Foreign Portfolio Investment When the United States was an Emerging Market Accessible Data
Figure 1: U.S. Capital Account, 1843-1869
| Year |
Net Capital Inflows |
Nominal GDP |
Net Capital Inflows as a Percentage of GDP |
| 1842 |
|
1618 |
|
| 1843 |
-22.2 |
1568 |
-1% |
| 1844 |
-4.7 |
1702 |
0% |
| 1845 |
-3.8 |
1859 |
0% |
| 1846 |
-0.8 |
2065 |
0% |
| 1847 |
-26.6 |
2410 |
-1% |
| 1848 |
-5.7 |
2427 |
0% |
| 1849 |
-8.3 |
2419 |
0% |
| 1850 |
24.6 |
2581 |
1% |
| 1851 |
4.1 |
2724 |
0% |
| 1852 |
13 |
3066 |
0% |
| 1853 |
55.6 |
3311 |
2% |
| 1854 |
35.1 |
3713 |
1% |
| 1855 |
12.9 |
3975 |
0% |
| 1856 |
10.7 |
4047 |
0% |
| 1857 |
16.4 |
4180 |
0% |
| 1858 |
-23.1 |
4093 |
-1% |
| 1859 |
26.2 |
4425 |
1% |
| 1860 |
-7.3 |
4387 |
0% |
| 1861 |
104.4 |
4643 |
2% |
| 1862 |
-1.1 |
5844 |
0% |
| 1863 |
12.6 |
7698 |
0% |
| 1864 |
110.6 |
9549 |
1% |
| 1865 |
68.7 |
9977 |
1% |
| 1866 |
94.4 |
9081 |
1% |
| 1867 |
145.6 |
8424 |
2% |
| 1868 |
72.7 |
8224 |
1% |
| 1869 |
169.2 |
7921 |
2% |
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Figure 2: Foreign Ownership of U.S. Long-Term Securities
| Financial Instrument |
1853 |
1869 |
2018 |
| Treasury Debt |
46% |
39% |
43% |
| State & Local Debt |
52% |
29% |
3% |
| Corporate Debt |
25% |
11% |
36% |
| Equities |
3% |
8% |
14% |
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Figure 3: Foreign Ownership of U.S. State Bonds
| State Name |
1838 |
1853 |
| Alabama |
42% |
98% |
| Illinois |
17% |
75% |
| Indiana |
34% |
75% |
| Louisiana |
93% |
83% |
| Maryland |
26% |
56% |
| Mississippi |
29% |
100% |
| New York |
25% |
28% |
| Ohio |
57% |
67% |
| Pennsylvania |
59% |
66% |
| Tennessee |
11% |
52% |
| Virginia |
30% |
25% |
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Last Update:
October 16, 2019