Board of Governors of the Federal Reserve System

Data for figures presented with speech given by Governor Kroszner on September 1, 2008.

 

Figure 1
U.S. Cross-Border Claims and Liabilities (Percent of 2007 U.S. Gross Domestic Product)

	2002	2003	2004	2005	2006	2007
Net	-19%	-19%	-19%	-15%	-17%	-18%
U.S. Claims	64%	70%	80%	96%	109%	128%
U.S. Liabilities	-83%	-89%	-99%	-112%	-126%	-145%

Note: Direct investment is on a current-cost basis.

Source: Bureau of Economic Analysis.

Figure 2
Asset Composition of U.S. Cross-Border Claims and Liabilities (Year-End 2007)

	Claims	Liabilities
Debt Instruments	45%	71%
Equity Securities	34%	16%
Direct Investment	22%	14%

Note: Direct investment is on a current-cost basis. Excludes financial derivatives.

Source: Bureau of Economic Analysis.

Figure 3
Returns on U.S. Cross-Border Claims and Liabilities, by Type of Asset (1990-2007 Average)

	Direct Investment Claims	Direct Investment Liabilities	Equity Securities Claims	Equity Securities Liabilities	Debt Instruments Claims	Debt Instruments Liabilities	Total Claims	Total Liabiilties
Income	10.2%	3.8%	2.2%	2.1%	4.8%	5.1%	5.7%	4.4%
Capital Gains	1.3%	1.0%	8.2%	9.7%	0.5%	0.3%	2.5%	1.6%

Note: Direct investment is on a current-cost basis. Excludes financial derivatives.

Source: Federal Reserve Board, staff calculations.

Figure 4
U.S. Net Income, Net Investment Position, and Net Investment Position Plus Cumulated Current Account

Billions of U.S. dollars

	2001	2002	2003	2004	2005	2006	2007
Net investment position	-1869	-2038	-2087	-2245	-1925	-2226	-2442
Net investment position at year-end 2001 plus cumulated current account1	-1869	-2330	-2854	-3479	-4208	-4996	-5727
Net income	32	27	45	67	72	57	82

¹Cumulated current account as of a given date is the sum of current account balances from 2002 to the given date. Return to table

Note: Direct investment is on a current-cost basis.

Source: Bureau of Economic Analysis.