Przekształcenia w strukturze aktywów i pasywów Krajów rozwijających się
Changes in the foreign assets and liabilities of developing countries

Summary/Abstract: This paper analyses changes in international investment position of developing countries in last decade. The analysis show that foreign liabilities of developing countries used to be dominated by debt instruments , whereas now are dominated by FDI and portfolio equity instruments. This change in the structure is positive because it allows more risk sharing across countries. The foreign assets of developing countries are becoming dominated by foreign exchange reserves, which are mainly invested in government bonds issued by U.S. Euro Area and Japan. But the safety of these bonds comes into a question because of fiscal crisis in these countries

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