Accessible Version

Globalization and the Reach of Multinationals Implications for Portfolio Exposures, Capital Flows, and Home Bias, Accessible Data

Figure 1a. U.S. holdings of common stock, Residence basis

Market value - $ Billions

Year AFE EME Fin. centers U.S.
2003 1085.26 236.88 305.88 11690.74
2004 1311.74 288.75 388.29 12963.44
2005 1710.56 450.72 508.10 13359.58
2006 2238.67 650.92 671.73 14933.93
2007 2543.00 902.42 836.77 14713.12
2008 1404.27 392.79 461.76 8677.22
2009 1902.20 781.59 688.90 10861.84
2010 2136.41 1032.06 777.64 12525.03
2011 1903.56 854.35 713.25 12073.02
2012 2199.37 1031.89 831.90 13708.21
2013 2885.56 1040.05 1228.55 17631.66
2014 2729.12 1108.22 1321.15 19393.59
2015 2826.47 1018.53 1491.72 18258.98
2016 2895.77 1089.35 1538.85 19924.49
2017 3766.15 1552.64 2029.73 23278.53
2018 3197.96 1260.41 1699.63 21067.47

Note: Legend entries are ordered from top to bottom.

Source: Treasury International Capital System; Bloomberg; Refinitiv Worldscope Fundamentals; Authors' calculations.

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Figure 1b. U.S. holdings of common stock, Nationality basis

Market value - $ Billions

Year AFE EME Fin. centers U.S.
2003 1090.92 222.20 191.76 11813.89
2004 1316.88 276.86 228.69 13129.79
2005 1717.54 444.79 284.72 13581.92
2006 2254.17 648.41 390.05 15202.61
2007 2578.18 929.11 393.57 15094.44
2008 1424.17 416.23 243.49 8852.15
2009 1949.13 825.91 317.42 11142.08
2010 2184.52 1092.35 330.80 12863.46
2011 1949.99 919.18 311.08 12363.92
2012 2230.00 1103.71 365.02 14072.64
2013 2921.61 1154.75 490.02 18219.44
2014 2772.98 1254.53 493.11 20031.45
2015 2852.67 1182.06 513.12 19047.84
2016 2916.71 1235.35 506.45 20789.93
2017 3814.89 1927.47 632.15 24252.54
2018 3223.24 1620.04 539.98 21842.21

Note: Legend entries are ordered from top to bottom.

Source: Treasury International Capital System; Bloomberg; Refinitiv Worldscope Fundamentals; Authors' calculations.

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Figure 1c. U.S. holdings of common stock, Revenue-exposure basis

Market value - $ Billions

Year AFE EME Fin. centers U.S.
2003 2245.01 748.03 274.53 10051.20
2004 2564.91 932.06 288.04 11167.20
2005 2912.82 1228.42 337.01 11550.72
2006 3479.45 1640.61 470.38 12904.81
2007 3849.50 2156.62 483.02 12506.17
2008 2131.36 1177.54 307.34 7319.79
2009 2805.29 1856.81 411.79 9160.63
2010 3109.73 2385.47 445.82 10530.12
2011 2822.83 2238.94 428.23 10054.17
2012 3152.69 2632.12 460.37 11526.18
2013 4012.03 3139.26 657.04 14977.50
2014 3944.44 3363.03 720.04 16524.57
2015 3881.81 3217.60 775.72 15720.56
2016 4041.43 3428.18 810.12 17168.72
2017 5024.78 4680.58 973.81 19947.87
2018 4343.17 4051.86 831.18 17999.26

Note: Legend entries are ordered from top to bottom.

Source: Treasury International Capital System; Bloomberg; Refinitiv Worldscope Fundamentals; Authors' calculations.

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Figure 2a. U.S. holdings of common stock, Difference between revenue exposure and residence basis

Market value - $ Billions

Year AFE EME Fin. centers U.S.
2003 1085.26 236.88 305.88 11690.74
2004 1311.74 288.75 388.29 12963.44
2005 1710.56 450.72 508.10 13359.58
2006 2238.67 650.92 671.73 14933.93
2007 2543.00 902.42 836.77 14713.12
2008 1404.27 392.79 461.76 8677.22
2009 1902.20 781.59 688.90 10861.84
2010 2136.41 1032.06 777.64 12525.03
2011 1903.56 854.35 713.25 12073.02
2012 2199.37 1031.89 831.90 13708.21
2013 2885.56 1040.05 1228.55 17631.66
2014 2729.12 1108.22 1321.15 19393.59
2015 2826.47 1018.53 1491.72 18258.98
2016 2895.77 1089.35 1538.85 19924.49
2017 3766.15 1552.64 2029.73 23278.53
2018 3197.96 1260.41 1699.63 21067.47

Note: Legend entries are ordered from top to bottom.

Source: Treasury International Capital System; Bloomberg; Refinitiv Worldscope Fundamentals; Authors' calculations.

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Figure 2b. U.S. holdings of common stock, Difference between revenue exposure and nationality basis

Market value - $ Billions

Year AFE EME Fin. centers U.S.
2003 1090.92 222.20 191.76 11813.89
2004 1316.88 276.86 228.69 13129.79
2005 1717.54 444.79 284.72 13581.92
2006 2254.17 648.41 390.05 15202.61
2007 2578.18 929.11 393.57 15094.44
2008 1424.17 416.23 243.49 8852.15
2009 1949.13 825.91 317.42 11142.08
2010 2184.52 1092.35 330.80 12863.46
2011 1949.99 919.18 311.08 12363.92
2012 2230.00 1103.71 365.02 14072.64
2013 2921.61 1154.75 490.02 18219.44
2014 2772.98 1254.53 493.11 20031.45
2015 2852.67 1182.06 513.12 19047.84
2016 2916.71 1235.35 506.45 20789.93
2017 3814.89 1927.47 632.15 24252.54
2018 3223.24 1620.04 539.98 21842.21

Note: Legend entries are ordered from top to bottom.

Source: Treasury International Capital System; Bloomberg; Refinitiv Worldscope Fundamentals; Authors' calculations.

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Figure 3. U.S. holdings of common stock, Revenue exposure basis by type of economy and nationality of firm

Market value - $ Billions

Year Foreign firm, AFE exp Foreign firm, EME exp Foreign firm, US exp US firm, AFE exp US firm, EME exp US firm, US exp
2003 1082.74 291.38 130.76 1248.21 692.86 9872.82
2004 1223.03 401.63 197.77 1403.59 818.83 10907.36
2005 1582.98 607.23 256.83 1420.27 948.73 11212.92
2006 2078.30 899.58 314.75 1575.09 1137.70 12489.82
2007 2309.74 1245.39 345.73 1703.12 1353.25 12038.07
2008 1280.16 607.73 196.00 975.32 837.08 7039.75
2009 1722.61 1084.89 284.96 1254.47 1127.47 8760.15
2010 1908.19 1376.69 322.79 1405.13 1389.79 10068.53
2011 1707.42 1186.42 286.41 1325.05 1403.59 9635.29
2012 1943.22 1419.26 336.25 1436.68 1618.64 11017.31
2013 2536.50 1599.97 429.91 1833.92 2061.37 14324.14
2014 2418.40 1655.96 446.27 1944.99 2222.95 15863.51
2015 2497.68 1569.51 480.66 1870.82 2132.56 15044.47
2016 2543.62 1622.87 492.02 2009.04 2309.17 16471.72
2017 3303.03 2443.10 628.38 2325.60 2854.15 19072.79
2018 2785.58 2040.23 557.45 2072.70 2535.19 17234.31

Note: Legend entries are ordered from top to bottom, left to right.

Source: Treasury International Capital System; Bloomberg; Refinitiv Worldscope Fundamentals; Authors' calculations.

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Figure 4. U.S. Home Bias in Common Stock

Ratio

Year Nationality-based definition Residence-based definition Revenue exposure-based definition
2003 0.76 0.75 0.49
2004 0.77 0.75 0.52
2005 0.72 0.70 0.49
2006 0.70 0.68 0.49
2007 0.69 0.66 0.48
2008 0.71 0.69 0.49
2009 0.66 0.64 0.45
2010 0.66 0.64 0.45
2011 0.68 0.65 0.45
2012 0.67 0.64 0.44
2013 0.66 0.63 0.42
2014 0.68 0.65 0.45
2015 0.67 0.63 0.44
2016 0.69 0.64 0.45
2017 0.65 0.61 0.43
2018 0.67 0.63 0.44

Source: Authors' calculations.

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Last Update: December 18, 2020