http://www.russell-clark.com/p/where-is-the-missing-niip
I don't claim to understand it yet, but it should sum to zero and it DID sum to zero,I understand, as recently as 2019? I will try to follow up.
NIIP should theoretically add up to zero. There seems to be USD 10 trillion missing.
Russell Clark
Jun 15, 2023
NIIP is a relative new macro data point. While the US and Japan have data going back over decades, for many other nations we have relatively short period of data. The IMF now does quarterly updates for most countries, so we will use that to show the change in the behaviour of the NIIP. To simplify, I am going to look at countries with and absolute NIIP over USD 1 trillion and Europe - which give us a big 6. US is the only NIIP deficit nation, while Japan, Europe, China, HK and Norway are in surplus.
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