01670cas a2200253 a 4500 AALejournalIMF001645 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451852981 1018-5941 BD-DhAAL BD-DhAAL Lane, Philip. Long-Term Capital Movements / Philip Lane, Gian Milesi-Ferretti. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (49 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this paper, we show that a small set of fundamentals-shifts in relative output levels, the stock of public debt and demographic factors-can do much to explain the evolution of net foreign asset positions. In addition, we highlight the role that "external wealth" plays in determining the behaviour of the trade balance, and we provide some evidence that a portfolio balance effect exists: real interest rate differentials are inversely related to net foreign asset positions. Mode of access: Internet Milesi-Ferretti, Gian. IMF Working Papers; Working Paper ; No. 2001/107 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/107/001.2001.issue-107-en.xml IMF e-Library