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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