
cost(4) 663,830 723,526 786,565
At market
value(4) 798,630 1,027,547 1,067,803
Foreign
securities(5) 515,083 853,528 948,668
Bonds(5) 200,817 309,666 321,208
Corporate
stocks(5) 314,266 543,862 627,460
U.S. claims on
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(6) 254,303 242,022 322,980
U.S. claims
reported by
U.S. banks,
not included
elsewhere(7) 668,023 686,245 693,118
Foreign-owned assets
in the United
States:
With direct
investment
at current
cost (lines
26+33) 2,762,894 3,060,604 3,310,505
With direct
Investment
at market
value (lines
26+34) 2,918,801 3,235,689 3,450,376
Foreign official
assets in
the United
States 437,263 509,422 535,217
U.S. Government
securities 329,317 381,687 407,152
U.S. Treasury
securities(8) 322,600 373,050 396,887
Others(8) 6,717 8,637 10,265
Other U.S.
Government
liabili-
ties(9) 20,801 22,113 23,678
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 54,967 69,721 73,386
Other foreign
official
assets(8) 32,178 35,901 31,001
Other foreign
assets in
the United
States:
With direct
investment
at current
cost (lines
35+37+38+
41+42+43) 2,325,631 2,551,182 2,775,288
With direct
investment
at market
value (lines
38+37+38+
41+42+43) 2,481,538 2,726,267 2,915,159
Direct investment
in the United
States:
At current
cost(10) 540,270 593,313 617,982
At market
value(10) 696,177 768,398 757,853
U.S. Treasury
securities(8) 197,739 221,501 235,684
U.S. securities
other than
U.S. Treasury
securities(8) 599,447 696,449 739,695
Corporate and
other
bonds(8) 299,287 355,822 368,077
Corporate
stocks(8) 300,160 340,627 371,618
U.S. currency 114,804 133,734 157,185
U.S. liabilities
to
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(11) 220,666 229,038 239,817
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 2,705 677,147 784,925
Type of investment 1995 1996(r) 1997(r)
Net international
investment
position of
the United
States:
With direct
investment
positions at
current coat
(line 3 less
line 24) -514,637 -595,168 -972,605
With direct
investment
positions at
market value
(line 4 less
line 25) -418,648 -542,234 -1,076,134
U.S.-owned assets
abroad:
With direct
investment
at current
coat (lines
5+10+15) 3,451,983 4,012,746 4,567,279
With direct
investment
at market
value (lines
5+10+16) 3,873,632 4,549,179 5,278,032
U.S. official
reserve
assets 176,061 160,739 134,836
Gold(1) 101,279 96,698 75,929
Special drawing
rights 11,037 10,312 10,027
Reserve position
in the
International
Monetary Fund 14,649 15,435 18,071
Foreign
currencies 49,096 38,294 30,809
U.S. Government
assets, other
than official
reserve
assets 85,064 86,123 86,198
U.S. credits and
other long-
term
assets(2) 82,802 83,999 84,130
Repayable in
dollars 82,358 83,606 83,780
Other(3) 444 393 350
U.S. foreign
currency
holdings and
U.S. short-
term assets 2,262 2,124 2,068
U.S. private
assets:
With direct
investment
at current
cost (lines
17+19+22+23) 3,190,858 3,765,884 4,346,245
With direct
investment
at market
value (lines
18+19+22+23) 3,612,507 4,302,317 5,056,998
Direct investment
abroad:
At current
cost(4) 885,506 989,810 1,067,436
At market
value(4) 1,307,155 1,526,243 1,778,189
Foreign
securities(5) 1,169,636 1,467,985 1,751,183
Bonds(5) 392,827 465,057 543,396
Corporate
stocks(5) 776,809 1,002,928 1,207,787
U.S. claims on
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(6) 367,567 450,578 545,524
U.S. claims
reported by
U.S. banks,
not included
elsewhere(7) 768,149 857,511 982,102
Foreign-owned assets
in the United
States:
With direct
investment
at current
cost (lines
26+33) 3,966,620 4,607,914 5,539,884
With direct
Investment
at market
value (lines
26+34) 4,292,280 5,091,413 6,354,166
Foreign official
assets in
the United
States 671,710 798,368 835,962
U.S. Government
securities 497,776 610,469 614,530
U.S. Treasury
securities(8) 482,773 590,704 589,792
Others(8) 15,003 19,765 24,738
Other U.S.
Government
liabili-
ties(9) 23,573 22,592 21,712
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 107,394 113,098 135,384
Other foreign
official
assets(8) 42,967 52,209 64,336
Other foreign
assets in
the United
States:
With direct
investment
at current
cost (lines
35+37+38+
41+42+43) 3,294,910 3,809,546 4,703,922
With direct
investment
at market
value (lines
38+37+38+
41+42+43) 3,620,570 4,293,045 5,518,204
Direct investment
in the United
States:
At current
cost(10) 680,066 745,619 823,126
At market
value(10) 1,005,726 1,229,118 1,637,408
U.S. Treasury
securities(8) 358,537 502,562 662,228
U.S. securities
other than
U.S. Treasury
securities(8) 971,356 1,199,461 1,578,694
Corporate and
other
bonds(8) 481,214 588,044 715,196
Corporate
stocks(8) 490,142 611,417 863,498
U.S. currency 169,484 186,846 211,628
U.S. liabilities
to
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(11) 300,424 346,810 459,407
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 815,043 828,248 968,839
Type of investment 1998(r) 1999(r) 2000(p)
Net international
investment
position of
the United
States:
With direct
investment
positions at
current coat
(line 3 less
line 24) -1,128,699 -1,099,786 -1,842,663
With direct
investment
positions at
market value
(line 4 less
line 25) -1,423,988 -1,525,347 -2,187,444
U.S.-owned assets
abroad:
With direct
investment
at current
coat (lines
5+10+15) 5,091,616 5,921,099 6,167,212
With direct
investment
at market
value (lines
5+10+16) 6,063,175 7,206,320 7,189,792
U.S. official
reserve
assets 146,006 136,418 128,400
Gold(1) 75,291 75,950 71,799
Special drawing
rights 10,603 10,336 10,539
Reserve position
in the
International
Monetary Fund 24,111 17,950 14,824
Foreign
currencies 36,001 32,182 31,238
U.S. Government
assets, other
than official
reserve
assets 86,768 84,227 85,171
U.S. credits and
other long-
term
assets(2) 84,850 81,657 82,577
Repayable in
dollars 84,528 81,367 82,296
Other(3) 322 290 281
U.S. foreign
currency
holdings and
U.S. short-
term assets 1,918 2,570 2,594
U.S. private
assets:
With direct
investment
at current
cost (lines
17+19+22+23) 4,858,842 5,700,454 5,953,641
With direct
investment
at market
value (lines
18+19+22+23) 5,830,401 6,985,675 6,976,221
Direct investment
abroad:
At current
cost(4) 1,196,765 1,327,954 1,445,177
At market
value(4) 2,168,324 2,613,175 2,467,757
Foreign
securities(5) 2,052,929 2,604,383 2,406,504
Bonds(5) 576,745 577,745 577,694
Corporate
stocks(5) 1,476,184 2,026,638 1,828,810
U.S. claims on
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(6) 588,322 667,732 825,251
U.S. claims
reported by
U.S. banks,
not included
elsewhere(7) 1,020,826 1,100,385 1,276,709
Foreign-owned assets
in the United
States:
With direct
investment
at current
cost (lines
26+33) 6,220,315 7,020,885 8,009,875
With direct
Investment
at market
value (lines
26+34) 7,487,163 8,731,667 9,377,236
Foreign official
assets in
the United
States 838,041 870,364 922,429
U.S. Government
securities 620,285 628,907 676,897
U.S. Treasury
securities(8) 589,023 578,225 582,344
Others(8) 31,262 50,682 94,553
Other U.S.
Government
liabili-
ties(9) 18,340 15,486 13,499
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 125,883 138,847 144,650
Other foreign
official
assets(8) 73,533 87,124 87,383
Other foreign
assets in
the United
States:
With direct
investment
at current
cost (lines
35+37+38+
41+42+43) 5,382,274 6,150,521 7,087,446
With direct
investment
at market
value (lines
38+37+38+
41+42+43) 6,649,122 7,861,303 8,454,807
Direct investment
in the United
States:
At current
cost(10) 912,187 1,094,439 1,369,505
At market
value(10) 2,179,035 2,805,221 2,736,866
U.S. Treasury
securities(8) 729,738 660,693 639,684
U.S. securities
other than
U.S. Treasury
securities(8) 2,012,429 2,522,009 2,963,973
Corporate and
other
bonds(8) 902,153 1,061,924 1,374,259
Corporate
stocks(8) 1,110,276 1,460,085 1,589,714
U.S. currency 228,250 250,657 251,786
U.S. liabilities
to
unaffiliated
foreigners
reported by
U.S. non-
banking
concerns(11) 485,675 555,566 722,738
U.S. liabilities
reported by
U.S. banks,
not included
elsewhere 1,013,995 67,157 1,139,760
(p) Preliminary.
(r) Revised.
(1.) U.S. official gold stock is valued at market price.
(2.) Also includes paid-in capital subscriptions to international
financial institutions and outstanding amounts of miscellaneous claims
that have been settled through international agreements to be payable
to the U.S. Government over periods in excess of 1 year. Excludes
World War I debts that are not being serviced.
(3.) Includes indebtedness that the borrower may contractually, or at
its option, repay with its currency, with a third country’s currency,
or by delivery of materials or transfer of services.
(4.) A break in series in 1994 reflects the reclassification of
intercompany debt positions between parent companies and affiliates
that are not depository institutions and that are primarily engaged in
financial intermediation from the direct investment accounts to the
nonbank investment accounts. Estimates for 1976 forward are linked to
the 1977, 1982, 1989, and 1994 benchmark surveys of U.S. direct
investment abroad.
(5.) Estimates include results of the 1994 and 1997 Benchmark Surveys
of U.S. Ownership of Foreign Long-term Securities conducted by the U.S.
Department of the Treasury.
(6.) A break in series in 1983 reflects the introduction of data from
the United Kingdom and from the Bank for international Settlements
(BIS) for several European countries, Caribbean banking centers, and
Asian banking centers. Additional coverage from BIS data was
introduced in 1986, 1989, 1993, and 1994. In 1994, intercompany debt
positions between parent companies and affiliates that are not
depository institutions and that are primarily engaged on financial
intermediation are reclassified from the direct investment accounts to
the nonbank investment accounts.
(7.) A break in series in 1988 reflects the introduction of data on
holdings of foreign commercial paper.
(8.) Estimates include results of 1978, 1984, 1989, and 1994 Benchmark
Surveys of Foreign Portpolio Investment in the United States conducted
by the U.S. Department of the Treasury.
(9.) Primarily U.S. Government liabilities associated with military
sales contracts and other transactions arranged with or through foreign
official agencies.
(10.) Estimates for 1976 forward are linked to the 1980, 1987, 1992,
and 1997 benchmark surveys of foreign direct investment in the United
States.
(11.) A break in series in 1983 reflects the introduction of data from
the United Kingdom. A break in series in 1994 reflects the
reclassification of intercompany debt positions between parent
companies and affiliates that are not depository instiutions and that
are primarily engaged in financial intermediation from the direct
investment accounts to the nonbank investment accounts. A break in
series in 1996 reflects the introduction of data from the Bank for
International Settlements (BIS) for several European countries.
(1.) The current-cost method values the U.S. and foreign parents’ share of their affiliates’ investment in plant and equipment using the current cost of capital equipment, in land using general price indexes, and in inventories using estimates of their replacement cost. The market-value method values the owners’ equity share of direct investment using indexes of stock market prices. For additional information about the different measures of direct investment, see J. Steven Landefeld and Ann M. Lawson, “Valuation of the U.S. Net International Investment Position,” SURVEY OF CURRENT BUSINESS 71 (May, 1991): 40-49.
Improvements in the Estimates
As is customary each July, the estimates of the U.S. international investment position incorporate newly available source data and methodological improvements that relate to the changes incorporated in the annual revision of the U.S. international transactions accounts. As a result, the negative net international investment position with direct investment at current cost for yearend 1999 has been revised from $1,082.5 billion to $1,099.8 billion, and the net position with direct investment at market value has been revised from $1,473.7 billion to $1,525.3 billion. The major sources of these revisions are the following.
* The estimates of the foreign direct investment position in the United States on both the current-cost basis and the market-value basis for 1997 forward have been revised to incorporate data collected in BEA’s 1997 benchmark survey of foreign direct investment in the United States and revised quarterly survey results for 1998-2000.
* Foreign holdings of U.S. securities other than U.S. Treasury securities are revised for 1999-2000 as a result of a more complete accounting for large U.S. acquisitions of foreign companies, especially those acquisitions financed by exchanges of stocks.
* U.S. nonbank liabilities are revised for 1996-2000 as a result of the substitution of Bank for International Settlements data on nonbank liabilities to foreign banks for U.S.-source data.
For additional information, see “U.S. International Transactions, Revised Estimates for 1989-2000” in this issue.
COPYRIGHT 2001 U.S. Government Printing Office
COPYRIGHT 2004 Gale Group
