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Mart´ın Uribe3 First draft, Fall 1998 Last updated: June 25, 2014

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Figure 1.2: Trade Balances and Current Account Balances Across Countries in 2005 −15 −10 −5 0 5 10 15−15−10−5051015ArgChinaIreMexPhilippinesUSA45o 100 × TB/GDP100 × CA/GDP
Figure 1.3: The U.S. Current Account (CA) and Net International Invest- Invest-ment Position (NIIP)
Figure 1.4: The U.S. CA and Changes in the NIIP: 1977-2012 −7 −6 −5 −4 −3 −2 −1 0 1 2−12−10−8−6−4−202468   1977   1978   1979   1980   1981   1982   1983   1984   1985   1986   1987   1988   1989   1990   1991   1992   1993   1994   1995   1996   1997   19
Figure 1.5: The U.S. NIIP and the Hypothetical NIIP with No Valuation Changes Since 1976 1980 1985 1990 1995 2000 2005 2010−10000−9000−8000−7000−6000−5000−4000−3000−2000−100001000 YearBillions of dollars
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