FURCERI, Davide

Guichard, S

Rusticelli, E.

This paper provides an empirical investigation of the medium-term determinants of international 
investment positions for a large sample of advanced and emerging economies. In addition to the usually 
considered drivers of foreign assets and liabilities, the analysis focuses on the role of structural policy 
indicators. Using cross-section and panel regression techniques the results suggest that structural policy 
settings are important long-term drivers of capital flows, having a relatively large impact on gross and net 
foreign capital positions and on their composition. In particular, the results suggest that certain kinds of 
structural policy reform could help to narrow global imbalances, and to modify the composition of 
international capital flows towards more stable and productive sources

Medium-Term Determinants of International Investment Positions

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