Table 3.—International Investment Position of the United States at Yearend, 1984-98

Line	Type of investment	1984/r/	1985/r/	1986/r/	1987/r/	1988/r/	1989/r/	1990/r/	1991/r/	1992/r/	1993/r/	1994/r/	1995/r/	1996/r/	1997/r/	1998/p/
	Net international investment position of the United States:
1	With direct investment positions at current cost (line 3 less line 24)	162,924	57,401	-32,834	-76,815	-175,350	-254,926	-240,553	-301,550	-421,096	-295,261	-300,480	-500,170	-578,705	-968,208	-1,239,168
2	With direct investment positions at market value (line 4 less line 25)	132,114	94,846	98,569	48,729	8,691	-49,141	-166,846	-263,097	-454,605	-180,373	-174,290	-422,617	-547,493	-1,066,262	-1,537,466
	U.S.-owned assets abroad:
3	With direct investment at current cost (lines 5+10+15)	1,191,947	1,272,774	1,452,502	1,626,644	1,806,438	2,045,503	2,149,982	2,254,506	2,298,640	2,718,424	2,956,788	3,405,761	3,958,502	4,508,626	4,930,896
4	With direct investment at market value (lines 5+10+16)	1,125,158	1,300,672	1,592,439	1,756,910	2,006,590	2,348,081	2,291,734	2,468,351	2,464,196	3,055,316	3,276,086	3,869,663	4,544,502	5,288,892	5,947,983
5	U.S. official reserve assets	105,040	117,930	139,875	162,370	144,179	168,714	174,664	159,223	147,435	164,945	163,394	176,061	160,739	134,836	146,006
6	Gold/1/	81,202	85,834	102,428	127,648	107,434	105,164	102,406	92,561	87,168	102,556	100,110	101,279	96,698	75,929	75,291
7	Special drawing rights	5,641	7,293	8,395	10,283	9,637	9,951	10,989	11,240	8,503	9,039	10,039	11,037	10,312	10,027	10,603
8	Reserve position in the International Monetary Fund	11,541	11,947	11,730	11,349	9,745	9,048	9,076	9,488	11,759	11,818	12,030	14,649	15,435	18,071	24,111
9	Foreign currencies	6,656	12,856	17,322	13,090	17,363	44,551	52,193	45,934	40,005	41,532	41,215	49,096	38,294	30,809	36,001
10	U.S. Government assets, other than official reserve assets	84,971	87,752	89,637	88,880	86,117	84,489	81,993	79,144	80,722	81,029	80,123	81,095	82,046	81,960	82,382
11	U.S. credits and other long-term assets/2/	82,883	85,814	88,710	88,099	85,388	83,903	81,365	77,498	79,087	79,106	77,814	78,548	79,637	79,607	80,179
12	Repayable in dollars	81,103	84,087	87,112	86,486	83,923	82,421	80,040	76,272	77,987	78,100	77,336	78,120	79,261	79,273	79,874
13	Other/3/	1,780	1,727	1,598	1,613	1,465	1,482	1,325	1,226	1,100	1,006	478	428	376	334	305
14	U.S. foreign currency holdings and U.S. short-term assets	2,088	1,938	927	781	729	586	628	1,646	1,635	1,923	2,309	2,547	2,409	2,353	2,203
	U.S. private assets:
15	With direct investment at current cost (lines 17+19+22+23)	1,001,936	1,067,092	1,222,990	1,375,394	1,576,142	1,792,300	1,893,325	2,016,139	2,070,483	2,472,450	2,713,271	3,148,605	3,715,717	4,291,830	4,702,508
16	With direct investment at market value (lines 18+19+22+23)	935,147	1,094,990	1,362,927	1,505,660	1,776,294	2,094,878	2,035,077	2,229,984	2,236,039	2,809,342	3,032,569	3,612,507	4,301,717	5,072,096	5,719,595
	Direct investment abroad:
17	At current cost/4//5/	337,363	358,454	390,137	459,980	492,309	529,882	590,010	613,692	633,074	690,655	748,505	843,253	940,243	1,004,228	1,123,441
18	At market value/4/	270,574	386,352	530,074	590,246	692,461	832,460	731,762	827,537	798,630	1,027,547	1,067,803	1,307,155	1,526,243	1,784,494	2,140,528
19	Foreign securities/6/	88,804	119,403	158,123	188,589	232,849	314,294	342,313	455,750	515,083	853,528	948,668	1,169,636	1,467,985	1,739,400	1,968,956
20	Bonds/6/	62,810	75,020	85,724	93,889	104,187	116,949	144,717	176,774	200,817	309,666	321,208	392,827	465,057	538,400	561,826
21	Corporate stocks/6/	25,994	44,383	72,399	94,700	128,662	197,345	197,596	278,976	314,266	543,862	627,460	776,809	1,002,928	1,201,000	1,407,130
22	U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns/7/	130,138	141,872	167,392	177,368	197,757	234,307	265,315	256,295	254,303	242,022	322,980	367,567	449,978	562,396	596,222
23	U.S. claims reported by U.S. banks, not included elsewhere/8/	445,631	447,363	507,338	549,457	653,227	713,817	695,687	690,402	668,023	686,245	693,118	768,149	857,511	985,806	1,013,889
	Foreign-owned assets in the United States:
24	With direct investment at current cost (lines 26+33)	1,029,023	1,215,373	1,485,336	1,703,459	1,981,788	2,300,429	2,390,535	2,556,056	2,719,736	3,013,685	3,257,268	3,905,931	4,537,207	5,476,834	6,170,064
25	With direct investment at market value (lines 26+34)	993,044	1,205,826	1,493,870	1,708,181	1,997,899	2,397,222	2,458,580	2,731,448	2,918,801	3,235,689	3,450,376	4,292,280	5,091,995	6,355,154	7,485,449
26	Foreign official assets in the United States	199,678	202,482	241,226	283,058	322,036	341,746	373,293	398,538	437,263	509,422	535,217	671,710	799,033	835,709	836,053
27	U.S. Government securities	144,665	145,063	178,916	220,548	260,934	263,612	291,228	311,199	329,317	381,687	407,152	497,776	610,469	614,530	620,249
28	U.S. Treasury securities/9/	138,168	138,438	173,310	213,713	252,962	257,201	285,911	305,994	322,600	373,050	396,887	482,773	590,704	589,792	588,987
29	Other/9/	6,497	6,625	5,606	6,835	7,972	6,411	5,317	5,205	6,717	8,637	10,265	15,003	19,765	24,738	31,262
30	Other U.S. Government liabilities/10/	14,959	15,803	17,993	15,667	15,200	15,374	17,243	18,610	20,801	22,113	23,678	23,573	23,257	21,459	18,346
31	U.S. liabilities reported by U.S. banks, not included elsewhere	26,090	26,734	27,920	31,838	31,520	36,495	39,880	38,396	54,967	69,721	73,386	107,394	113,098	135,384	123,915
32	Other foreign official assets/9/	13,964	14,882	16,397	15,005	14,382	26,265	24,942	30,333	32,178	35,901	31,001	42,967	52,209	64,336	73,543
	Other foreign assets in the United States:
33	With direct investment at current cost (lines 35+37+38+39+42+43)	829,345	1,012,891	1,244,110	1,420,401	1,659,752	1,958,683	2,017,242	2,157,518	2,282,473	2,504,263	2,722,051	3,234,221	3,738,174	4,641,125	5,334,011
34	With direct investment at market value (lines 36+37+38+39+42+43)	793,366	1,003,344	1,252,644	1,425,123	1,675,863	2,055,476	2,085,287	2,332,910	2,481,538	2,726,267	2,915,159	3,620,570	4,292,962	5,519,445	6,649,396
	Direct investment in the United States:
35	At current cost/5//11/	208,356	229,543	264,432	311,478	375,419	437,941	471,556	493,745	497,112	546,394	564,745	619,377	674,330	764,045	878,717
36	At market value/11/	172,377	219,996	272,966	316,200	391,530	534,734	539,601	669,137	696,177	768,398	757,853	1,005,726	1,229,118	1,642,365	2,194,102
37	U.S. Treasury securities	/9/62,121	87,954	96,078	82,588	100,877	166,541	152,452	170,295	197,739	221,501	235,684	358,537	502,562	662,228	727,344
38	U.S. currency	40,797	46,036	50,122	55,583	61,261	67,118	85,933	101,317	114,804	133,734	157,185	169,484	186,846	211,628	228,250
39	U.S. securities other than U.S. Treasury securities/9/	128,477	207,868	309,803	341,732	392,292	482,864	460,644	546,008	599,447	696,449	739,695	971,356	1,199,461	1,578,694	2,021,820
40	Corporate and other bonds/9/	32,421	82,290	140,863	166,089	191,314	231,673	238,903	274,136	299,287	355,822	368,077	481,214	588,044	715,196	900,749
41	Corporate stocks/9/	96,056	125,578	168,940	175,643	200,978	251,191	221,741	271,872	300,160	340,627	371,618	490,142	611,417	863,498	1,121,071
42	U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns/12/	77,415	86,993	90,703	110,187	144,548	167,093	213,406	208,908	220,666	229,038	239,817	300,424	346,727	453,555	460,787
43	U.S. liabilities reported by U.S. banks, not included elsewhere	312,179	354,497	432,972	518,833	585,355	637,126	633,251	637,245	652,705	677,147	784,925	815,043	828,248	970,975	1,017,093

p Preliminary.

r Revised.

1. U.S. official gold stock valued at market price.

2. 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.

3. 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.

4. A break in series in 1994 reflects the incorporation of results of the 1994 benchmark survey of U.S. direct investment abroad and the reclassification from the direct investment capital accounts to the nonbank investment accounts of intercompany debt transactions between parent companies and affiliates that are not depository institutions and that are primarily engaged in financial intermediation. Estimates for 1984-93 are linked to both the 1982 and 1989 benchmark surveys of U.S. direct investment abroad.

5. Estimates for 1984 forward reflect 1992 base-year price indexes for tangible assets, which replace the 1987 base-year price indexes previously used in the national income and product accounts.

6. Estimates include results of the Benchmark Surveys of U.S. Ownership of Foreign Long-term Securities as of March 31, 1994, and as of December 31, 1997, conducted by the U.S. Department of the Treasury.

7. Breaks in series reflect the following: In 1986, the introduction of data from the Bank of International Settlements (BIS) for the Netherlands; BIS data was introduced for France and Italy in 1989; BIS coverage for Austria, Switzerland and Asian banking centers was also improved in 1989. BEA methodology for estimating positions vis-a-vis Canada and Germany was adjusted beginning in 1993, and vis-a-vis Asian banking centers in 1994. In 1994, intercompany debt transactions between companies and affiliates that are not depository institutions and that are primarily engaged in financial intermediation are reclassified from the direct investment capital accounts to the nonbank investment accounts.

8. A break in series in 1988 reflects the introduction of data on holdings of foreign commercial paper.

9. Estimates include results of 1978, 1984, 1989, and 1994 portfolio benchmark surveys conducted by the U.S. Department of the Treasury.

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

11. Estimates for 1984 forward are linked to both the 1987 and 1992 benchmark surveys of foreign direct investment in the United States.

12. A break in series in 1994 reflects the reclassification of intercompany debt transactions between parent companies and affiliates that are not depository instiutions and that are primarily engaged in financial intermediation from the direct investment capital accounts to the nonbank investment accounts.

NOTE.—Revised area tables for 1984-98 are available upon request from the Balance of Payments Division (BE-58), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.