Table 1.—International Investment Position of the United States at Yearend, 1995 and 1996

[Millions of dollars]

Line Type of investment Position 1995/r/ Changes in position in 1996 (decrease (-)) Position 1996/p/
Attributable to: Total
Capital flows Valuation adjustments
Price changes Exchange rate changes/1/ Other changes/2/
(a) (b) (c) (d) (a+b+c+d)
Net international investment position of the United States:
1 With direct investment positions at current cost (line 3 less line 24) -687,702 -195,111 32,038 -22,195 2,446 -182,822 -870,524
2 With direct investment positions at market value (line 4 less line 25) -637,480 -195,111 39,063 -46,339 8,564 -193,823 -831,303
U.S. assets abroad:
3 With direct investment positions at current cost (lines 5+10+15) 3,272,731 352,444 121,367 -21,849 -3,964 447,998 3,720,729
4 With direct investment positions at market value (lines 5+10+16) 3,700,432 352,444 267,858 -45,567 9,373 584,108 4,284,540
5 U.S. official reserve assets 176,061 -6,668 -4,581 -4,073 -15,322 160,739
6 Gold 101,279 /3/-4,581 -4,581 96,698
7 Special drawing rights 11,037 -370 -355 -725 10,312
8 Reserve position in the International Monetary Fund 14,649 1,280 -494 786 15,435
9 Foreign currencies 49,096 -7,578 -3,224 -10,802 38,294
10 U.S. Government assets, other than official reserve assets 81,897 690 -34 1 657 82,554
11 U.S. credits and other long-term assets/4/ 79,958 796 -1 1 796 80,754
12 Repayable in dollars 79,178 846 -12 834 80,012
13 Other/5/ 780 -50 -1 13 -38 742
14 U.S. foreign currency holdings and U.S. short-term assets 1,939 -106 -33 -139 1,800
U.S. private assets:
15 With direct investment at current cost (lines 17+19+22+23) 3,014,773 358,422 125,948 -17,742 -3,965 462,663 3,477,436
16 With direct investment at market value (lines 18+19+22+23) 3,442,474 358,422 272,439 -41,460 9,372 598,773 4,041,247
Direct investment abroad:
17 At current cost 884,290 87,813 7,375 -4,726 -3,954 86,508 970,798
18 At market value 1,311,991 87,813 153,866 -28,444 9,383 222,618 1,534,609
19 Foreign securities 1,054,352 108,189 118,573 -7,675 219,087 1,273,439
20 Bonds 355,284 49,403 806 -7,521 42,688 397,972
21 Corporate stocks 699,068 58,786 117,767 -154 176,399 875,467
22 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns 307,982 64,234 -3,161 61,073 369,055
23 U.S. claims reported by U.S. banks, not included elsewhere 768,149 98,186 -2,180 -11 95,995 864,144
Foreign assets in the United States:
24 With direct investment at current cost (lines 26+33) 3,960,433 547,555 89,329 346 -6,410 630,820 4,591,253
25 With direct investment at market value (lines 26+34) 4,337,912 547,555 228,795 772 809 777,931 5,115,843
26 Foreign official assets in the United States 678,451 122,354 4,345 -1 126,698 805,149
27 U.S. Government securities 498,906 115,634 -4,333 111,301 610,207
28 U.S. Treasury securities 471,508 111,253 -3,802 107,451 578,959
29 Other 27,398 4,381 -531 3,850 31,248
30 Other U.S. Government liabilities/7/ 25,225 720 -1 719 25,944
31 U.S. liabilities reported by U.S. banks, not included elsewhere 107,394 4,722 4,722 112,116
32 Other foreign official assets 46,926 1,278 8,678 9,956 56,882
Other foreign assets:
33 With direct investment at current cost (lines 35+37+38+39+42+43) 3,281,982 425,201 84,984 346 -6,409 504,122 3,786,104
34 With direct investment at market value (lines 36+37+38+39+42+43) 3,659,461 425,201 224,450 772 810 651,233 4,310,694
Direct investment in the United States:
35 At current cost 654,502 76,955 5,356 -426 -7,335 74,550 729,052
36 At market value 1,031,981 76,955 144,822 -116 221,661 1,253,642
37 U.S. Treasury securities 389,383 155,578 -14,411 141,167 530,550
38 U.S.currency 192,300 17,300 17,300 209,600
39 U.S. securities other than U.S. Treasury securities 999,537 133,798 94,039 -1,887 225,950 1,225,487
40 Corporate and other bonds 534,116 121,194 721 -1,887 120,028 654,144
41 Corporate stocks 465,421 12,604 93,318 105,922 571,343
42 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns 232,891 31,786 5,932 926 38,644 271,535
43 U.S. liabilities reported by U.S. banks, not included elsewhere 813,369 9,784 -3,273 6,511 819,880

p Preliminary.

r Revised.

1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation at current exchange rates.

2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value of assets.

3. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold.

4. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts that are not being serviced.

5. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third country's currency, or by delivery of materials or transfer of services.

6. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.