Table P.—Private Capital Flows, Net

(Billions of US dollars)

Claims (increase/capital outflow (–)); liabilities (increase/capital inflow (+))	1997	1998	1999/p/	1999
				I	II	III/r/	IV/p/
Private capital flows	269.2	238.7	325.1	60.8	119.1	81.5	63.6
Bank-reported capital, net/1/	4.2	15.8	6.3	13.6	–7.6	13.8	–13.6
U.S. claims	–144.8	–24.9	–61.4	27.8	–42.5	–8.8	–37.9
U.S. liabilities/1/	149.0	40.7	67.7	–14.2	34.9	22.6	24.3
Securities, net	253.5	161.3	206.2	60.8	9.1	69.8	66.5
Net U.S. purchases of foreign securities	–89.2	–102.9	–97.9	8.1	–64.6	–34.4	–7.0
Stocks	–42.0	–77.8	–97.8	8.3	–67.7	–27.1	–11.3
Bonds	–47.2	–25.1	–0.1	–0.2	3.1	–7.3	4.3
Net foreign purchases of U.S. securities	342.7	264.2	304.1	52.7	73.7	104.2	73.5
U.S. Treasury securities	146.4	46.2	–21.8	–8.8	–5.4	9.6	–17.2
Other than U.S. Treasury securities	196.3	218.0	325.9	61.5	79.1	94.6	90.7
Stocks	68.5	47.5	94.9	8.8	29.0	23.9	33.2
Bonds	127.8	170.5	231.0	52.7	50.1	70.7	57.5
U.S. currency flows, net	24.8	16.6	22.4	2.4	3.1	4.7	12.2
Direct investment, net	–0.7	60.6	130.3	–22.3	122.4	13.8	16.4
U.S. direct investment abroad	–110.0	–132.8	–152.2	–45.0	–32.9	–48.1	–26.2¯
Foreign direct investment in the United States	109.3	193.4	282.5	22.7	155.3	61.9	42.6
Nonbank-reported capital, net	–12.6	–15.6	–40.1	6.3	–7.9	–20.6	–17.9
U.S. claims	–120.4	–25.0	–69.5	–13.9	–16.8	–24.1	–14.8
U.S. liabilities	107.8	9.4	29.4	20.2	8.9	3.5	–3.1

r Revised.

p Preliminary.

1. Liabilities exclude U.S. Treasury securities.