-
Jan 13, 2025 | 
brookings.edu | Gian Maria Milesi-Ferretti
Editor's note: This post updates with complete year-end 2023 data the External Wealth of Nations database [Excel download], which assembles data on external claims and liabilities of economies around the world. The database is described in more detail in a series of papers (Lane and Milesi-Ferretti 2001, 2007, 2018), and in a companion post.
-
Oct 17, 2024 | 
brookings.edu | Gian Maria Milesi-Ferretti
Editor's note: This post updates with year-end 2023 data the External Wealth of Nations database [Excel download], which assembles data on external claims and liabilities of economies around the world. The database is described in more detail in a series of papers (Lane and Milesi-Ferretti 2001, 2007, 2018), and in a companion post.
-
Oct 9, 2024 | 
brookings.edu | Gian Maria Milesi-Ferretti
Rising geopolitical tensions have implications for international trade and finance. These tensions and associated policy and behavioral responses can lead to increased fragmentation, with associated losses for productivity and risk sharing. Several researchers have examined shifts in cross-border patterns of trade and finance over the past few years, documenting how countries are increasingly relying on trade and financial partners more aligned with their geopolitical stance.
-
Jul 26, 2024 | 
brookings.edu | Gian Maria Milesi-Ferretti |Comfort Oshagbemi
The terms of trade is an index measuring the price of a country’s exports relative to the price of its imports. The terms of trade rise (improve) when the price of a country’s exports increase relative to the price of its imports, and decline (deteriorate) if import prices increase relative to export prices. Terms of trade matters because it measures the purchasing power of exports relative to imports.
-
Jun 28, 2024 | 
brookings.edu | Gian Maria Milesi-Ferretti
Gian Maria Milesi-Ferretti, a senior fellow in the Hutchins Center on Fiscal & Monetary Policy and a former deputy director in the research department of the International Monetary Fund, has long studied the flow of money across national borders and the relationship between countries that borrow a lot from other countries and those that lend or invest a lot in other countries.
-
Apr 19, 2024 | 
brookings.edu | Gian Maria Milesi-Ferretti |Alexander N. Conner
The Russian economy has been under trade and financial sanctions since its invasion of Ukraine in February 2022. These were designed to limit its export revenues (such as a price cap on its oil sales and reduced purchases of gas) and curtail its access to global capital markets (such as the freezing of its foreign exchange reserves held, mainly, in Europe).
-
Apr 10, 2024 | 
brookings.edu | Janice Eberly |Peter Blair Henry |Gian Maria Milesi-Ferretti
Many countries around the world have faced harrowing debt burdens, and reducing the national debt is usually a lasting challenge. Jamaica is one of the few exceptions to the rule. In just five years, the small island nation reduced its debt-to-GDP ratio by 40 percentage points, something only a handful of other countries have done in that time frame.
-
Jan 2, 2024 | 
brookings.edu | Gian Maria Milesi-Ferretti
Editor's note: This post updates with complete year-end 2022 data the External Wealth of Nations database [Excel download], which assembles data on external claims and liabilities of economies around the world. The database is described in more detail in a series of papers (Lane and Milesi-Ferretti 2001, 2007, 2018), and in a companion post.
-
Jan 2, 2024 | 
brookings.edu | Gian Maria Milesi-Ferretti
Editor's note: For the past several years, Gian Maria Milesi-Ferretti, now a senior fellow in the Hutchins Center at Brookings, and Philip Lane, now chief economist of the European Central Bank, have been curating a database on external financial assets and liabilities for more than 200 countries that stretches back to 1970—the External Wealth of Nations. The Hutchins Center is now making the entire dataset [Excel download] widely available online and will update it regularly.
-
Dec 5, 2023 | 
brookings.edu | Gian Maria Milesi-Ferretti
The past decade has seen a remarkable widening of global creditor and debtor positions in relation to world GDP, with the lion’s share of net external liabilities accounted for by the United States, and a surge in net global claims, particularly in advanced Europe and smaller economies of advanced Asia. This has occurred despite a compression in global net borrowing and lending, reflected in shrinking current account imbalances. This paper explores the factors underpinning these developments.
