Argentina by jizhen1947

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									Argentina                                        Total FI
Shorthand My preferred Woodruff       ECLA65           Lewis48                      IFS            I                IFS
                                                                      OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
 Source                                               Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 2
                                                                                  Downloaded Foreign Investment Problems Downloaded
                                                                                                  World Economy IMF’s site,
                                      UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                        Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                    OECD of Europe's Role
                                        4                            Summing the Debt sector investment, in FDI data & 1971
                        Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage           1914,38                 1914             1938 1971, 77      Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units     Million US$   Million US$   Million US$      Million US$    Million US$   Million US$    Million US$    Million US$    Million US$
Year
   1865
   1875
   1880
   1885
   1890
   1895
   1897
   1900
   1901
   1902
   1903
   1904
   1905
   1906
   1907
   1908
   1909
   1910
   1911
   1912
   1913
   1914                       2,950          4,001
   1915
   1916
   1917
   1918
   1919
   1920
   1921
   1922
   1923
   1924
   1925
   1926
   1927
   1928
   1929
   1930
   1931
   1932
   1933
   1934
   1935
   1936
   1937
1938   3,200   3,193
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971                   5,081
1972
1973
1974
1975
1976
1977                   9,010
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   116,983    97,239   159,475   33,589
1997   133,238   110,264   188,157   42,084
1998   140,346   114,097   206,760   47,898
1999   150,187   122,866   218,956   62,088
2000   152,943   126,019   221,699   67,769
2001   132,981   118,063   214,020   68,935
2002   132,516   121,945   172,891   34,790
                                      German FI                                                           FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                      FR
                                                                                               FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in Latin Relations,” Inter-AmericanEurope's Role in F
                                                         Rinke, Stefan (1995) “From Informal Imperial to Transnational America,” Financing in Latin America
                                                                        Rippy, J.F. Foreign EconomyUN-ECLA(1965) External
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andthe WorldInvestment1750-1960, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America                           Problems
                                                                                        Woodruff, W. (1967) Impact Western Man: A Study of Economic Affairs
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                             and 4
                                                                                               Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913     1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF     Million US$     Million US$     Million US$




                                                                                                        200

                                                                                   FRF 923




                                                                                   FRF 2,000
                       200            250                                                               400             400




                                                                    R 1,575
     12   150   160




60
73,299
87,297
94,566
91,776
86,682
75,914
66,360
                                                                             Total U.K.
/Feis               Stone99            ECLA65        Woodruff      Winkler         Stone87           Rippy             Kindersley    Lewis48
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreignUnited Statesin 1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of British (1948) Thein Latin America, 186
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America America, investments and Fo
                                                                                                         Kindersley,
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949
                                                                            Western                                       World Economy
                                                                                          The United States Role theLewis, Cleona 1750-1960
Page 23                          (calc.) Tables 16 & 17          pp.
                   p. 81. Accumulated since 1865 Tables IV2, 3, 4, 5 280, 283                       pp. 25, 37, 68, 78, 85
            1913               1914                               1913, 29
                                              1914 1900, 14, 38, 57                              1880, 90,              1
                                                                                  1875, 85, 95, 1905, 13 1913, 28, 39, 49 930               1938
Million £          Million £          Million US$   Million US$   Million US$     Million £         Million £         Million £     Million US$


                                                                                               £3
                                                                                              £23
                                                                                                                £20
                                                                                              £46
                                                                                                             £157
                                                                                          £191

                                                            550




                                                                                          £255




        £320                                                            1,861             £480               £358
                          £349              1,900         1,550




                                                                                                             £420
                                                                        2,140
                                                                                                                             £360
1,950          1,950
        £429




        £69




 100
                                                        Total U.S.                                                                                      Total Deb
 BoE           ECLA65          USDoc31,47                   Winkler
                                                 Lewis38 (calc.)             Woodruff       Lewis48      My Total       ECLA65            Lewis48
              UN-ECLA(1965) External FinancingCleona Estimate to 1948 Stake in International InvestmentsStates Latin America Foreign Investment Problems Bulletin
                            Dickens, P.D. (1931) "A New (1938) Max (1928) Investments of Abroad," (1948) The UnitedStudy of of Lewis, Cleona Information Ame
                                           Lewis, in Latin America Woodruff, W. (1967) Impact ofUnited Man: A States Europe's Role inFinancing in Latin S
                                                       Winkler, America's          Lewis, Cleona Western          UN-ECLA(1965) External the World Economy
Bank of England (1950) United Kingdom overseas investments, 1938 of American Investments United States Capital inDepartmentandCommerce Trade(1948) The United17
                 (Calc.) capital
All securities, nominal Tables 16, 17           +ECLA65 Table 13            Tables IV/4 and 5                          Table 16
1938-55        1914 (calc.)    1930, 43         1897, 1908, 14, 19, 24, 29, 35
                                                            1913, 1929       1938,60              1938                            1914           1938
Million £      Million US$ Million US$          Million US$Million US$      Million US$   Million US$    Million US$   Million US$       Million US$




                                                         1




                                                         1




                                                                       40
                          59                            27                                                                        784




                                                        60




                                                      521             611
                                          808
£368         600   582   584
£355
£353
£351
£346
£343   466
£321
£318
£312
£305
 £51




             470
          Total Debt                                                      Debt-France                                                         Debt-U.K.
 OECD 73                               WBD Public
               WBDebt Total WBD Long Term                  WBD Private Rippy              ECLA65        Stone 99            ECLA65
                                            World Bank, Global Financial Indicators April,UN-ECLA Investments (1999) UN-ECLA Export of
                                                            World D.C. Global Financial Indicators April,Stone, in downloaded Inter-American
                                                                          Rippy, D.C. downloaded                           America,”
Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America Financing in Latin
                             World Bank, Indicators Washington,Bank, downloaded Washington, Washington,ID.C. Financing Latin 2004 Capital from Great Brita
                                                                                                          2004
               World Bank, Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global (1965) External Economic Affairs
Debt Outstanding                                                                                       on Halsey, Loans, only.(based on Halsey, Lewis,
                                                                                                                    Table 16
                                                                                        Table 16 (basedGovernmentLewis, Rippy)Accumulated since 1865Rippy)
1971,77        1970-         1970-          1970-          1970-          1902, 13               1914               1914           1914
Million US$    Million US$   Million US$    Million US$    Million US$    Million FF    Million US$     Million £          Million US$




                                                                            FRF 310




                                                                            FRF 640
                                                                                                 111                £78            398
         5,810    5,171    1,880   3,291
2,866




6,160


        27,157   16,774   10,181   6,593
 62,233    48,676   46,876    1,800




 98,802    71,316   55,250   16,066
111,378    81,588   62,519   19,068
128,411    90,555   67,144   23,411
141,549   105,151   77,285   27,865
145,294   111,401   84,081   27,319
145,879   112,508   86,599   25,909
136,709   102,733   85,337   17,396
            Debt-U.K.                                                                      Debt-US                                                              Total F
 Rippy             Stone87           Lewis48       BoE          ECLA65          Lewis 38         USDoC31        Lewis48      My calculation    ECLA65
               Stone, I. (1987)Lewis, Cleona America, 1822-1949of BritishForeign Cleona (1938) America'sAmerica in Journal ofThe United States and #1,External Fina
                                The Composition andThe United States and Investment in Financing America,Stake Cleona Estimate Investments Investments (1948) Uni
                                                Bank Distribution and “British Investments in Problems 18651938 inNew (1948) of American
                                                                              Kingdom overseas investments, 1939”
Rippy, J.F (1959) British Investments in Latin (1948)of England (1950) UnitedLewis, Investment LatininP.D. (1931)1913InternationalPolitical Economy 56Foreign Investme
                                                                                            Dickens, Latin to to
                                                              UN-ECLA (1965) External Latin America, Lewis,"A 1948                        UN-ECLA(1965) Abroad,"
             Government Loans, only
Government Loans, only                                         Table 16 (basedPage 655
                                                                               on
                                                  Government and Municipal Loans Halsey, Lewis, Rippy)                                        Table 17
               1875,85,95,05,13
1880, 90,1 3, 28, 39                        1938 1938-55                                      19, 24, 29,
                                                                         1914 1897, 1908, 14,1930, 43 35              1938                               1914
Million £         Million £         Million US$   Million £     Million US$    Million US$       Million US$   Million US$ Million US$        Million US$


                               £2
                              £16
            £11
                              £27
            £72
                              £91




                         £101


                                                                                             0




            £82          £185
                                                                          19               26                                                       3,217




                                                                                           58




                                                                                       188



            £65
                                                                                       370
                                                                                                         449




                                                                                       344
      338   £40        194
£64         £49
            £48
            £48
            £45
            £42   84
            £21
            £20
            £15
            £10
             £6
         Total FDI                                                   FDI-France                                                                  FDI-UK
 Lewis48        OECD72,73      UNCTC-Inward
                                          UNCTC-Outward
                                                    Rippy                      ECLA65         Stone99             ECLA65        Rippy
               OECD (1973) Development from UNCTAD database J.F.foreign investment, April, 2004.Latin America,” same data of Capital data AffairsBritain, Investme
                                            Downloaded Rippy, on (1948) “French Investments inI (1999) The Global Export as in ,Economic Investment America ,Lat
                                                                          UN-ECLA(1965) External Financing inInter-American theFinancing in Latin Reportin
Lewis, Cleona (1948) The United States andCo-operation from Problems database on foreign investment, April, 2004. (Essentially the same from as in the52-71 1865-191
                             Downloaded Foreign Investment UNCTAD                                       UN-ECLA(1965) External World Great World
                                                                                                                         Rippy, J.F
                                                                                          Stone, (Essentially the Latin America (1959) British Investments )
                                                           “Economic Enterprises” 17
                                                                            Table                                           Taken as investments since 1865
                                                                                              Calculated as Total minus government. Accumulated in “Economic Enterpr
                                                                                                             Table 17
         1938 1967, 1971,77 1980-           1980-          1902, 1913                  1914               1914           1914 1880, 90, 13, 28, 39
Million US$   Million US$    Million US$    Million US$    Million FF        Million US$      Million £          Million US$   Million £




                                                                                                                                           £9

                                                                                                                                           £85




                                                                 FRF 613




                                                              FRF 1,360                                                               £276
                                                                                       289           £271              1,502




                                                                                                                                      £355
2,609
                                £364




        1,881



        2,215




        2,850


                5,344   5,997
                6,016   5,890
                6,182   5,860
                6,357   5,862
                6,411   5,903
                6,563   5,945
                6,638   5,950
                6,738   5,996
                6,839   5,978
                6,942   6,043
 8,778    6,106
11,524    6,107
16,303    7,332
18,520    8,086
22,428    9,148
27,991   10,696
33,557   12,374
42,013   16,041
47,797   18,184
61,926   19,277
72,935   20,681
75,989   20,473
76,992   19,407
   FDI-UK                                                                                                         FDI-US
 Stone87           Lewis48       BoE           OECD72        ECLA65        ECLA65          USDoC31,38,47 USDoC42         USDoC60
                  Lewis, Cleona (1948)of England States andInvestmentPrivate UN-ECLA (1965) by D.A.C. Countries in DevelopingStates Department of
                                 Bank The United of British Foreign InvestmentAmerica, 1865 1938 toP.D. (1931) "A New Estimate Countries: End (1942), American dir
                                               OECD (1972) Stock of in (1965) Problem, Financing in 1948 United in Latin United of American Investments Abroad," U
                                                               Kingdom Latin External
                                                                             Direct Investments 1913 Latin America
                                                                                            Dickens,                     America
Stone, I. (1987) The Composition and Distribution(1950) UnitedUN-ECLAoverseas investments, toExternal Financing States Department of Commerce 1967Commerce (1960
                                Calculated as Total minus Government
                                                             Table 17
Calc. Based on Table 43, Calculated as Total minus Government Loans Loans Table 13                                     p. 92
1875, 85, 95, 1905, 13    1938 1938-55                1967                                1930,36,43
                                                                      1914 1897, 08, 14, 19, 24, 29     1929, 36, 40   1929,36,43,50
Million £         Million US$   Million £    Million US$     Million US$ Million US$ Million US$        Million US$    Million US$


            £1
            £6

            £19

        £100
                                                                                      1




        £153


                                                                                      1




        £295
                                                                      40              1




                                                                                      3




                                                                                      5




                                                                                     151                         332           332
                                                                                                  359




                                                                                                  348            348           348
1,612   £328
        £306
        £305         388
        £303
        £301
        £301   382         380
        £300
        £298
        £297
        £295
         £46

                           356




                           333

                           361
DI-US                                                                RR              RR-France                                  RR-UK
        Lewis48          USBenchmark      OECD72       My calculation Lewis48        Rippy        Stone99             Rippy            Stone87
                       United States Department of Foreign InvestmentU.S. Investments by The United States Final The Investment Problems Inter-American Economic Distribut
                                      OECD (1972) Stock of Private Lewis, Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:]
                                                    Author’s (1975) Problems Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , The Composition and Affairs 5
                                                                                                 Stone, I and Foreign in Export End 1967
        Lewis, Cleona (1948) The United States and Commerce calculations Direct, Investment Abroad, 1966:(1999)DataGlobal(1959) British Investments in Latin America, 1822-1
                                                                   Direct                                        Rippy,       Stone, I. (1987)
                         Table A-3                                                                                                 Table
                                                                                                                   pp. 34, 39, 68, 78. 43
                  1938           1966           1967                            1938 1902, 1913                                   1875,
                                                                                                              1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
        Million US$      Million US$    Million US$    Million US$    Million US$    Million FF   Million £        Million £         Million £


                                                                                                                                                 £1
                                                                                                                                                 £5
                                                                                                                               £8
                                                                                                                                                 £15
                                                                                                                               £65
                                                                                                                                                 £82



                                                                                       FRF 100


                                                                                                                                            £121




                                                                                       FRF 601                             £215             £219
                                                                                                         £201




                                                                                                                           £251
388         1,258
                    £265




      758
R-UK                             RR-US                Non-RR        Non-RR-France                             Non-RR UK
          Lewis48    Lewis38           Lewis48        My calc       Rippy calc     Stone99            Rippy             Stone87           Lewis48
                                     Lewis, Cleona (1948) incalculations Investments I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and S
                                                    Author’s United States and Stone,
                                                                  Rippy,                          Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “Briti
       Lewis, Cleona (1948) The United States and Foreign TheInternationalJ.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishFo
                                                                                                                                 The Composition 1865-1914 52-71
                      Lewis, Cleona (1938) America's StakeInvestment Problems Foreign Investment ProblemsExport of Capital from Great Britain,andThe United A StatisticalIn
                     Page 602                                                      Calculated as Total
                                                                                                    Calculated government - railways 43
                                                                                                                  Calc. Based on Table
                                                                    Calculated as Enterprise - railways minus as Enterpriseminus railways
                                              1938
                1938 1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                      28, 39
                                                                                               1914 1880, 90, 1913,1875, 85, 95, 1905, 13        1938
       Million US$   Million US$       Million US$    Million US$   Million FF     Million £         Million £         Million £         Million US$


                                                                                                                                   £0
                                                                                                                                   £1
                                                                                                                 £1
                                                                                                                                   £4
                                                                                                                 £20
                                                                                                                                   £19
                                   0


                                                                      FRF 513


                                                                                                                                   £33




                                                                      FRF 760                                    £61               £76
                                                                                               £70




                                                                                                              £103
1,108          504
        £100
        Non-RR US
Lews38/ECLA        Lewis48       Davis&Gallman
            Lewis, Cleona (1948) The Called on and Foreign Investment Problems
                           Capital United States
UN-ECLA (1965) External Financing in Latin AmericaLondon,1865-1914
                               Total                  Transport
                                             Government
Calculated as total minus government minus railroads                       Private
1897, 1908, 14, 19, 24, 29 938
                         1                                                 Non-transport
Million US$       Million US$    Million US$   Million US$   Million US$   Million US$




              1




              1




              1                        1,858           350         1,356           152




              3




              5




         151
388
Bolivia                                          Total FI
ShorthandMy preferred Woodruff         ECLA65          Lewis48                      IFS            I                IFS
                                                                      OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
Source                                                Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 2
                                                                                  Downloaded Foreign Investment Problems Downloaded
                                                                                                  World Economy IMF’s site,
                                      UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                        Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                    OECD of Europe's Role
                                        4                            Summing the Debt sector investment, in FDI data & 1971
                        Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage           1914,38                 1914             1938 1971, 77      Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units     Million US$   Million US$    Million US$     Million US$    Million US$   Million US$    Million US$    Million US$    Million US$
Year                    not included
   1865
   1875
  1880
  1885
  1890
  1895
  1897
  1900
  1901
  1902
  1903
  1904
  1905
  1906
  1907
  1908
  1909
  1910
  1911
  1912
  1913
  1914                                           59
  1915
  1916
  1917
  1918
  1919
  1920
  1921
  1922
  1923
  1924
  1925
  1926
  1927
  1928
  1929
  1930
  1931
  1932
  1933
  1934
  1935
  1936
  1937
1938   145
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971          630
1972
1973
1974
1975
1976
1977         1,576
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   #N/A     #N/A     #N/A      #N/A
1997    2,058      744     7,823    2,415
1998    2,521    1,193     9,277    3,441
1999    2,607    1,246    10,056    4,451
2000    2,647    1,343    10,400    5,188
2001    2,816    1,532    10,782    5,893
2002    2,855    1,806    11,388    6,570
                                      German FI                                                               FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                         FR
                                                                                                  FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                                and 4
                                                                                                  Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913        1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF        Million US$     Million US$     Million US$




                                                                                             70




                                                                                        100
                                                                                                                             36




                                                                       R 21
8   5
#N/A
       15
       37
       20
       20
       20
       20
                                                                             Total U.K.
/Feis               Stone99            ECLA65          Woodruff       Winkler          Stone87         Rippy            Kindersley Lewis48        BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “Britishof England (1950) and Fore
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of British America, in Latin America, Ki
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in LatinCleona (1948) The United States in 1930
                                                                                                         Kindersley, Lewis, America   Bank foreign investments
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949 United186
                                                                            Western       The United States Role the World Economy 1750-1960
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283                    pp. 25, 37, 68, 78, 85
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 62                                 1880, 90,           1930
                                                                                      1875, 85, 95, 1905, 13 1913, 28, 39, 49              1938 1938-55
Million £          Million £          Million US$     Million US$   Million US$       Million £       Million £        Million £   Million US$   Million £
                                                                                                                                                 Not listed
                                                                                                  0
                                                                                                  2
                                                                                                                   2
                                                                                                  2
                                                                                                                   1
                                                                                                  2




                                                                                                  2




                      #N/A
    #N/A                                                                          2               2                0
                                                 17




                                                                                13                        #N/A
    29
4




3
                                            Total U.S.                                                                                                Total Debt
ECLA65             USDoc31,47                     Winkler
                                     Lewis38 (calc.)               Woodruff       Lewis48      My Total       ECLA65            Lewis48        OECD 73
           Dickens, P.D. (1931) in LatinEstimate of American Investments Abroad," United StatesUnitedStudy of Commerce Investment Problems for Economic Co-o
                          Lewis, Cleona (1938) America's Stake in W. (1967) Impact of Western Man:Latin America Foreign CleonaInformation Bulletin No. 767. For
                                         America      Woodruff, International Investments The in A States and Lewis, Trade (1948) in Latin America and
                                                                      Lewis, Cleona (1948)         UN-ECLA(1965) External theOrganisation
                                                                                                                                  World Economy States
UN-ECLA(1965) External Financing"A New Winkler, Max (1928) Investments of United States Capital Department of Europe's Role inFinancing The United1750-1960 and
(Calc.) Tables 16, 17               +ECLA65 Table 13              Tables IV/4 and 5                          Table 16                         Total Debt Outstanding
1914 (calc.)       1930, 43                      1913, 1929
                                    1897, 1908, 14, 19, 24, 29, 351938,62               1938                            1914           1938           1971
Million US$        Million US$      Million US$ Million US$       Million US$   Million US$    Million US$   Million US$       Million US$    Million US$




                                               0




                                               6




                                                            10
               5                             10                                                                          15




                                             32




                                           106              133
                              116
     80   55




24




                560




               1,446
        Total Debt                                                       Debt-France                                                                   Debt-U.K.
                                       WBD Public
               WBDebt Total WBD Long Term                 WBD Private Rippy                ECLA65        Stone 99            ECLA65            Rippy           Stone87
                                            World Bank, Global Financial Indicators April,UN-ECLA InvestmentsD.C. Financing Latin America (1959) British Latin America
                                                                          Rippy, D.C. downloaded April,Stone, in downloaded Inter-American Stone, (1987) The Compositio
                                                                                                                         America,”
                            World Bank, Global Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April,Rippy,Capital from GreatInvestments
              World Bank, Global Financial Indicators Washington,Bank, downloaded Washington, D.C. downloaded April,The Global (1965) External FinancingI.Affairs 52-71 in Latin [
                                                          World D.C. Global Financial Indicators Washington,I (1999) UN-ECLA Export of J.F Economic in Britain, 1865-1914 A
                                                                                          2004          2004                          2004
Total Debt Outstanding                                                                                   on Halsey, Loans, only (basedGovernmentLewis, Rippy) Loans, only
                                                                                                                      Table 16
                                                                                          Table 16 (basedGovernmentLewis, Rippy)                   Government
                                                                                                                                      on Halsey, Loans, only
              1970-         1970-          1970-          1970-          1902, 13                 1914               1914                               1875,85,95,05,13
                                                                                                                                    1914 1880, 90, 13, 28, 39
              Million US$   Million US$    Million US$    Million US$    Million FF       Million US$    Million £          Million US$       Million £       Million £


                                                                                                                                                                          0
                                                                                                                                                                          2
                                                                                                                                                          2
                                                                                                                                                                          2




                                                                                                                                                                          0




                                                                                    640                                                                                   0
                                                                                                    11      #N/A                          0
 588     491     480    11




2,702   2,274   2,182   92
4,275   3,864   3,687    177




5,275   4,701   4,462     239
5,195   4,544   4,259     285
5,237   4,559   4,133     426
5,616   4,938   4,296     643
5,548   4,889   4,246     643
5,797   5,174   4,148   1,026
4,682   4,095   3,116     979
bt-U.K.                                                                   Debt-US                                                                    Total FDI
                Lewis48       BoE           ECLA65             Lewis 38         USDoC31         Lewis48                 ECLA65
                                                                                                             My calculation             Lewis48          OECD72,73
                              Bank The United States and Foreign Cleona (1938) America'sAmerica International of United States and Foreign Investment ProblemsStates ,and of Comm
                                            UN-ECLA (1965) External Financing inP.D. Lewis, Cleona (1948) The American
                                                            Kingdom overseas investments, Stake in 1948
                                                                          Dickens, Latin 1938 to               UN-ECLA(1965) External Financing The States Department Foreign
                                                                                                                               Lewis, Cleona (1948) in United
                                                                                                                                              OECD (1973) America
               Lewis, Cleona (1948)of England (1950) UnitedLewis, Investment Problems (1931) "A New Estimate Investments Investments Abroad," UnitedLatinDevelopment Co-opera
   Government Loans, only                   Table 16 (basedPage 655 Lewis, Rippy)
                                                            on Halsey,
                             Calculated as Total minus Government Loans                                              Table 17
                       1938 1938-55                                       19, 24, 29,
                                                     1914 1897, 1908, 14,1930, 43 35                  1938                      1914           1938 1967, 1971, 77
               Million US$   Million £      Million US$       Million US$       Million US$                         Million US$
                                                                                               Million US$ Million US$                 Million US$     Million US$




                                                                            6




                                                          3                 8                                                    44




                                                                          10




                                                                          38




                                                                          62
                                                                                          54




                                                                          59
54   90




          144



          70




          130
Total FDI                                          FDI-France                                                                FDI-UK
                        UNCTC-Outward
             UNCTC-Inward         Rippy                      ECLA65        Stone99             ECLA65         Rippy           Stone87 Lewis48        BoE
            Downloaded from UNCTADfrom UNCTAD database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Composition England )(1950) United “Briti
                          Downloaded database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America (1948)[:] A United States and British In
                                      Rippy, on (1948) “French Investments (1999)April, 2004. same data as, in same data in Lewis, The in ,Bank of and Distribution of Foreign
                                                       UN-ECLA(1965) investment, The Global Inter-American Economic as in the World Investment Report
                                                                      Stone, I in (Essentially Latin America (1959) British Investments Latin America, 1822-1949 and Kingd
                                                                                      UN-ECLA(1965) External theStone, Affairs Cleona )
                                                                                                      Rippy, J.F                  Britain, 1865-1914 The Statistical Survey
                                                                                                                       World Investment Report
                                          “Economic Enterprises”
                                                       Table 17                                          Taken          Calc. in “Economic 43,Calculated as Total minus Governmen
                                                                           Calculated as Total minus governmentas investmentsBased on TableEnterprises” as Total minus Governmen
                                                                                                                                               Calculated
            1980-          1980-          1902, 1913                1914               1914                               1875,             1938
                                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13 1938-55
            Million US$    Million US$    Million FF        Million US$    Million £          Million US$    Million £       Million £Million US$   Million £


                                                                                                                                  0
                                                                                                                                  0
                                                                                                                         0
                                                                                                                                  0
                                                                                                                         1
                                                                                                                                  2



                                                       70


                                                                                                                                  2




                                                       86                                                                0        2
                                                                      25                                17
          29




420   1
512   1
554   1
571   1
588   1
592   1
597   1
598   2
604   4
705   5
1,026    9
1,093   10
1,188   12
1,311   14
1,434   16
1,564   18
1,991   20
2,869   22
3,827   25
4,843   27
5,176   29
5,839   32
6,392   34
                                                                                          FDI-US
                OECD72        ECLA65            ECLA65            USDoC31,38,47 USDoC42          USDoC60       Lewis48          USBenchmark       OECD72
                           UN-ECLA (1965) External FinancingD.A.C. Countries in DevelopingStates Department of (1948) The United States and Commerce (1975) Problems , Inv
                                           Direct Investments by inP.D. (1931) "A New Estimate Countries: End (1942), American direct investments Stock of of countries--1940
                                                          Dickens, Latin United in LatinUnited of American Investments Abroad," United States of in foreign Commerce Direct
                                                                          America       America      Lewis, Cleona United States Department Department PrivateForeignInvestme
                                                                                                                                    U.S. Business Investments in Direct Countrie
              OECD (1972) Stock of Private UN-ECLA (1965) External Financing States Department of Commerce 1967Commerce (1960)OECD (1972)Foreign InvestmentU.S. Trade Info
                             Table 17
Calculated as Total minus Government Loans Table 13                                            p. 92                            Not included in A-3
                       1967                                1930,36,43
                                       1914 1897, 08, 14, 19, 24, 29            1929, 36, 40   1929,36,43,50             1938            1966           1967
              Million US$     Million US$       Million US$       Million US$   Million US$    Million US$     Million US$      Million US$     Million US$




                                                              0




                                                              0




                                            2                 2




                                                         22




                                                         30




                                                         44                               61             62
                                                                           62




                                                                           18             18             18
                 27

       27


#N/A        13




            11




            16

            31
              RR              RR-France                                   RR-UK                                       RR-US
My calculation Lewis48        Rippy          Stone99             Rippy         Stone87         Lewis48     Lewis38        Lewis48
                              Rippy, J.F. (1948) “French Investments in Latin America,” Inter-American Economic DistributionStatistical Survey, Investment Latin Investm
                                                             Rippy, J.F Export of Capital Lewis, Cleona America, 1822-1949 and “British Investments in States and Fo
                                                                                                           Lewis, Affairs 52-71 Cleona (1948)
Author’s calculations Cleona (1948) The United States(1999) The Global(1959) British Investments in Latin (1948) The United States and Foreign TheInternational Americ
               Lewis,                                                       Stone, I. (1987) The Composition and Cleona (1938) British Investment United America,
                                                                                                                          Lewis,
                                              Stone, I and Foreign Investment Problems , from Great Britain, 1865-1914 [:] A of America's Stake in in Latin Problems 186
                                                                              Table
                                                              pp. 34, 39, 68, 78. 43                       Page 602
                         1938 1902, 1913                                     1875,
                                                         1914 1880, 90, 13, 28, 39 85, 95, 1905, 13                                 1938
                                                                                                      1938 1897, 1908, 14, 19, 24, 29, 35
Million US$    Million US$    Million FF     Million £        Million £      Million £      Million US$    Million US$    Million US$
                              none listed
12   12
Non-RR         Non-RR-France                                 Non-RR UK                                    Non-RR US
My calc        Rippy calc        Stone99             Rippy           Stone87         Lewis48      Lews38/ECLA        Lewis48
               Rippy,          Stone, I (1999) The GlobalLatin British Investments in Latin (1948) The United A StatisticalInvestment in Latin Problems 1865 to 1913
                                               Rippy, J.F Export of Capital from Great Britain,and Affairs[:] States and (1948) Investment States and Foreign Investme
                                                             Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments America
Author’s calculations J.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign TheLatinin Latin America, 1939” in Jour
                                                                                             UN-ECLA (1965) External Financing
                                                                                                            52-71
                                                                              The Composition 1865-1914 Lewis, Cleona Survey in United America,
                              Calculated as Total
                                               Calculated government - railways 43
                                                             Calc. Based on Table
               Calculated as Enterprise - railways minus as Enterpriseminus railways              Calculated as total minus government minus railroads
               1902, 1913                                         28, 39
                                             1914 1880, 90, 1913,1875, 85, 95, 1905, 13                                   1
                                                                                            1938 1897, 1908, 14, 19, 24, 29 938
Million US$    Million FF        Million £          Million £       Million £       Million US$   Million US$       Million US$


                                                                                0
                                                                                0
                                                                0
                                                                                0
                                                                1
                                                                                2
                                                                                                                0


                            70


                                                                                2


                                                                                                                0




                            86                                  0               2
                                                0                                                               2




                                                                                                            22




                                                                                                            30



                                                                0
                                                                                                            44
    18   27
0
a (1948) The United States and Foreign Investment Problems
ernment minus railroads
Brazil                                           Total FI
ShorthandMy preferred Woodruff        ECLA65           Lewis48                        IFS            I                IFS
                                                                        OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
Source                                                Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 2
                                                                                  Downloaded Foreign Investment Problems Downloaded
                                                                                                  World Economy IMF’s site,
                                      UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                        Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                    OECD of Europe's Role
                                        4                            Summing the Debt sector investment, in FDI data & 1971
                        Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage           1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units     Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
   1865
   1875
  1880
  1885
  1890
  1895
  1897
  1900
  1901
  1902
  1903
  1904
  1905
  1906
  1907
  1908
  1909
  1910
  1911
  1912
  1913
  1914                        2,200          1,913
  1915
  1916
  1917
  1918
  1919
  1920
  1921
  1922
  1923
  1924
  1925
  1926
  1927
  1928
  1929
  1930
  1931
  1932
  1933
  1934
  1935
  1936
  1937
1938   2,000   1,964
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971                    9,658
1972
1973
1974
1975
1976
1977                   42,800
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   #N/A      #N/A      #N/A      #N/A
1997   #N/A      #N/A      #N/A      #N/A
1998   #N/A      #N/A      #N/A      #N/A
1999   #N/A      #N/A      #N/A      #N/A
2000   #N/A      #N/A      #N/A      #N/A
2001   107,086    71,220   372,052   121,948
2002   112,914    75,077   343,450   100,847
                                      German FI                                                             FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                       FR
                                                                                                FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                              and 4
                                                                                                Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913      1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF      Million US$     Million US$     Million US$




                                                                                                         150

                                                                                         696




                                                                                        3,500
                       500                                                                               700             501




                                                                       R 564
50    40   50   61




190
#N/A
#N/A
#N/A
#N/A
#N/A
151,741
137,355
                                                                             Total U.K.
/Feis               Stone99            ECLA65        Woodruff      Winkler         Stone87           Rippy             Kindersley    Lewis48       BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign investments and For
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of in LatinInvestment1822-1949
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Lewis,America Bank The United States in 1930
                                                                                                         Kindersley, Latin Economy 1750-1960
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British InvestmentsCleona (1948)of England (1950) United
                                                                            Western       The United States Role the WorldBritish America, in Latin America, 186
Page 23                          (calc.) since 1865
                                                 Tables         pp.
                   Table 7: Accumulated Tables 16 & 17 IV2, 3, 4, 5 280, 283 p.153B                 pp. 25, 37, 68, 78, 85                        All securities: nominal capital
            1913               1914           1914 1900, 14, 38,571913, 29                       1880, 90,             1930
                                                                                  1875, 85, 95, 1905, 13 1913, 28, 39, 49                   1938 1938-55
Million £          Million £          Million US$   Million US$   Million US$     Million £         Million £         Million £     Million US$   Million £


                                                                                              20
                                                                                              31
                                                                                                                39
                                                                                              48
                                                                                                                69
                                                                                              93

                                                            200




                                                                                              123




            148                                                         1,162                 255               224
                               173          1,207           700




                                                                                                                286
                                                                        1,414
                                                                                                                              151
800         800   164
      261         163
                  162
                  158
                  154
                  149
                  115
                  108
                  103
                   98
                   82
      171




80
                                    Total U.S.                                                                                             Total Debt
ECLA65 USDoc31,47                    Winkler
                           Lewis38 (calc.)              Woodruff       Lewis48      My Total       ECLA65            Lewis48        OECD 73
       Dickens, P.D. (1931) Cleona Estimate of (1928)Stake W. International InvestmentsStates Department Europe's Role inFinancing The United1750-1960 Foreign In
                       Financing in (1938)Max American InvestmentsUnited States Capital in Latin America Foreign Investment Problems for Economic767. and Uni
                                 Winkler, America's Investments of Impact of Western Man: A Study of of Commerce TradeOrganisation Bulletin No. Co-operation
UN-ECLA(1965) ExternalLewis,"A New Latin America                Lewis, Cleona (1948) The       UN-ECLA(1965) External the World Economy States
                                                                                                                             Information
                                                Woodruff, in (1967) Abroad," United United States and Lewis, Cleona (1948) in Latin America and
(Calc.) Tables 16, 17     +ECLA65 Table 13             Tables IV/4 and 5                          Table 16                         Summing FDI for 1971 and Loans for 19
           1                            14, 19, 24,   35
1914 (calc.) 930, 43 (calc.)1897, 1908,1913, 1929 29, 1938,60                1938                            1914           1938           1971
          M
Million US$ illion US$              Million US$
                          Million US$                  Million US$   Million US$    Million US$   Million US$       Million US$    Million US$




                                  1




                                 20




                                                 50
      55                          9                                                                          717




                                 45




                               433               476
                    557
      538   550   1,068




289




            950




                           4,558




                          32,100
        Total Debt                                                               Debt-France                                                       Debt-U.K.
                                      WBD Public
              WBDebt Total WBD Long Term                  WBD Private Rippy                ECLA65        Stone 99            ECLA65        Rippy             Stone87
                                            World Bank, Global Financial Indicators April,UN-ECLA InvestmentsD.C. Financing Latin America (1959) British Latin America
                                                                          Rippy, D.C. downloaded April,Stone, in downloaded Inter-American Stone, (1987) The Compositio
                                                                                                                         America,”
                            World Bank, Global Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April,Rippy,Capital from GreatInvestments
              World Bank, Global Financial Indicators Washington,Bank, downloaded Washington, D.C. downloaded April,The Global (1965) External FinancingI.Affairs 52-71 in Latin [
                                                          World D.C. Global Financial Indicators Washington,I (1999) UN-ECLA Export of J.F Economic in Britain, 1865-1914 A
                                                                                          2004          2004                          2004
Summing FDI for 1971 and Loans for 1970                                                                  on Halsey, Loans, only (basedGovernmentLewis, Rippy) Loans, only
                                                                                                                      Table 16
                                                                                          Table 16 (basedGovernmentLewis, Rippy)                   Government
                                                                                                                                      on Halsey, Loans, only
              1970-         1970-          1970-          1970-          1902, 13                 1914               1914                               1875,85,95,05,13
                                                                                                                                    1914 1880, 90,1 3, 28, 39
              Million US$   Million US$    Million US$    Million US$    Million FF       Million US$    Million £          Million US$   Million £         Million £


                                                                                                                                                                   13
                                                                                                                                                                   20
                                                                                                                                                      23
                                                                                                                                                                   23
                                                                                                                                                      37
                                                                                                                                                                   52



                                                                                    490


                                                                                                                                                                   83




                                                                                    880                                                               117         120
                                                                                                  110                 79            598




                                                                                                                                                      165
                                    159




 5,734    5,020    3,314    1,706




71,527   57,987   41,382   16,605
119,964    94,427   87,756     6,671




160,505   129,126   98,295    30,830
181,322   145,327   96,352    48,975
198,024   163,138   87,305    75,833
241,010   206,291   98,175   108,116
243,711   205,654   92,118   113,536
238,797   206,052   93,370   112,682
226,362   189,748   93,467    96,280
ebt-U.K.                                                        Debt-US                                                                   Total FDI
                Lewis48       BoE          ECLA65       Lewis 38        USDoc31,47     Lewis48 My calculation    ECLA65            Lewis48       OECD72,73
                              Bank The United States and Foreign Investment Problems Lewis,"A New Estimate of United States and Foreign Investment Problems
                                            UN-ECLA (1965) External(1938) America's Stake Cleona (1948) The American
                                                       Lewis, Cleona Financing in Latin America 1948
                                                                      Dickens, P.D. (1931) in to               UN-ECLA(1965) External Financing in LatinDevelopment Foreign I
                                                                                                                              Lewis, Cleona (1948) (1973) Department of Commerc
                                                                                                                                              United States America
               Lewis, Cleona (1948)of England (1950) United Kingdom overseas investments, 1938International Investments Investments Abroad,"OECDThe United States ,andCo-operat
    Government Loans, only                Table 16 (based on Halsey, Lewis, Rippy)
                                                      Loans
                             Government and Municipal Page 655                                                  Table 17
                       1938 1938-55                                   19, 24, 29,
                                                 1914 1897, 1908, 14,1930, 43 35           1938                            1914           1938 1967, 1971
               Million US$   Million £     Million US$Million US$       Million US$   Million US$ illion US$
                                                                                                M               Million US$       Million US$   Million US$




                                                                   20




                                                    5               6                                                 1,196




                                                                   41




                                                                146




                                                                325
                                                                                347




                                                                320
600   83        293   896
      82
      81
      80
      78
      74   53
      46
      40
      38
      34
      28




                             3,735



                             5,100




                            10,700
al FDI                                          FDI-France                                                                FDI-UK
                     UNCTC-Outward
          UNCTC-Inward         Rippy                    ECLA65         Stone99             ECLA65        Rippy             Stone87 Lewis48        BoE
         Downloaded from UNCTADfrom UNCTAD database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Composition England)(1950) United “Briti
                       Downloaded database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America (1948)[:] A United States andBritish In
                                   Rippy, on (1948) “French Investments (1999)April, 2004. same data as, in same data in Lewis, The in ,Latin America, 1822-1949of Foreign
                                                    UN-ECLA(1965) investment, The Global Inter-American Economic as in the World Investmentand Distribution and Kingd
                                                                   Stone, I in (Essentially Latin America (1959) British Investments Bank of Report
                                                                                   UN-ECLA(1965) External theStone, Affairs Cleona )
                                                                                                   Rippy, J.F                  Britain, 1865-1914 The Statistical Survey
                                                                                                                    World Investment Report
                                       “Economic Enterprises”
                                                    Table 17                                         Taken          Calc. in “Economic 43, Calculated as Total minus Governmen
                                                                       Calculated as Total minus governmentas investmentsBased on TableEnterprises” as Total minus Governmen
                                                                                      Table 17                                             Calculated
         1980-          1980-          1902, 1913               1914               1914                               1875,               13
                                                                                                  1914 1880, 90, 13, 28, 39 85, 95, 1905,1938 1938-55
         Million US$    Million US$    Million FF     Million US$      Million £          Million US$   Million £         Million £Million US$   Million £


                                                                                                                               7
                                                                                                                              11
                                                                                                                    16
                                                                                                                              24
                                                                                                                    32
                                                                                                                              41



                                                206


                                                                                                                              40




                                              2,620                                                                 107      135
                                                                391                 93            609




                                                                                                                    121
                       200   81
                  92         81
                             81
                             78
                             77
                             75
                             69
                             68
                             65
                             64
                             54




17,480   39,601
19,247   39,808
21,176   40,184
22,302   40,372
22,844   40,414
25,664   40,496
27,898   40,639
31,458   40,777
32,031   40,953
34,287   41,476
 37,143   42,101
 38,580   43,116
 39,975   43,252
 35,975   43,745
 38,125   44,435
 42,530   45,530
 50,195   45,061
 65,506   46,177
132,734   49,031
164,105   50,721
196,884   53,003
219,342   50,745
235,908   53,227
                                                                                       FDI-US
                OECD72         ECLA65        ECLA65            USDoC31,38,47 USDoC42          USDoC60       Lewis48          USBenchmark      OECD72
                           UN-ECLA(1965) External Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Commerce (1975) Problems , Inv
                                           Direct Investments by in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments Stock of of countries--1940
                                                          Dickens, Latin America LatinUnited of American Investments Abroad," United States of in foreign Commerce Direct
                                                                          United in     America       Lewis, Cleona United States Department Department PrivateForeignInvestme
                                                                                                                                     U.S. Business Investments in Direct Countrie
              OECD (1972) Stock of Private UN-ECLA (1965) External Financing States Department of Commerce 1967Commerce (1960)OECD (1972)Foreign InvestmentU.S. Trade Info
                             Table 17
Calculated as Total minus Government Loans Table 13                                         p. 92                            Table A-3
                       1967                               1930,36,43
                                      1914 1897, 08, 14, 19, 24, 29          1929, 36, 40   1929,36,43,50             1938           1966           1967
              Million US$     Million US$    Million US$       Million US$   Million US$    Million US$     Million US$      Million US$    Million US$




                                                           1




                                                           0




                                        50                 3




                                                           4




                                                           5




                                                      108                             194           194
                                                                       210




                                                                       194            194           194
                  240

      240


236         233




            644




            835

            839




                        882
              RR              RR-France                                       RR-UK                                          RR-US
My calculation Lewis48        Rippy             Stone99             Rippy            Stone87          Lewis48     Lewis38       Lewis48
                              Rippy, J.F. (1948) “French Investments in Latin America,” Inter-American Economic DistributionStatistical Survey, Investment Latin Investm
                                                             Rippy, J.F Export of Capital Lewis, Cleona America, 1822-1949 and “British Investments in States and Fo
                                                                                                           Lewis, Affairs 52-71 Cleona (1948)
Author’s calculations Cleona (1948) The United States(1999) The Global(1959) British Investments in Latin (1948) The United States and Foreign TheInternational Americ
               Lewis,                                                       Stone, I. (1987) The Composition and Cleona (1938) British Investment United America,
                                                                                                                          Lewis,
                                              Stone, I and Foreign Investment Problems , from Great Britain, 1865-1914 [:] A of America's Stake in in Latin Problems 186
                                                                                  Table
                                                                  pp. 34, 39, 68, 78. 43                          Page 602
                         1938 1902, 1913                                        1875,
                                                            1914 1880, 90, 13, 28, 39 85, 95, 1905, 13                                    1938
                                                                                                            1938 1897, 1908, 14, 19, 24, 29, 35
Million US$    Million US$    Million FF        Million £         Million £        Million £        Million US$   Million US$   Million US$


                                                                                               5
                                                                                               6
                                                                              12
                                                                                               17
                                                                              26
                                                                                               33



                                           40


                                                                                               24




                                      1,391                                   52               59
                                                             55




                                                                              50
37
Non-RR         Non-RR-France                             Non-RR UK                                      Non-RR US
My calc        Rippy calc     Stone99            Rippy            Stone87          Lewis48      Lews38/ECLA        Lewis48
               Rippy,          Stone, I (1999) The GlobalLatin British Investments in Latin (1948) The United A StatisticalInvestment in Latin Problems 1865 to 1913
                                               Rippy, J.F Export of Capital from Great Britain,and Affairs[:] States and (1948) Investment States and Foreign Investme
                                                             Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments America
Author’s calculations J.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign TheLatinin Latin America, 1939” in Jour
                                                                                             UN-ECLA (1965) External Financing
                                                                                                            52-71
                                                                              The Composition 1865-1914 Lewis, Cleona Survey in United America,
                              Calculated as Total
                                               Calculated government - railways 43
                                                             Calc. Based on Table
               Calculated as Enterprise - railways minus as Enterpriseminus railways            Calculated as total minus government minus railroads
               1902, 1913                                      28, 39
                                          1914 1880, 90, 1913,1875, 85, 95, 1905, 13                                    1
                                                                                          1938 1897, 1908, 14, 19, 24, 29 938
Million US$    Million FF     Million £         Million £        Million £        Million US$   Million US$       Million US$


                                                                             2
                                                                             4
                                                            4
                                                                             7
                                                            6
                                                                             7
                                                                                                              1


                        166


                                                                             16


                                                                                                              0




                     1,230                                  54               76
                                           39                                                                 3




                                                                                                              4




                                                                                                              5



                                                            71
                                                                                                         108
     200   240
55
a (1948) The United States and Foreign Investment Problems
ernment minus railroads
Chile                                           Total FI
         My
Shorthand preferred Woodruff         ECLA65           Lewis48                        IFS            I                IFS
                                                                       OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
Source                                               Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 20
                                                                                 Downloaded Foreign Investment Problems Downloaded
                                                                                                 World Economy IMF’s site,
                                     UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                       Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                   OECD of Europe's Role
                                       4                            Summing the Debt sector investment, in FDI data & 1971
                       Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage          1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units    Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
  1865
  1875
  1880
  1885
  1890
  1895
  1897
  1900
  1901
  1902
  1903
  1904
  1905
  1906
  1907
  1908
  1909
  1910
  1911
  1912
  1913
  1914                                        668
  1915
  1916
  1917
  1918
  1919
  1920
  1921
  1922
  1923
  1924
  1925
  1926
  1927
  1928
  1929
  1930
  1931
  1932
  1933
  1934
  1935
  1936
  1937
1938   1,300   1,288
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971                   3,263
1972
1973
1974
1975
1976
1977                   4,988
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   #N/A      #N/A      #N/A      #N/A
1997    35,404    17,131    63,338    33,950
1998    40,540    24,248    70,451    38,483
1999    55,427    40,475    81,269    45,839
2000    53,212    38,099    81,203    44,955
2001    53,628    39,219    81,345    44,693
2002    57,327    41,976    83,708    44,890
                                      German FI                                                           FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                     FR
                                                                                              FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                            and 4
                                                                                              Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913    1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF    Million US$     Million US$     Million US$




                                                                                        226




                                                                                        212
                                        75                                                                               16




                                                                       R 336
     20   17




10
 6,417
 9,172
 7,966
10,611
 9,187
10,136
11,004
                                                                          Total U.K.
/Feis               Stone99            ECLA65        Woodruff       Winkler          Stone87          Rippy            Kindersley Lewis48         BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “BritishThe United(1950) and Forei
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert Cleona (1948)of England States in 1930
                                                                                                         Kindersley, the World Economy 1750-1960
                                                                                                                                     Bank foreign investments
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949 United 186
                                                                            Western       The United States Role in Latin America
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital Lewis, of British America, in Latin America, Kin
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 P. 153C           pp. 25, 37, 68, 78, 85                      All Securities, nominal capital
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 57                               1880, 90,          1930
                                                                                    1875, 85, 95, 1905, 13 1913, 28, 39, 49                1938 1938-55
Million £          Million £          Million US$   Million US$    Million US$      Million £        Million £        Million £    Million US$   Million £


                                                                                                 3
                                                                                                10
                                                                                                                  8
                                                                                                10
                                                                                                                 24
                                                                                                32




                                                                                                42




             61                                                               332               76               64
                                62            341            100




                                                                                                                 77
                                                                              390
                                                                                                                              49
400        410   63
      86         62
                 60
                 58
                 57
                 56
                 55
                 54
                 53
                 50
                 47
      45




70
                                      Total U.S.                                                                                                     Total Debt
ECLA65         USDoc31,47                  Winkler
                                Lewis38 (calc.)             Woodruff       Lewis48      My Total       ECLA65            Lewis48        OECD 73
          Dickens, P.D. (1931) "A New (1938) Max (1928) Investments of Abroad,"(1948) The UnitedStudy of Europe's Role inFinancing in Latin America and and
                          Lewis, in Latin America Woodruff, in International InvestmentsStates Latin America Foreign Investment Problems Bulletin No. 767.
                                     Winkler, America's Stake W. (1967) Impact ofUnited Man: A States and Lewis, Cleona Organisation for Economic Co-oper
                                                                  Lewis, Cleona Western          UN-ECLA(1965) External the Information
                                                                                                                              World Economy States
UN-ECLA(1965) External FinancingCleona Estimate of American Investments United States Capital inDepartment of Commerce Trade(1948) The United1750-1960 Foreig
(Calc.) Tables 16, 17         +ECLA65 Table 13             Tables IV/4 and 5                          Table 16                         Total Debt Outstanding
1914 (calc.)                               14, 19, 24,    1938, 60
               1930, 43 (calc.)1897, 1908, 1913, 1929 29, 35                     1938                            1914           1938           1971
Million US$ Million US$       Million US$Million US$       Million US$   Million US$    Million US$   Million US$       Million US$    Million US$




                                       1




                                     31




                                                     15
        226                         171                                                                          174




                                    308




                                    687              396
                        701
      600   612   377




368




      740




                        2,443




                        3,773
            Total Debt                                                                   Debt-France                                                       Debt-U.K.
               WBDebt Total    WBD Long TermWBD Public          WBD Private     Rippy              ECLA65        Stone 99            ECLA65        Rippy
                                               World Bank, Global Financial GlobalApril, 2004 UN-ECLA (1965) ExternalLatin America,”(1965) External Financing in Britain, 1865
                                                                                Rippy, J.F. (1948) April, Investments in 2004
              World Bank, Global Financial Indicators Washington, D.C.Washington, D.C.Washington, “French2004Stone,April, Financing in Latin Rippy,Capital from GreatInvestments in
                                                                World downloaded Financial Indicators downloaded I (1999) The Global Export
                                                                                                                             UN-ECLA Inter-American Economic Affairs America
                                                                                                                                             America
                             World Bank, Global Financial Indicators Bank, Indicators downloaded D.C.Washington, D.C. downloaded April, 2004of J.F (1959) British Latin 52-71
Total Debt Outstanding                                                                                           on Halsey, Loans, only (basedGovernmentLewis, Rippy)
                                                                                                                              Table 16
                                                                                                  Table 16 (basedGovernmentLewis, Rippy)      on Halsey, Loans, only
              1970-           1970-            1970-            1970-           1902, 13                  1914               1914           1914 1880, 90,1 3, 28, 39
              Million US$     Million US$      Million US$      Million US$     Million FF        Million US$    Million £          Million US$   Million £




                                                                                                                                                               8

                                                                                                                                                              10




                                                                                              8




                                                                                             70                                                               35
                                                                                                            16                29            128




                                                                                                                                                              29
                                 25




 2,977   2,567   2,066    501




12,081   9,398   4,705   4,693
19,226   14,687   10,425    4,263




22,038   18,607    7,178   11,429
23,049   20,414    4,883   15,531
22,809   21,522    4,367   17,155
30,175   28,565    5,005   23,560
34,269   33,098    5,655   27,443
36,997   34,466    5,204   29,261
38,360   35,803    5,544   30,260
Debt-U.K.                                                              Debt-US                                                                    Total FDI
       Stone87    Lewis48       BoE           ECLA65        Lewis 38        USDoc31,47      Lewis48    My calculation    ECLA65            Lewis48
                  Lewis, Cleona (1948) The United States United Kingdom overseas investments, 1865 to 1948
                                 Bank and Distribution and Foreign Investment Problems (1931) "A to Estimate Investments Investments Abroad," United States Departmen
                                               UN-ECLA (1965) External Financing in LatinStake Cleona (1948) The United States and Lewis, Cleona (1948) The United States
                                                             Lewis, Cleona (1938) America's 1938 New
                                                                             in Latin P.D. Lewis, in International of American
      Stone, I. (1987) The Compositionof England (1950)of British Investment Dickens, America,America 1913                         Foreign Investment Problems
                                                                                                                       UN-ECLA(1965) External Financing in Latin America
      Government Loans, only                Table 16 (based on Halsey, Lewis, Rippy)
                                                         Page
                               Government and Municipal Loans 655                                                       Table 17
      1875,85,95,05,13   1938 1938-55                                     19, 24, 29, 35
                                                     1914 1897, 1908, 14,1930, 43 (calc.)       1938                               1914           1938
      Million £ Million US$    Million £      Million US$ Million US$       Million US$   Million US$ Million US$       Million US$       Million US$


              2
              8

              8

            14




            18




            36
                                                        1               1                                                          494




                                                                        1




                                                                       53




                                                                    238
                                                                                    260




                                                                    237
110   25        198   911
      24
      24
      24
      25
      24   39
      24
      24
      23
      21
      20
Total FDI                                                FDI-France                                                                FDI-UK
      OECD72,73                UNCTC-Outward
                    UNCTC-Inward         Rippy                   ECLA65         Stone99             ECLA65        Rippy            Stone87         Lewis48
    OECD (1973) Development Co-operation from UNCTAD database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Composition A Statistical S
                 Downloaded from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [:] and Distribut
                               Downloaded Rippy, on (1948) “French Investments (1999)April, 2004. same data as, in same data in in Lewis,Report ) (1948) The United S
                                                          UN-ECLA(1965) investment, The Global Inter-American Economic as Investments in
                                                                         Stone, I in (Essentially Latin America (1959) British Britain, 1865-1914 America, 1822-1
                                                                                         UN-ECLA(1965) External theStone, Affairs TheCleona
                                                                                                         Rippy, J.F                   the World Investment Report )
                                                                                                                          World Investment
                                                “Economic Enterprises”
                                                             Table 17                                         Taken          Calc. in “Economic Enterprises”
                                                                                Calculated as Total minus governmentas investmentsBased on Table 43, Calculated as Total m
                                                                                               Table 17
    1967, 1971,77 1980-          1980-          1902, 1913               1914               1914                               1875,
                                                                                                           1914 1880, 90, 13, 28, 39 85, 95, 1905, 131938
    Million US$   Million US$    Million US$    Million FF     Million US$      Million £          Million US$   Million £        Million £       Million US$


                                                                                                                                              1
                                                                                                                                              2
                                                                                                                             1
                                                                                                                                              3
                                                                                                                             15
                                                                                                                                         19



                                                         218


                                                                                                                                         24




                                                         142                                                                 29          40
                                                                                             32            213




                                                                                                                             48
                           300
                      61




 961



 820




1,215


          886    42
        1,313    80
        1,784    90
        1,958    92
        2,154   101
        2,321   102
        2,557   112
        3,076   126
        3,928   136
        4,885   168
10,067      178
10,590      289
11,289      713
12,130      763
13,852    1,674
15,547    2,425
24,595    3,559
33,950    4,898
38,483    6,348
45,839   12,919
44,955   11,793
44,693   12,976
46,296   13,439
                                                                                      FDI-US
 BoE            OECD72         ECLA65       ECLA65            USDoC31,38,47 USDoC42          USDoC60       Lewis48          USBenchmark
              OECD (1972) Stock of Private UN-ECLA Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Commerce countr
                              Kingdom overseas investments, 1938 in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments Investments in F
                                           Direct Investments by to Latin America Latin United of American Investments Abroad," United States of Foreign Investme
                                                          Dickens, 1948 United in       America       Lewis, Cleona United States Department Department of Comm
Bank of England (1950) UnitedUN-ECLA(1965) External (1965) External Financing States Department of Commerce 1967Commerce (1960) U.S. Business in foreign (1975
                             Table 17
Calculated as Total minus Government Loans Table 13                                        p. 92                            Table A-3
1938-55                1967                               1930,36,43
                                      1914 1897, 08, 14, 19, 24, 29         1929, 36, 40   1929,36,43,50             1938           1966
Million £     Million US$     Million US$   Million US$       Million US$   Million US$    Million US$     Million US$      Million US$




                                                          1




                                                      31




                                      225             171




                                                      307




                                                      332




                                                      448                            423           423
                                                                      441




                                                                      484            484           484
38                     414
38
36         414
34
33
32   329         328
31
31
30
29
28

                 540




                 666

                 729




                             765
                              RR              RR-France                                   RR-UK                                          RR-US
   OECD72       My calculation Lewis48        Rippy         Stone99             Rippy            Stone87          Lewis48     Lewis38
             Author’s calculations Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:] A Statistical Survey, in Intern
                                            Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” Inter-American Economic Distribution of America's Stake in Lat
                                                            Stone, I and Foreign Investment Problems , Lewis, Cleona America, 1822-1949 and “British Investments
                                                                           Rippy, in Export End 1967 The Composition and Cleona (1938) British Investment
                                                                                                                          Lewis, Affairs 52-71
OECD (1972) Stock of Private Lewis, Investments by The United States(1999) The Global(1959) British Investments in Latin (1948) The United States and Foreign Investmei
                             Direct                                                      Stone, I. (1987)
                                                                                              Table
                                                                              pp. 34, 39, 68, 78. 43                          Page 602
         1967                            1938 1902, 1913                                    1875,
                                                                        1914 1880, 90, 13, 28, 39 85, 95, 1905, 13      1938 1897, 1908, 14, 19, 24, 29, 35
Million US$     Million US$    Million US$    Million FF    Million £         Million £        Million £        Million US$   Million US$
                                              none listed
                                                                                                           1
                                                                                                           1
                                                                                           0
                                                                                                           2
                                                                                           8
                                                                                                           10




                                                                                                           10




                                                                                          20               23
                                                                         15




                                                                                          20
20
RR-US              Non-RR        Non-RR-France                             Non-RR UK                                      Non-RR US
  Lewis48          My calc       Rippy calc     Stone99            Rippy            Stone87          Lewis48      Lews38/ECLA        Lewis48
                 Author’s calculations J.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution StatisticalInvestment in Latin Problems 186
                                Rippy,          Stone, I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and (1948) Investment States and Fo
                                                                Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments America
  Lewis, Cleona (1948) The United States and Foreign Investment ProblemsExport of Capital from Great Britain,andThe United A of BritishForeign TheLatinin Latin Americ
                                                                                                              UN-ECLA (1965) External Financing
                                                                                                                            52-71
                                                                                              The Composition 1865-1914 Lewis, Cleona Survey in United America,
                                                Calculated as Total
                                                                 Calculated government - railways 43
                                                                               Calc. Based on Table
                                 Calculated as Enterprise - railways minus as Enterpriseminus railways            Calculated as total minus government minus railroads
            1938                 1902, 1913                                      28, 39
                                                            1914 1880, 90, 1913,1875, 85, 95, 1905, 13                                    1
                                                                                                            1938 1897, 1908, 14, 19, 24, 29 938
  Million US$      Million US$   Million FF     Million £         Million £        Million £        Million US$   Million US$       Million US$


                                                                                               0
                                                                                               0
                                                                              0
                                                                                               0
                                                                              7
                                                                                               8
                                                                                                                                1


                                          218


                                                                                               14


                                                                                                                            31




                                          142                                 9                17
                                                             18                                                            171




                                                                                                                           307




                                                                                                                           332



                                                                              27
                                                                                                                           448
     300   414
40
 Lewis, Cleona (1948) The United States and Foreign Investment Problems
total minus government minus railroads
Colom                                        Total FI
bia
        My
Shorthand preferred Woodruff      ECLA65           Lewis48                        IFS            I                IFS
                                                                    OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
Source                                            Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 200
                                                                              Downloaded Foreign Investment Problems Downloaded
                                                                                              World Economy IMF’s site,
                                  UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                    Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                OECD of Europe's Role
                                    4                            Summing the Debt sector investment, in FDI data & 1971
                    Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage       1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
 1865
 1875
 1880
 1885
 1890
 1895
 1897
 1900
 1901
 1902
 1903
 1904
 1905
 1906
 1907
 1908
 1909
 1910
 1911
 1912
 1913
 1914                                        77
 1915
 1916
 1917
 1918
 1919
 1920
 1921
 1922
 1923
 1924
 1925
 1926
 1927
 1928
 1929
 1930
 1931
 1932
 1933
 1934
 1935
 1936
1937
1938   300   322
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971               2,324
1972
1973
1974
1975
1976
1977               4,366
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   17,652    7,713   44,193   11,773
1997   20,839   10,931   56,267   19,694
1998   20,928   12,195   54,408   16,645
1999   22,491   14,389   50,897   13,424
2000   25,409   16,414   47,611   10,896
2001   29,856   19,614   54,673   15,073
2002   28,675   17,832   55,478   17,581
                                      German FI                                                               FR FI

 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                         FR
                                                                                                  FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                                and 4
                                                                                                  Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913        1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF        Million US$     Million US$       Million US$




                                                                                        246




                                                                                             15
                                                                                                                                3




                                                                       R 15
6   4
 5,945
 7,984
 8,278
 8,413
 9,621
13,008
12,307
                                                                              Total U.K.

/Feis               Stone99            ECLA65         Woodruff      Winkler          Stone87          Rippy            Kindersley    Lewis48
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreignUnited States in 1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of Cleona (1948) The in Latin America, 186
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America America, investments and Fo
                                                                                                         Kindersley,
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949
                                                                            Western                                       World Economy
                                                                                          The United States Role theLewis, British 1750-1960
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153C         pp. 25, 37, 68, 78, 85
            1913               1914                               1913, 29
                                              1914 1900, 14, 38, 62                                1880, 90,              1
                                                                                    1875, 85, 95, 1905, 13 1913, 28, 39, 49930              1938
Million £          Million £          Million US$    Million US$   Million US$      Million £        Million £        Million £     Million US$


                                                                                                7
                                                                                                3
                                                                                                                  3
                                                                                                4
                                                                                                                  5
                                                                                                4




                                                                                                8




    #N/A                                                                       34               13                7
                                                47




                                                                                                                  8
                                                                               38
50       43
     6




     5
                                                    Total U.S.                                                                                        Total Deb

 BoE          ECLA65          USDoc31,47                 Winkler
                                              Lewis38 (calc.)              Woodruff       Lewis48      My Total       ECLA65            Lewis48
              UN-ECLA(1965) Externaloverseas investments, 1938America's Investments of United States Capital in Latin America Foreign Investment Problems Ame
                              Kingdom Financing in Latin(1938)Max American Investments Abroad,"(1948) The UnitedStudy of Europe's Role inFinancing The United17
                                            Lewis, Cleona Americaof (1928)
                                                       Winkler,       Woodruff, in (1967) Impact of United Man: A States and Lewis, Cleona (1948) in Latin S
                                                                                    Lewis, Cleona Western         UN-ECLA(1965) External the World Economy
Bank of England (1950) UnitedDickens, P.D. (1931) "A New Estimateto 1948 Stake W.International InvestmentsStates Department of Commerce Trade Information Bullet
              (Calc.) Tables 16, 17          +ECLA65 Table 13             Tables IV/4 and 5                          Table 16
1938-55       1914 (calc.)                                14, 19, 24,    1938,62
                              1930, 43 (calc.)1897, 1908, 1913, 1929 29, 35                     1938                            1914           1938
Million £     Million US$     Million US$    Million US$Million US$       Million US$   Million US$    Million US$   Million US$       Million US$




                                                      9




                                                    11




                                                                      2
                         26                         24                                                                           23




Not listed                                          46




                                                  350              260
                                       302
      250   240   155




149
        Total Debt                                                                Debt-France                                                  Debt-U.K.

 OECD 73                               WBD Public
               WBDebt Total WBD Long Term                  WBD Private Rippy                ECLA65           Stone 99            ECLA65
                                            World Bank, Global Financial Indicators April,UN-ECLA Investments (1999) UN-ECLA Export of
                                                            World D.C. Global Financial Indicators April,Stone, in downloaded Inter-American
                                                                          Rippy, D.C. downloaded                           America,”
Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America Financing in Latin
                             World Bank, Indicators Washington,Bank, downloaded Washington, Washington,ID.C. Financing Latin 2004 Capital from Great Brita
                                                                                                          2004
               World Bank, Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global (1965) External Economic Affairs
Total Debt Outstanding                                                                                    on Halsey, Loans, only (based on Halsey, Lewis, Rippy)
                                                                                                                       Table 16
                                                                                           Table 16 (basedGovernmentLewis, Rippy)
         1971 1970-          1970-          1970-          1970-          1902, 13                  1914                 1914           1914
Million US$   Million US$    Million US$    Million US$    Million US$    Million FF       Million US$       Million £          Million US$




                                                                                       7
                                                                                                         2                                16
        2,236   1,580   1,297   283
1,424




2,956


        6,941   4,604   4,089   515
17,222   15,784   14,671    1,113




25,048   19,503   13,950    5,553
28,900   23,016   14,854    8,162
31,941   26,182   15,436   10,746
33,083   26,851   16,749   10,101
34,424   30,459   20,220   10,239
33,934   31,062   20,803   10,259
36,699   32,961   21,777   11,184
         Debt-U.K.                                                                Debt-US                                                              Total FDI

 Rippy            Stone87     Lewis48       BoE          ECLA65             Lewis 38         USDoC31        Lewis48 My calculation    ECLA65
                            Lewis, Cleona (1948) and Distribution and Foreign Investment in Latin
                                           Bank The United States and “British Cleona (1938) America'sAmerica New Journal of United States and 56 #1, Investment P
               Stone, I. (1987) The Composition of England (1950) UnitedLewis, InvestmentsProblemsAmerica, 1939” in(1948) The UN-ECLA(1965) External Financing in
Rippy, J.F (1959) British Investments in Latin America, 1822-1949of British Investment inDickens, P.D. (1931) "A 1913 Estimate Investments EconomyForeign (1948)
                                                          UN-ECLA (1965) External FinancingAmerica,Lewis,to International Political Investments Abroad," United
                                                                          Kingdom overseas investments,1865 Cleona
                                                                                          Latin in Latin Stake in 1948
                                                                                                          1938 to                 American
             Government Loans, only
Government Loans, only                                    Table 16 (basedPage 655 Lewis, Rippy)
                                                                          on Halsey,
                                           Calculated as Total minus Government Loans                                                Table 17
               1875,85,95,05,13
1880, 90,1 3, 28, 39                 1938 1938-55                                               1930
                                                                  1914 1897, 1908, 14, 19, 24, 29, 35          1938                             1914
Million £        Million £   Million US$   Million £     Million US$       Million US$       Million US$             Million US$
                                                                                                           Million US$               Million US$


                         7
                         2
             2
                         2
             2
                         2




                         3


                                                                                         0




             3           4
                                                                       5                 0                                                       54




                                                                                         1




                                                                                       15



             2
                                                                                   167
                                                                                                     172




                                                                                   146
    16        128
3



         31
         Total FDI                                                 FDI-France                                                                   FDI-UK

 Lewis48        OECD72,73                 UNCTC-Outward
                               UNCTC-Inward         Rippy                    ECLA65           Stone99             ECLA65         Rippy           Stone87
               OECD (1973) Development from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [
                                            Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic as Investments Investme
                                                                                      Stone, I in (Essentially Latin America (1959) British Britain, Report
                                                                                                      UN-ECLA(1965) External theStone, Affairs World
Lewis, Cleona (1948) The United States andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Compositio
                                                                                                                     Rippy, J.F       World Investment 1865-1914 A
                             Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data in in the The in )
                                                           “Economic Enterprises”
                                                                        Table 17                                            Taken          Calc. in “Economic 43, Calcu
                                                                                              Calculated as Total minus governmentas investmentsBased on TableEnterprises
                                                                                                             Table 17
         1938 1967, 1971     1980-          1980-          1902, 1913               1914                  1914                               1875,
                                                                                                                         1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
Million US$   Million US$    Million US$    Million US$    Million FF       Million US$       Million £          Million US$    Million £       Million £


                                                                                                                                                        0
                                                                                                                                                        1
                                                                                                                                            1
                                                                                                                                                        2
                                                                                                                                            3
                                                                                                                                                        2



                                                                    246


                                                                                                                                                        5




                                                                        8                                                                   3           9
                                                                                          1      #N/A                      31




                                                                                                                                            5
167
                            3




       728



       900




      1,410


              1,061   136
              1,201   140
              1,314   170
              1,431   274
              1,741   295
              2,231   301
              2,672   316
              2,992   335
              3,011   371
 3,270     392
 3,500     402
 3,602     422
 3,891     496
 4,284     591
 5,086     743
 6,407   1,027
11,773   1,096
19,694   1,893
16,644   2,648
13,914   2,703
12,144   2,989
16,008   3,047
19,375   3,830
FDI-UK                                                                                                          FDI-US

            Lewis48       BoE            OECD72         ECLA65        ECLA65            USDoC31,38,47 USDoC42          USDoC60       Lewis48
                         Bank The United States and Foreign Investment Problem,Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Fo
                                       OECD (1972) Stock of Private UN-ECLA
                                                       Kingdom overseas investments, 1938 in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments I
                                                                    Direct Investments by to Latin America Latin United of American Investments Abroad," United States Depa
                                                                                   Dickens, 1948 United in       America        Lewis, Cleona
          Lewis, Cleona (1948)of England (1950) UnitedUN-ECLA(1965) External (1965) External Financing States Department of Commerce 1967Commerce (1960) U.S. Business i
                          Calculated as Total minus Government Loans Table 13
                                                        Table Loans
Calc. Based on Table 43, Calculated as Total minus Government 17                                                     p. 92
                   1938 1938-55                 1967                               1930,36,43
                                                               1914 1897, 08, 14, 19, 24, 29          1929, 36, 40   1929,36,43,50             1938
          Million US$    Million £     Million US$     Million US$    Million US$       Million US$   Million US$    Million US$     Million US$




                                                                                    9




                                                                                11




                                                                 21             24




                                                                                45




                                                                                84




                                                                                183                            124           124
                                                                                                122




                                                                                                108            108           108
27                     112

           112


     118         117




                 193




                 396

                 399
                                             RR              RR-France                                  RR-UK

USBenchmark       OECD72       My calculation Lewis48        Rippy         Stone99             Rippy           Stone87         Lewis48
               OECD (1972) Stock of Private Lewis, Investments by The United States Final The Investment Problems Inter-American Economic DistributionStatistical Su
                             Author’s (1975) U.S. Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:] A of British In
                                                           Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , Lewis, Cleona America, 1822-1949 and “Briti
                                                                           Stone, I and Foreign in Export End 1967 The Composition and Affairs 52-71
United States Department of Commerce calculations Direct Investment Abroad, 1966:(1999) DataGlobal(1959) British Investments in Latin (1948) The United States and Fo
                                            Direct                                        Rippy,        Stone, I. (1987)
Table A-3                                                                                                   Table
                                                                                            pp. 34, 39, 68, 78. 43
         1966           1967                            1938 1902, 1913                                    1875,
                                                                                       1914 1880, 90, 13, 28, 39 85, 95, 1905, 13    1938
Million US$     Million US$    Million US$    Million US$    Million FF    Million £        Million £        Million £       Million US$



                                                                                                                         1
                                                                                                         1
                                                             none listed                                                 1
                                                                                                         2
                                                                                                                         1




                                                                                                                         3




                                                                                                         3               6




                                                                                                         3
      2




459
           RR-US                 Non-RR        Non-RR-France                              Non-RR UK                                    Non-RR US

Lewis38           Lewis48        My calc       Rippy calc       Stone99           Rippy           Stone87         Lewis48      Lews38/ECLA
               Lewis, Cleona (1948) incalculations Investments Investment ProblemsExport of Capital from Great Britain,andThe United A StatisticalInvestment Latin
                              Author’s United States and Foreign I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and Survey in in Lat
                                            Rippy,                          Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments
Lewis, Cleona (1938) America's StakeTheInternationalJ.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign Investmei
                                                             Stone,                                                     UN-ECLA (1965) External Financing
                                                                                                           The Composition 1865-1914 52-71
Page 602                                                      Calculated as Total
                                                                               Calculated government - railways 43
                                                                                             Calc. Based on Table
                                               Calculated as Enterprise - railways minus as Enterpriseminus railways           Calculated as total minus government minus rai
                         1938
1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                        28, 39
                                                                            1914 1880, 90, 1913,1875, 85, 95, 1905, 13   1938 1897, 1908, 14, 19, 24, 29
Million US$       Million US$    Million US$   Million FF       Million £        Million £       Million £       Million US$   Million US$


                                                                                                             0
                                                                                                             0
                                                                                             0
                                                                                                             1
                                                                                             2
                                                                                                             2
              1                                                                                                                              8


                                                        246


                                                                                                             2


              0                                                                                                                          11




                                                            8                                0               3
              0                                                    #N/A                                                                  24




              0                                                                                                                          45




                                                                                                                                         84



                                                                                             3
              0                                                                                                                         183




              0
    27
0
        Non-RR US

                Lewis48
               Lewis, Cleona (1948) The United States and Foreign Investment Problems
Calculated as total minus government minus railroads
                        1938
               Million US$
112
Costa                                                Total FI
Rica
Shorthand My preferred Woodruff           ECLA65           Lewis48                        IFS            I                IFS
                                                                            OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
 Source                                                   Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April,
                                                                                      Downloaded Foreign Investment Problems Downloaded
                                                                                                      World Economy IMF’s site,
                                          UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                            Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                        OECD of Europe's Role
                                            4                            Summing the Debt sector investment, in FDI data & 1971
                            Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage               1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units         Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
       1865
       1875
    1880
    1885
    1890
    1895
    1897
    1900
    1901
    1902
    1903
    1904
    1905
    1906
    1907
    1908
    1909
    1910
    1911
    1912
    1913
    1914                                             61
    1915
    1916
    1917
    1918
    1919
    1920
    1921
    1922
    1923
    1924
    1925
    1926
    1927
    1928
    1929
    1930
    1931
    1932
    1933
    1934
    1935
    1936
    1937
1938   64
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971         349
1972
1973
1974
1975
1976
1977        1,022
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   3,368   2,359   5,369     836
1997   3,887   2,663   6,038   1,221
1998   3,854   2,779   6,698   1,759
1999   4,162   2,606   7,466   2,365
2000   4,395   2,994   7,734   2,709
2001   4,343   2,930   8,055   3,178
2002   4,251   2,673   8,689   3,746
                                      German FI                                                                 FR FI
 IFS Portfolio Woodruff      ECLA65            Lewis48          Itinerario        Rippy                         FR
                                                                                                    FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17             p. 116                                                and 4
                                                                                                    Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914               1938                1934 1902, 1913        1900, 14, 38             1914             1938
Million US$   Million US$    Million US$       Million US$      Million RM        Million FF        Million US$     Million US$       Million US$




                                                                                               10




                                                                                               38
                                           2                                                                                      7
3   4
674
776
753
848
798
888
962
                                                                           Total U.K.
/Feis               Stone99            ECLA65         Woodruff      Winkler         Stone87          Rippy            Kindersley    Lewis48       BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British of England (1950) and1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of in LatinInvestmentUnited States in For
                                                                                                         Kindersley, Latin Economy 1750-1960
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British InvestmentsCleona (1948)foreign investmentsUnited K
                                                                            Western       The United States Role the WorldBritish America, in Latin America, 186
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital inLewis,America Bank The 1822-1949
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Table 153D       pp. 25, 37, 68, 78, 85
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 62                              1880, 90,             49
                                                                                   1875, 85, 95, 1905, 13 1913, 28, 39, 1930               1938 1938-55
Million £          Million £          Million US$    Million US$   Million US$     Million £        Million £        Million £     Million US$   Million £


                                                                                                0
                                                                                                3
                                                                                                                 3
                                                                                                3
                                                                                                                 5
                                                                                                5




                                                                                                6




                                                                              33                6                7
                                                11




                                                                                                        #N/A
                                                                              27
    25
5




4
                                        Total U.S.                                                                                              Total Debt
ECLA65          USDoc31,47                    Winkler
                                 Lewis38 (calc.)              Woodruff      Lewis48      My Total       ECLA65            Lewis48        OECD 73
           Dickens, P.D. (1931) in LatinEstimate of American Investments Abroad," United StatesUnitedStudy and Foreign Investment Problems for Economic Co-o
                          Lewis, Cleona (1938) America's Stake in W. (1967) Impact of Western Man:Latin America Lewis, TradetheOrganisation America and For
                                         America
UN-ECLA(1965) External Financing"A New Winkler, Max (1928) Investments of United States Capital Department of Europe's Role inFinancing The BulletinStates767. and
                                                      Woodruff, International Investments The in A States Commerce CleonaInformationLatin 1750-1960
                                                                      Lewis, Cleona (1948)         UN-ECLA(1965) External        (1948) in United No.
                                                                                                                                   World Economy
(Calc.) Tables 16, 17          +ECLA65 Table 13             Tables IV/4 and 5                          Table 16                         Total Debt Outstanding
1914 (calc.)                                  1913, 1929
                1930, 43 (calc.)1897, 1908, 14, 19, 24, 29, 351938,62             1938                            1914           1938           1971
Million US$     Million US$    Million US$ Million US$      Million US$   Million US$    Million US$   Million US$       Million US$    Million US$




                                          4




                                         19




           41                            24                                                                        17




                                         18




                                         31
                          33
     33   19




32




               179




               752
        Total Debt                                                               Debt-France                                                               Debt-U.K.
                                       WBD Public
               WBDebt Total WBD Long Term                 WBD Private Rippy                 ECLA65           Stone 99            ECLA65            Rippy           Stone87
                                            World Bank, Global Financial Indicators April,UN-ECLA InvestmentsD.C. Financing Latin America (1959) British Latin America
                                                                          Rippy, D.C. downloaded April,Stone, in downloaded Inter-American Stone, (1987) The Compositio
                                                                                                                         America,”
                            World Bank, Global Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April,Rippy,Capital from GreatInvestments
              World Bank, Global Financial Indicators Washington,Bank, downloaded Washington, D.C. downloaded April,The Global (1965) External FinancingI.Affairs 52-71 in Latin [
                                                          World D.C. Global Financial Indicators Washington,I (1999) UN-ECLA Export of J.F Economic in Britain, 1865-1914 A
                                                                                          2004          2004                          2004
Total Debt Outstanding                                                                                    on Halsey, Loans, only (basedGovernmentLewis, Rippy) Loans, only
                                                                                                                       Table 16
                                                                                           Table 16 (basedGovernmentLewis, Rippy)                   Government
                                                                                                                                       on Halsey, Loans, only
              1970-         1970-          1970-          1970-          1902, 13                  1914                  1914                               1875,85,95,05,13
                                                                                                                                        1914 1880, 90,1 3, 28, 39
              Million US$   Million US$    Million US$    Million US$    Million FF        Million US$       Million £          Million US$       Million £       Million £



                                                                                                                                                                              3
                                                                                                                                                              3
                                                                                                                                                                              3
                                                                                                                                                              2
                                                                                                                                                                              2




                                                                                                                                                                              2




                                                                                      34                                                                      2               2
                                                                                                         7                                    8
 287     246     134    112




2,744   2,112   1,700   412
3,756   3,367   3,063   304




3,802   3,348   3,133   214
3,491   3,116   2,923   193
3,476   2,938   2,767   172
3,954   3,263   3,026   237
4,207   3,430   3,186   244
4,443   3,487   3,251   236
4,586   3,424   3,208   216
bt-U.K.                                                               Debt-US                                                                           Total FDI
                Lewis48       BoE           ECLA65             Lewis 38         USDoC31         Lewis48      My calculation    ECLA65            Lewis48       OECD72,73
                              Bank The United States and Foreign Cleona (1938) America'sAmerica International of United States and ForeignCleona (1948) The United States of Comm
                                            UN-ECLA (1965) External Financing inP.D. Lewis, Cleona (1948) The American
                                                            Kingdom overseas investments, Stake in 1948
                                                                          Dickens, Latin 1938 to                   UN-ECLA(1965) External Financing in LatinDevelopment For
                                                                                                                                   Lewis, Investment Problems America
                                                                                                                                                  OECD (1973)
               Lewis, Cleona (1948)of England (1950) UnitedLewis, Investment Problems (1931) "A New Estimate Investments Investments Abroad," United States Department ,andCo-o
   Government Loans, only                   Table 16 (based on Halsey, Lewis, Rippy)
                             Calculated as Total minus Government Loans                                                       Table 17
                        1938 1938-55                                               1930
                                                     1914 1897, 1908, 14, 19, 24, 29, 35              1938                               1914           1938 1967, 1971
               Million US$   Million £      Million US$       Million US$       Million US$    Million US$ Million US$        Million US$       Million US$   Million US$




                                                                            2




                                                          0                 2                                                             44




                                                                            0




                                                                            0




                                                                          11
                                                                                          10




                                                                          10
9       8   45




    1




                 136



                 170




                 270
al FDI                                         FDI-France                                                                    FDI-UK
                     UNCTC-Outward
          UNCTC-Inward         Rippy                      ECLA65        Stone99             ECLA65            Rippy           Stone87   Lewis48       BoE
         Downloaded from UNCTADfrom UNCTAD database on foreign External Latin America,” Export of Capital from GreatLatin 52-71CompositionThe United(1950) of British In
                       Downloaded database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [:] AEngland States United Kin
                                   Rippy, on (1948) “French Investments (1999)April, 2004. same data as, in same data in in the The in (1948)ofReport )
                                                    UN-ECLA(1965) investment, The Global Inter-American Economic as Investments Investmentand Distribution and Foreig
                                                                   Stone, I in (Essentially Latin America (1959) British Britain,Cleona )Bank
                                                                                   UN-ECLA(1965) External theStone, Affairs World
                                                                                                                               Lewis, 1865-1914 America, 1822-1949 and “Briti
                                                                                                   Rippy, J.F       World Investment Report            Statistical Survey
                                       “Economic Enterprises”
                                                    Table 17                                          Taken          Calc. in “Economic 43, Calculated as Total minus Governmen
                                                                        Calculated as Total minus governmentas investmentsBased on TableEnterprises”
                                                                                       Table 17                                               Calculated as Total minus Governm
         1980-          1980-          1902, 1913                1914               1914                               1875,                1938 1938-55
                                                                                                   1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
         Million US$    Million US$    Million FF        Million US$    Million £          Million US$       Million £       Million £ Million US$   Million £


                                                                                                                                    0
                                                                                                                                    0

                                                                                                                                    0
                                                                                                                         3
                                                                                                                                    3



                                                    10


                                                                                                                                    4




                                                     4                                                                   5          4
                                                                                                         3
             17




  672    7
  742   11
  770   13
  831   18
  887   22
  957   27
1,018   31
1,112   35
1,235   36
1,336   42
1,447    44
1,626    50
1,852    54
2,098    56
2,396    61
2,733    67
3,160    72
3,567    77
4,178    82
4,798    87
5,206    95
5,660   104
6,302   160
                                                                                       FDI-US
                OECD72         ECLA65        ECLA65            USDoC31,38,47 USDoC42          USDoC60       Lewis48          USBenchmark      OECD72
                           UN-ECLA(1965) External Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Commerce (1975) Problems , Inv
                                           Direct Investments by in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments Stock of of countries--1940
                                                          Dickens, Latin America LatinUnited of American Investments Abroad," United States of in foreign Commerce Direct
                                                                          United in     America       Lewis, Cleona United States Department Department PrivateForeignInvestme
                                                                                                                                     U.S. Business Investments in Direct Countrie
              OECD (1972) Stock of Private UN-ECLA (1965) External Financing States Department of Commerce 1967Commerce (1960)OECD (1972)Foreign InvestmentU.S. Trade Info
                             Table 17
Calculated as Total minus Government Loans Table 13                                         p. 92                            Table A-3
                       1967                               1930,36,43
                                      1914 1897, 08, 14, 19, 24, 29          1929, 36, 40   1929,36,43,50             1938           1966           1967
              Million US$     Million US$    Million US$       Million US$   Million US$    Million US$     Million US$      Million US$    Million US$




                                                           4




                                                      17




                                        41            22




                                                      18




                                                      13




                                                      21                               22             22
                                                                        22




                                                                        13             13             13
               25

     25


31        30




          60




          62

          60




                    79
              RR              RR-France                            RR-UK                                       RR-US             Non-RR
My calculation Lewis48        Rippy         Stone99             Rippy           Stone87
                                                                                     Lewis48     Lewis38         Lewis48         My calc
                              Rippy, J.F. (1948) “French Investments in Latin America,” Inter-AmericanThe UnitedDistributionForeign Investment Problems America,Inve
                                                             Rippy, J.F Export ofLewis, , from (1948) Economic Affairs and (1948) inInvestment in and Foreign
                                                                            Stone,Capital The Composition and States 52-71Author’s calculations
                                                                                                Lewis, Cleona (1938) America'sand “British Investments in
Author’s calculations Cleona (1948) The United States(1999) The Global(1959) British Investments in Latin America, 1822-1949of StakeTheInternationalLatinLatin Americ
               Lewis,                                                             I. (1987)                    Lewis, Cleona British United
                                              Stone, I and Foreign Investment Problems CleonaGreat Britain, 1865-1914 [:] A Statistical Survey, StatesInvestments 186
                                                                             Table
                                                             pp. 34, 39, 68, 78. 43              Page 602
                         1938 1902, 1913                                    1875,          1938 1897, 1908, 14, 19, 24, 29, 35
                                                        1914 1880, 90, 13, 28, 39 85, 95, 1905, 13                       1938
Million US$    Million US$    Million FF    Million £        Million £        Million £
                                                                                   Million US$   Million US$     Million US$     Million US$
                              none listed                                                        none listed




                                                                          3
                                                                                3




                                                                                3




                                                                          3     3
Non-RR-France                                 Non-RR UK                                    Non-RR US
Rippy calc        Stone99             Rippy           Stone87         Lewis48      Lews38/ECLA        Lewis48
                Stone, I (1999) The GlobalLatin British Investments in Latin (1948) The United A StatisticalInvestment in Latin Problems 1865 to 1913
                                Rippy, J.F Export of Capital from Great Britain,and Affairs[:] States and (1948) Investment States and Foreign Investment Problems
                                              Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments America
Rippy, J.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign TheLatinin Latin America, 1939” in Journal of Political
                                                                              UN-ECLA (1965) External Financing
                                                                                             52-71
                                                               The Composition 1865-1914 Lewis, Cleona Survey in United America,
               Calculated as Total
                                Calculated government - railways 43
                                              Calc. Based on Table
Calculated as Enterprise - railways minus as Enterpriseminus railways              Calculated as total minus government minus railroads
1902, 1913                                         28, 39
                              1914 1880, 90, 1913,1875, 85, 95, 1905, 13                                   1
                                                                             1938 1897, 1908, 14, 19, 24, 29 938
Million FF        Million £          Million £       Million £       Million US$   Million US$       Million US$


                                                                 0
                                                                 0
                                                 0
                                                                 0
                                                 0
                                                                 0
                                                                                                 4


             10


                                                                 1


                                                                                             17




             4                                   1               1
                                 0                                                           22




                                                                                             18




                                                                                             13



                                                 0
                                                                                             21
    17   25
0
nited States and Foreign Investment Problems
Cuba                                              Total FI
Shorthand My preferred Woodruff          ECLA65          Lewis48                        IFS            I                IFS
                                                                          OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
 Source                                                Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April,
                                                                                   Downloaded Foreign Investment Problems Downloaded
                                                                                                   World Economy IMF’s site,
                                       UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                         Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                     OECD of Europe's Role
                                         4                            Summing the Debt sector investment, in FDI data & 1971
                         Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage            1914,38                  1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units      Million US$   Million US$     Million US$     Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
    1865
    1875
   1880
   1885
   1890
   1895
   1897
   1900
   1901
   1902
   1903
   1904
   1905
   1906
   1907
   1908
   1909
   1910
   1911
   1912
   1913
   1914                            500            471
   1915
   1916
   1917
   1918
   1919
   1920
   1921
   1922
   1923
   1924
   1925
   1926
   1927
   1928
   1929
   1930
   1931
   1932
   1933
   1934
   1935
   1936
   1937
1938   800   807
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971               #N/A
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
                                      German FI                                                               FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                         FR
                                                                                                  FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                                and 4
                                                                                                  Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913        1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF        Million US$     Million US$       Million US$




                                                                                                             25

                                                                                        126




                                                                                             20
                                                                                                                                0
1
                                                                          Total U.K.
/Feis               Stone99            ECLA65        Woodruff       Winkler          Stone87          Rippy            Kindersley Lewis48        BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British of England (1950) and 1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of British America,United States in Fore
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin Cleona (1948) foreign investments
                                                                                                         Kindersley, Lewis, AmericaBank The in
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949 United K
                                                                            Western       The United States Role the World Economy 1750-1960 Latin America, 186
Page 23            Table 23                           Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153D         pp. 25, 37, 68, 78, 85                     Total Securities
            1913               1914                               1913, 29
                                              1914 1900, 14, 38, 62                                1880, 90,             49
                                                                                    1875, 85, 95, 1905, 13 1913, 28, 39,1930              1938 1938-55
Million £          Million £          Million US$   Million US$    Million US$      Million £        Million £        Million £   Million US$   Million £


                                                                                                3
                                                                                                2
                                                                                                                  1
                                                                                                17
                                                                                                                 27
                                                                                                35




                                                                                                22




             33                                                               222               46               44
                                26            220            150




                                                                                                                 44
                                                                              238
150        140   28
      34         28
                 28
                 28
                 28
                 27
                 26
                 26
                 25
                 25
                 24
      24
                                       Total U.S.                                                                                                Total Debt
ECLA65         USDoc31,47                    Winkler
                                 Lewis38 (calc.)              Woodruff       Lewis48      My Total       ECLA65            Lewis48        OECD 73
           Dickens, P.D. (1931) in Latin(1938) America's Stake in International InvestmentsStatesin A Study of Europe's Role inFinancing The United1750-1960 and
                          Lewis, Cleona America
                                       Winkler, Max (1928) Investments of United States Capital Department and Lewis, Cleona (1948) in Latin America 767.
                                                     Woodruff, W. (1967) Impact United The United States of Commerce Trade Information for Economic Co-op
                                                                     Lewis, Cleona (1948)           UN-ECLA(1965) External theOrganisation
                                                                                                                                   World Economy States
UN-ECLA(1965) External Financing"A New Estimate of American Investments Abroad,"of Western Man:Latin America Foreign Investment ProblemsBulletin No. and Fore
(Calc.) Tables 16, 17           +ECLA65 Table 13             Tables IV/4 and 5                          Table 16                         Total Debt Outstanding
1914 (calc.)                                1913, 24, 29, 1938, 60
               1930, 43 (calc.)1897, 1908, 14, 19, 1929 35                         1938                            1914           1938           1971
Million US$    Million US$      Million US$ Million US$      Million US$   Million US$    Million US$   Million US$       Million US$    Million US$




                                       44




                                      199




                                                       220
         251                          288                            350                                            85




                                      551




                                      982           1,526
                        1,067
      650   628   103




615




      960




                         455




                        2,906
        Total Debt                                                               Debt-France                                                       Debt-U.K.
                                       WBD Public
               WBDebt Total WBD Long Term                 WBD Private Rippy              ECLA65         Stone 99            ECLA65         Rippy            Stone87
                                            World Bank, Global Financial Indicators April,UN-ECLA InvestmentsD.C. Financing Latin America (1959) British Latin America
                                                                          Rippy, D.C. downloaded April,Stone, in downloaded Inter-American Stone, (1987) The Compositio
                                                                                                                         America,”
                            World Bank, Global Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April,Rippy,Capital from GreatInvestments
              World Bank, Global Financial Indicators Washington,Bank, downloaded Washington, D.C. downloaded April,The Global (1965) External FinancingI.Affairs 52-71 in Latin [
                                                          World D.C. Global Financial Indicators Washington,I (1999) UN-ECLA Export of J.F Economic in Britain, 1865-1914 A
                                                                                          2004          2004                          2004
Total Debt Outstanding                                                                                 on Halsey, Loans, only (basedGovernmentLewis, Rippy) Loans, only
                                                                                                                    Table 16
                                                                                        Table 16 (basedGovernmentLewis, Rippy)                   Government
                                                                                                                                    on Halsey, Loans, only
              1970-         1970-          1970-          1970-          1902, 13                1914               1914                               1875,85,95,05,13
                                                                                                                                   1914 1880, 90,1 3, 28, 39
              Million US$   Million US$    Million US$    Million US$    Million FF     Million US$     Million £          Million US$    Million £        Million £
                                                                         none listed
                                                                                                                                                                   1


                                                                                                                                                                  15
                                                                                                                                                      24
                                                                                                                                                                  32




                                                                                                                                                                   7




                                                                                                                                                      10          10
                                                                                                                      6              50




                                                                                                                                                       6
3
ebt-U.K.                                                                Debt-US                                                                          Total FDI
                Lewis48        BoE          ECLA65           Lewis 38        USDoC31         Lewis48          My calculation    ECLA65            Lewis48
                              Bank The United States and Foreign Cleona (1938) America'sAmerica International of United States and Foreign Investment ProblemsUnited States Comm
                                            UN-ECLA (1965) External Financing inP.D. Lewis, Cleona (1948) The American
                                                            Kingdom overseas investments, Stake in 1948
                                                                          Dickens, Latin 1938 to                      UN-ECLA(1965) External Financing The
                                                                                                                                     Lewis, Cleona (1948) in Latin America
               Lewis, Cleona (1948)of England (1950) UnitedLewis, Investment Problems (1931) "A New Estimate Investments Investments Abroad," United States Department of ,and F
     Government Loans, only                  Table 16 (based on Halsey, Lewis, Rippy)
                              Calculated as Total minus Government Loans                                                       Table 17
                        1938 1938-55                                                1930
                                                      1914 1897, 1908, 14, 19, 24, 29, 35              1938                               1914           1938
               Million US$    Million £     Million US$     Million US$      Million US$    Million US$       Million US$      Million US$       Million US$




                                                                        15




                                                       35               35                                                                386




                                                                        33




                                                                        76




                                                                        95
                                                                                     131




                                                                    115
10        68   704




     24
Total FDI                                                FDI-France                                                                 FDI-UK
      OECD72,73                UNCTC-Outward
                    UNCTC-Inward         Rippy                     ECLA65        Stone99             ECLA65        Rippy            Stone87         Lewis48
    OECD (1973) Development Co-operation from UNCTAD database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Composition A Statistical S
                 Downloaded from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [:] and Distribut
                               Downloaded Rippy, on (1948) “French Investments (1999)April, 2004. same data as, in same data in in the TheCleona (1948) Report )
                                                          UN-ECLA(1965) investment, The Global Inter-American Economic as Investments in )
                                                                         Stone, I in (Essentially Latin America (1959) British Britain, Report
                                                                                         UN-ECLA(1965) External theStone, Affairs World Investment The United
                                                                                                         Rippy, J.F                   Lewis,
                                                                                                                          World Investment 1865-1914 America, 1822-1
                                                “Economic Enterprises”
                                                             Table 17                                          Taken          Calc. in “Economic Enterprises”
                                                                                 Calculated as Total minus governmentas investmentsBased on Table 43, Calculated as Total m
                                                                                                Table 17
    1967, 1971    1980-          1980-          1902, 1913                1914               1914                               1875,
                                                                                                            1914 1880, 90, 13, 28, 39 85, 95, 1905, 131938
    Million US$   Million US$    Million US$    Million FF        Million US$    Million £          Million US$   Million £        Million £       Million US$


                                                                                                                                               2
                                                                                                                                               2
                                                                                                                              1
                                                                                                                                               1
                                                                                                                              2
                                                                                                                                               3



                                                         126


                                                                                                                                          14




                                                             20                                                               35          36
                                                                                              20            170




                                                                                                                              38
                130
           32




#N/A



#N/A




       0
       0
       0
       1
       1
       1
 2
12
19
21
34
40
59
60
75
84
74
78
82
                                                                                     FDI-US
 BoE            OECD72         ECLA65       ECLA65           USDoC31,38,47 USDoC42          USDoC60       Lewis48          USBenchmark
              OECD (1972) Stock of Private UN-ECLA Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Commerce countr
                              Kingdom overseas investments, 1938 in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments Investments in F
                                           Direct Investments by to Latin America Latin United of American Investments Abroad," United States of Foreign Investme
                                                          Dickens, 1948 United in       America       Lewis, Cleona United States Department Department of Comm
Bank of England (1950) UnitedUN-ECLA(1965) External (1965) External Financing States Department of Commerce 1967Commerce (1960) U.S. Business in foreign (1975
                              and Abroad
Companies Registered in U.K., Table 17      Table 13                                      p. 92                            Not included in A-#
1938-55                1967                               1930,36,43
                                      1914 1897, 08, 14, 19, 24, 29        1929, 36, 40   1929,36,43,50             1938            1966
Million £     Million US$     Million US$   Million US$      Million US$   Million US$    Million US$     Million US$      Million US$
Not listed




                                                       44




                                                       184




                                      216              253




                                                       518




                                                       877




                                                       887                          919           919
                                                                     936




                                                                     666            666           666
15                     560
15
15         560
15
15
15   591         526
14
13
13
13
13

                 642




                 849

                 955
                                            RR              RR-France                                   RR-UK                                          RR-US
                 OECD72       My calculation Lewis48        Rippy         Stone99             Rippy            Stone87          Lewis48     Lewis38
                           Author’s calculations Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:] A Statistical Survey, in Intern
                                                          Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” Inter-American Economic Distribution of America's Stake in Lat
                                                                          Stone, I and Foreign Investment Problems , Lewis, Cleona America, 1822-1949 and “British Investments
                                                                                         Rippy, in Export End 1967 The Composition and Cleona (1938) British Investment
                                                                                                                                        Lewis, Affairs 52-71
              OECD (1972) Stock of Private Lewis, Investments by The United States(1999) The Global(1959) British Investments in Latin (1948) The United States and Foreign Investmei
                                           Direct                                                      Stone, I. (1987)
Not included in A-#                                                                                         Table
                                                                                            pp. 34, 39, 68, 78. 43                          Page 602
                       1967                            1938 1902, 1913                                    1875,
                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13      1938 1897, 1908, 14, 19, 24, 29, 35
              Million US$     Million US$    Million US$    Million FF    Million £         Million £        Million £        Million US$   Million US$
                                                            none listed
                                                                                                                         2
                                                                                                                         1
                                                                                                         1
                                                                                                                         1
                                                                                                         2
                                                                                                                         3
                                                                                                                                                          0




                                                                                                                         11


                                                                                                                                                       38




                                                                                                        26               25
                                                                                       13                                                              13




                                                                                                                                                       31




                                                                                                                                                       62



                                                                                                        30
                                                                                                                                                       82




                                                                                                                                                       68
125        125
      29
RR-US              Non-RR        Non-RR-France                                 Non-RR UK                                     Non-RR US
  Lewis48          My calc       Rippy calc        Stone99             Rippy           Stone87          Lewis48      Lews38/ECLA     Lewis48
                 Author’s calculations J.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution StatisticalInvestment in Latin Problems 186
                                Rippy,          Stone, I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and (1948) Investment States and Fo
                                                                Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments America
  Lewis, Cleona (1948) The United States and Foreign Investment ProblemsExport of Capital from Great Britain,andThe United A of BritishForeign TheLatinin Latin Americ
                                                                                                              UN-ECLA (1965) External Financing
                                                                                                                            52-71
                                                                                              The Composition 1865-1914 Lewis, Cleona Survey in United America,
                                                Calculated as Total
                                                                 Calculated government - railways 43
                                                                               Calc. Based on Table
                                 Calculated as Enterprise - railways minus as Enterpriseminus railways               Calculated as total minus government minus railroads
            1938                 1902, 1913                                         28, 39
                                                               1914 1880, 90, 1913,1875, 85, 95, 1905, 13                                    1
                                                                                                               1938 1897, 1908, 14, 19, 24, 29 938
  Million US$      Million US$   Million FF        Million £          Million £       Million £        Million US$   Million US$    Million US$


                                                                                                  0
                                                                                                  0
                                                                                  0
                                                                                                  0
                                                                                  1
                                                                                                  1
                                                                                                                               44


                                          126


                                                                                                  4


                                                                                                                              146




                                              20                                  9               11
                                                                  7                                                           239




                                                                                                                              487




                                                                                                                              815



                                                                                  8
                                                                                                                              805
    5   560
3
                                    Companies Registered Abroad
                U.K. Registered Companies
                Share capital   Loans    Share capital   Loan Capital   Total
                Bank of England
total minus government minus railroads
11 not listed   1   3   15
11              1   3   15
11              1   3   15
11              1   3   15
11              1   3   15
11              1   3   15
11              1   2   14
11              0   2   13
11              0   2   13
11              0   2   13
11              0   2   13
Ecuador                                          Total FI

ShorthandMy preferred Woodruff        ECLA65           Lewis48                        IFS            I                IFS
                                                                        OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
Source                                                Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 2
                                                                                  Downloaded Foreign Investment Problems Downloaded
                                                                                                  World Economy IMF’s site,
                                      UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                        Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                    OECD of Europe's Role
                                        4                            Summing the Debt sector investment, in FDI data & 1971
                        Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage           1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units     Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
   1865
   1875
  1880
  1885
  1890
  1895
  1897
  1900
  1901
  1902
  1903
  1904
  1905
  1906
  1907
  1908
  1909
  1910
  1911
  1912
  1913
  1914                                           41
  1915
  1916
  1917
  1918
  1919
  1920
  1921
  1922
  1923
  1924
  1925
  1926
  1927
  1928
  1929
  1930
  1931
  1932
  1933
  1934
  1935
  1936
1937
1938   39
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971         559
1972
1973
1974
1975
1976
1977        1,925
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994   ECUADORECUADORECUADORECUADOR
1995                        FIN ACCT DIRECT INV EPS
                 Assets-reserves
       FIN ACCT TOTAL ASSETS: EPS TOTAL LIAB: IN REP ECON
1996       2,650       674     19,442    4,118
1997       2,942       715     20,912    4,842
1998       2,387       619     23,255    5,712
1999       1,319       445     23,416    6,361
2000       1,904       724     21,486    7,081
2001       2,173     1,099     23,902    8,410
2002       2,709     1,701     26,792    9,686
                                      German FI                                                               FR FI

 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                         FR
                                                                                                  FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                                and 4
                                                                                                  Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913        1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF        Million US$     Million US$       Million US$




                                                                                             5




                                                                                             15
                                                                                                                                2
ECUADOR
PORTFOLIO INVESTMENT LIAB: EPS
   6,039
   6,382
   6,437
   6,465
   4,017
   4,134
   4,134
                                                                          Total U.K.

/Feis               Stone99            ECLA65         Woodruff      Winkler         Stone87         Rippy            Kindersley Lewis48      BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932)(1948)of foreign investments in Kin
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of British America, in (1950) and Foreig
                                                                                                         Kindersley, the World Economy 1750-1960 States
                                                                                                                                    “British England
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949United1930
                                                                            Western       The United States Role Lewis, Cleona Bank The UnitedLatin America, 186
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153E       pp. 25, 37, 68, 78, 85
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 62                              1880, 90,         1930
                                                                                   1875, 85, 95, 1905, 13 1913, 28, 39, 49            1938 1938-55
Million £          Million £          Million US$    Million US$   Million US$     Million £       Million £        Million £ Million US$   Million £


                                                                                               2
                                                                                               2
                                                                                                                2
                                                                                               2
                                                                                                                2
                                                                                               1




                                                                                               3




                                                                              15               4                3
                                                30




                                                                                                       #N/A
                                                                              23
    20
4




4
                                         Total U.S.                                                                                              Total Debt

ECLA65             USDoc31,47                 Winkler
                                    Lewis38 (calc.)           Woodruff       Lewis48      My Total       ECLA65            Lewis48        OECD 73
           Dickens, P.D. (1931) in Latin(1938) America's Investments of ImpactStates Capital in DepartmentEurope's Role inFinancing The United1750-1960 Foreig
                          Lewis, Cleona America American Investments Abroad," Western Man: A Study of of Commerce TradeWorldin Latin America and
                                    Winkler, Max Woodruff, in International of United United States and Lewis, Cleona (1948) Economy States Co-oper
                                                                  Lewis, Cleona (1948) The       UN-ECLA(1965) External theOrganisation Bulletin No.
                                                                                                                                 Problems
UN-ECLA(1965) External Financing"A New Estimate of(1928) StakeW. (1967)United InvestmentsStates Latin America Foreign InvestmentInformationfor Economic 767. and
(Calc.) Tables 16, 17             +ECLA65 Table 13           Tables IV/4 and 5                          Table 16                         Total Debt Outstanding
1914 (calc.)                                 1913, 1929        35
                   1930, 43 (calc.)1897, 1908, 14, 19, 24, 29,1938,62              1938                            1914           1938           1971
Million US$        Million US$              M
                                  Million US$ illion US$     Million US$   Million US$    Million US$   Million US$       Million US$    Million US$




                                          3




                                          6




                                                        10
               9                          8                                                                           1




                                          8




                                         11             25
                             12
       5




#N/A




            259




           1,345
        Total Debt                                                               Debt-France                                                            Debt-U.K.

                                       WBD Public
               WBDebt Total WBD Long Term                 WBD Private Rippy                 ECLA65        Stone 99            ECLA65            Rippy           Stone87
                                            World Bank, Global Financial Indicators April,UN-ECLA InvestmentsD.C. Financing Latin America (1959) British Latin America
                                                                          Rippy, D.C. downloaded April,Stone, in downloaded Inter-American Stone, (1987) The Compositio
                                                                                                                         America,”
                            World Bank, Global Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April,Rippy,Capital from GreatInvestments
              World Bank, Global Financial Indicators Washington,Bank, downloaded Washington, D.C. downloaded April,The Global (1965) External FinancingI.Affairs 52-71 in Latin [
                                                          World D.C. Global Financial Indicators Washington,I (1999) UN-ECLA Export of J.F Economic in Britain, 1865-1914 A
                                                                                          2004          2004                          2004
Total Debt Outstanding                                                                                    on Halsey, Loans, only (basedGovernmentLewis, Rippy) Loans, only
                                                                                                                       Table 16
                                                                                           Table 16 (basedGovernmentLewis, Rippy)                   Government
                                                                                                                                       on Halsey, Loans, only
              1970-         1970-          1970-          1970-          1902, 13                  1914               1914                               1875,85,95,05,13
                                                                                                                                     1914 1880, 90,1 3, 28, 39
              Million US$   Million US$    Million US$    Million US$    Million FF        Million US$    Million £          Million US$       Million £       Million £


                                                                                                                                                                           2
                                                                                                                                                                           2
                                                                                                                                                           2
                                                                                                                                                                           2
                                                                                                                                                           2
                                                                                                                                                                           1




                                                                                                                                                                           0




                                                                                      13                                                                   0               0
                                                                                                                                           1
 364     245     195      49




5,997   4,422   3,301   1,122
12,107   10,029    9,865    164




13,994   12,508   12,068     440
14,495   12,764   12,444     320
15,418   13,216   12,876     340
15,640   13,299   13,089     210
15,305   14,059   13,556     503
13,252   12,122   11,337     785
13,910   12,220   11,149   1,071
ebt-U.K.                                                              Debt-US                                                                       Total FDI

                 Lewis48       BoE          ECLA65             Lewis 38     USDoC31          Lewis48     My calculation    ECLA65            Lewis48       OECD72,73
                              Bank The United States and Foreign Cleona (1938) America'sAmerica International of United States and Lewis, Cleona (1948) The United States of Comm
                                            UN-ECLA (1965) External Financing inP.D. Lewis, Cleona (1948) The American
                                                            Kingdom overseas investments, Stake in 1948
                                                                          Dickens, Latin 1938 to                   UN-ECLA(1965) External Financing in LatinDevelopment Fore
                                                                                                                                   Foreign Investment Problems America
                                                                                                                                                  OECD (1973)
               Lewis, Cleona (1948)of England (1950) UnitedLewis, Investment Problems (1931) "A New Estimate Investments Investments Abroad," United States Department,andCo-op
     Government Loans, only                  Table 16 (based on Halsey, Lewis, Rippy)
                              Calculated as Total minus Government Loans                                                  Table 17
                        1938 1938-55                                                1930
                                                      1914 1897, 1908, 14, 19, 24, 29, 35         1938                               1914           1938 1967, 1971
               Million US$    Million £     Million US$       Million US$   Million US$     Million US$ Million US$       Million US$       Million US$   Million US$
                                                              none mentioned




                                                          0                                                                           40
0




    82



    300




    580
al FDI                                          FDI-France                                                                   FDI-UK

                     UNCTC-Outward
          UNCTC-Inward         Rippy                     ECLA65           Stone99             ECLA65         Rippy           Stone87         Lewis48       BoE
         Downloaded from UNCTADfrom UNCTAD database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Composition of StatisticalStates United Kin
                       Downloaded database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [:] A England (1950) and “Briti
                                   Rippy, on (1948) “French Investments (1999)April, 2004. same data as, in same data in in Lewis, Report )(1948) and Distribution ofand Forei
                                                    UN-ECLA(1965) investment, The Global Inter-American Economic as Investments in Bank The United Survey British In
                                                                   Stone, I in (Essentially Latin America (1959) British Britain, 1865-1914 America, 1822-1949
                                                                                   UN-ECLA(1965) External theStone, Affairs The Investment Report )
                                                                                                   Rippy, J.F                   the World
                                                                                                                    World Investment Cleona
                                       “Economic Enterprises”
                                                    Table 17                                            Taken          Calc. in “Economic 43, Calculated as as Total minus Governm
                                                                          Calculated as Total minus governmentas investmentsBased on TableEnterprises”
                                                                                         Table 17                                                Calculated Total minus Governmen
         1980-          1980-          1902, 1913               1914                  1914                               1875,                1938 1938-55
                                                                                                     1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
         Million US$    Million US$    Million FF       Million US$       Million £          Million US$    Million £       Million £       Million US$   Million £


                                                                                                                                        0
                                                                                                                                        0
                                                                                                                        0
                                                                                                                                        0
                                                                                                                        0
                                                                                                                                        0



                                                    5


                                                                                                                                        3




                                                    2                                                                   3               4
                                                                      2                                29
  719   #N/A
  779   #N/A
  820   #N/A
  869   #N/A
  920   #N/A
  982   #N/A
1,052   #N/A
1,127   #N/A
1,207   #N/A
1,287   #N/A
1,626   #N/A
1,788   #N/A
1,976   #N/A
2,590   #N/A
3,166   #N/A
3,619       73
4,118       96
4,842      353
5,712      270
6,361      270
7,081      270
8,410      270
9,686      270
                                                                                              FDI-US

                OECD72         ECLA65           ECLA65            USDoC31,38,47 USDoC42                  USDoC60         Lewis48          USBenchmark       OECD72
                           UN-ECLA(1965) External Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Commerce (1975) Problems , Inv
                                           Direct Investments by in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments Stock of of countries--1940
                                                          Dickens, Latin America LatinUnited of American Investments Abroad," United States of in foreign Commerce Direct
                                                                          United in     America       Lewis, Cleona United States Department Department PrivateForeignInvestme
                                                                                                                                     U.S. Business Investments in Direct Countrie
              OECD (1972) Stock of Private UN-ECLA (1965) External Financing States Department of Commerce 1967Commerce (1960)OECD (1972)Foreign InvestmentU.S. Trade Info
                             Table 17
Calculated as Total minus Government Loans Table 13                                                    p. 92                              Not included in A-3
                       1967                               1930,36,43
                                      1914 1897, 08, 14, 19, 24, 29                 1929, 36, 40       1929,36,43,50               1938            1966           1967
              Million US$     Million US$       Million US$       Million US$       Million US$        Million US$       Million US$      Million US$     Million US$




                                                              3




                                                              6




                                            9                 8




                                                              8




                                                              8




                                                         11                                   12                 12
                                                                           12




                                                                                5                  5                 5
                5

       5


#N/A       11




           14




           42

           51
              RR              RR-France                                   RR-UK                                         RR-US

My calculation Lewis48        Rippy          Stone99             Rippy           Stone87         Lewis48     Lewis38           Lewis48
                              Rippy, J.F. (1948) “French Investments in Latin America,” Inter-American Economic DistributionStatistical Survey, Investment Latin Investm
                                                             Rippy, J.F Export of Capital Lewis, Cleona America, 1822-1949 and “British Investments in States and Fo
                                                                                                           Lewis, Affairs 52-71 Cleona (1948)
Author’s calculations Cleona (1948) The United States(1999) The Global(1959) British Investments in Latin (1948) The United States and Foreign TheInternational Americ
               Lewis,                                                       Stone, I. (1987) The Composition and Cleona (1938) British Investment United America,
                                                                                                                          Lewis,
                                              Stone, I and Foreign Investment Problems , from Great Britain, 1865-1914 [:] A of America's Stake in in Latin Problems 186
                                                                              Table
                                                              pp. 34, 39, 68, 78. 43                         Page 602
                         1938 1902, 1913                                     1875,
                                                         1914 1880, 90, 13, 28, 39 85, 95, 1905, 13                                  1938
                                                                                                       1938 1897, 1908, 14, 19, 24, 29, 35
Million US$    Million US$    Million FF     Million £        Million £        Million £       Million US$   Million US$       Million US$
                              none listed




                                                                                                                           1




                                                                                           3


                                                                                                                           1




                                                                           3               3
                                                                                                                           4




                                                                                                                           4




                                                                                                                           4




                                                                                                                           0




                                                                                                                           0
Non-RR         Non-RR-France                                Non-RR UK                                    Non-RR US

My calc        Rippy calc       Stone99             Rippy           Stone87         Lewis48      Lews38/ECLA        Lewis48
               Rippy,          Stone, I (1999) The GlobalLatin British Investments in Latin (1948) The United A StatisticalInvestment in Latin Problems 1865 to 1913
                                               Rippy, J.F Export of Capital from Great Britain,and Affairs[:] States and (1948) Investment States and Foreign Investme
                                                             Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments America
Author’s calculations J.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign TheLatinin Latin America, 1939” in Jour
                                                                                             UN-ECLA (1965) External Financing
                                                                                                            52-71
                                                                              The Composition 1865-1914 Lewis, Cleona Survey in United America,
                              Calculated as Total
                                               Calculated government - railways 43
                                                             Calc. Based on Table
               Calculated as Enterprise - railways minus as Enterpriseminus railways             Calculated as total minus government minus railroads
               1902, 1913                                        28, 39
                                            1914 1880, 90, 1913,1875, 85, 95, 1905, 13                                   1
                                                                                           1938 1897, 1908, 14, 19, 24, 29 938
Million US$    Million FF       Million £          Million £       Million £       Million US$   Million US$       Million US$


                                                                               0
                                                                               0
                                                               0
                                                                               0
                                                               0
                                                                               0
                                                                                                               2


                            5


                                                                               0


                                                                                                               5




                            2                                  0               1
                                               0                                                               4




                                                                                                               4




                                                                                                               4



                                                               0
                                                                                                           11
    0   5
0
a (1948) The United States and Foreign Investment Problems
ernment minus railroads
El Salvador                                            Total FI
Shorthand       My preferred Woodruff       ECLA65           Lewis48                        IFS            I                IFS
                                                                              OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities
   Source                                                   Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004
                                                                                        Downloaded Foreign Investment Problems
                                                                                                        World Economy IMF’s site,
                                            UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                              Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                          OECD of Europe's Role
                                              4                            Summing the Debt sector investment, in FDI data & 1971
                              Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage                 1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s
Units           Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$
Year
         1865
         1875
        1880
        1885
        1890
        1895
        1897
        1900
        1901
        1902
        1903
        1904
        1905
        1906
        1907
        1908
        1909
        1910
        1911
        1912
        1913
        1914                                           19
        1915
        1916
        1917
        1918
        1919
        1920
        1921
        1922
        1923
        1924
        1925
        1926
        1927
        1928
        1929
        1930
        1931
        1932
        1933
        1934
        1935
        1936
        1937
1938   21
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971        211
1972
1973
1974
1975
1976
1977        443
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   1,771     672   4,336
1997   2,154     691   4,991
1998   2,446     680   6,025
1999   2,832     860   6,855
2000   3,004   1,111   7,358
2001   3,310   1,598   8,340
2002   3,698   2,106   9,368
                                                     German FI                                                               FR FI
 IFS Direct     IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                         FR
                                                                                                                 FR FI Woodruff FI ECLA65
              Downloaded from IMF’s site, (1967) Impact Western Man: A Study of Europe's Role in Informal Imperial to 1750-1960
                                            UN-ECLA(1965) External Financing in Latin America (1948) “French Investments in Latin Relations,”Financing in Latin
                                                                        Rinke, Stefan (1995) “From Foreign Investment Transnational America,” Inter-American Eco
                                                                                       Rippy, J.F.
Downloaded from IMF’s site, April, 2004 W. April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, of Western Man: A Study of EuroA
                             Woodruff,                                                                              UN-ECLA(1965) External
                                                                                                      World Economy Problems
                                             (calc.)
                             Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                                and 4
                                                                                                                 Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    Late 1990s     1914, 38, 62            1914             1938                1934 1902, 1913        1900, 14, 38             1914
Million US$   Million US$    Million US$    Million US$     Million US$      Million RM        Million FF        Million US$     Million US$
                                            none mentioned




                                                                                                            10




                                                                                                            12
                                                                                                                                               0
  421   241
  480   357
1,584   130
1,815   205
2,001   203
2,241   353
2,449   948
R FI                                                                                                              Total U.K.
                 Lewis48          /Feis               Stone99            ECLA65          Woodruff       Winkler          Stone87         Rippy           Kindersley
                               Feis, Herbert (1930) Europe: Foreign Investment ExternalW. (1967) Impact ofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign inve
                                               Stone, I and The World’s ExportProblems Winkler, Max Stone, I. Man:[:] ofComposition and , inRobert of British America, in Lat
                                                             UN-ECLA(1965) 1870-1914                                                    Kindersley,
                Lewis, Cleona (1948) The United States(1999) The Global Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1
                                                                                                           Western       The United States Role the World Economy 1750-1960
                                                                            Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America
 (calc.) Tables 16 & 17           Page 23                                               Tables          pp.
                                                                        (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283                    pp. 25, 37, 68, 78, 85
                           1938               1913               1914                                1913, 29
                                                                                 1914 1900, 14, 38, 62                                 1880, 90,              1
                                                                                                                        1875, 85, 95, 1905, 13 1913, 28, 39, 49 930
                Million US$       Million £          Million £          Million US$     Million US$   Million US$       Million £       Million £       Million £




                                                                                                                                    0

                                                                                                                                    0




                                                                                                                                    2




                                                                                                                   11               2
                                                                                   10




                                                                                                                   10
                                                                       Total U.S.
 Lewis48       BoE           ECLA65             USDoc31,47      Lewis38 (calc.)
                                                                            Winkler           Woodruff       Lewis48      My Total       ECLA65
               Bank The United States and Foreign Investment Problems Winkler,America's Investments ofAbroad,"of Western Man: A Study of Europe's Role inFinanc
                             UN-ECLA(1965) Externaloverseas investments, 1938 Max (1928) Investments United States Capital Department and
                                             Kingdom Financing in Latin(1938) of American W. (1967) Impact United The United States of Commerce Trade Info
                                                           Lewis, Cleona America      Woodruff,     Lewis, Cleona (1948)            UN-ECLA(1965) External the W
Lewis, Cleona (1948)of England (1950) UnitedDickens, P.D. (1931) "A New Estimateto 1948 Stake in International InvestmentsStatesin Latin America Foreign Investment
                             (Calc.) Tables 16, 17             +ECLA65 Table 13              Tables IV/4 and 5                          Table 16
         1938 1938-55        1914 (calc.)                                    1913, 24, 29, 1938,62
                                                1930, 43 (calc.)1897, 1908, 14, 19, 1929 35                        1938                            1914
Million US$   Million £      Million US$        Million US$    Million US$ Million US$       Million US$   Million US$    Million US$   Million US$




                                                                        0




                                                                        2




                                                                                         3
                                            7                           7                                                                             4




                                                                       13




                                                                       30             15
                                                          35
6        15




    17
                       Total Debt                                                              Debt-France                                                Debt-U
 Lewis48        OECD 73                               WBD Public
                              WBDebt Total WBD Long Term                WBD Private Rippy              ECLA65        Stone 99
                                             World Bank, Indicators Washington,Bank, downloaded April,UN-ECLA Investments (1999) America,” Inter-American Eco
                                                            World Bank, World D.C. Global Financial Indicators April,Stone, in downloaded
                                                                                         Rippy, D.C. downloaded
               Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America
                              World Bank, Foreign Investment Problems Global Financial Indicators Washington, Washington,ID.C. Financing Latin 2004
                                                                                                                         2004
Lewis, Cleona (1948) The United States and Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global Export of Capital fr
               Total Debt Outstanding                                                                               on Halsey, Loans, only
                                                                                                     Table 16 (basedGovernmentLewis, Rippy)
        1938           1971 1970-          1970-          1970-         1970-          1902, 13               1914               1914
Million US$    Million US$   Million US$   Million US$    Million US$   Million US$    Million FF    Million US$     Million £
                                                                                       none listed
10




           182   176   88    88
     114




     303


           911   659   499   161
2,149   1,938   1,913   26




2,610   2,084   2,080     5
2,914   2,318   2,317     2
3,252   2,442   2,397    45
3,374   2,525   2,443    82
3,795   2,742   2,649    93
4,023   2,886   2,775   111
4,683   3,413   3,257   156
                              Debt-U.K.                                                                 Debt-US
 ECLA65            Rippy           Stone87         Lewis48       BoE          ECLA65             Lewis 38         USDoC31            Lewis48     My calculation
            Rippy, J.F (1959) British Investments Cleona America, 1822-1949of BritishForeign Cleona (1938) America'sAmerica in Journal ofThe United States and #
                                            The Composition andThe United States and Investment in Financing America,Stake Cleona Estimate Investments Investmen
                                                           Bank Distribution and “British Investments in Problems 18651938 inNew (1948) of American
                                                                                         Kingdom overseas investments, 1939”
UN-ECLA (1965) External FinancingI. (1987)Lewis, in Latin (1948)of England (1950) UnitedLewis, Investment LatininP.D. (1931)1913InternationalPolitical Economy 56Fo
                           Stone, in Latin America                                                     Dickens, Latin to to
                                                                         UN-ECLA (1965) External Latin America, Lewis,"A 1948
               on Halsey, Loans, only
                            Government
Table 16 (basedGovernmentLewis, Rippy) Loans, only                             Table 16 (based on Halsey, Lewis, Rippy)
                                                                Calculated as Total minus Government Loans
                             1875,85,95,05,13
         1914 1880, 90,1 3, 28, 39                        1938 1938-55                                       19, 24, 29,
                                                                                        1914 1897, 1908, 14,1930, 43 35                   1938
Million US$       Million £       Million £       Million US$   Million £     Million US$       Million US$       Million US$       Million US$ Million US$




                                              0




                                                                                                              0




                                              1
              4                                                                             0                 0




                                                                                                              0




                                                                                                              6




                                                                                                              6
                                                                                                                                5




                                                                                                              5
6       4




    2
                          Total FDI                                               FDI-France                                                        FDI-UK
 ECLA65            Lewis48       OECD72,73     UNCTC-Inward
                                                          UNCTC-Outward
                                                                    Rippy                    ECLA65        Stone99             ECLA65
           Lewis, Cleona (1948) in LatinDevelopment from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing in in theA
                                                         Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic Affairs
                                                                                                   Stone, I in (Essentially Latin America
UN-ECLA(1965) External Financing The United States ,andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 5
                                         Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data as Brita
                          OECD (1973) America                                                                      UN-ECLA(1965) External the World Investme
Table 17                                                                  “Economic Enterprises”
                                                                                       Table 17                           Table 17
                                                                                                           Calculated as Total minus government
           1914           1938 1967, 1971     1980-         1980-         1902, 1913                1914               1914           1914
Million US$       Million US$   Million US$   Million US$   Million US$   Million FF        Million US$    Million £          Million US$




                                                                                       10




                                                                                       12
            15                                                                                                                              6
11




     80



     97




     140


           154   #N/A
           158   #N/A
           166   #N/A
           172   #N/A
           178   #N/A
           181   #N/A
           187   #N/A
           193          56
           198          56
           210          54
  212   54
  237   54
  253   54
  255   53
  278   53
  293   53
  421   56
  480   56
1,584   56
1,800   79
1,973   74
2,223   64
2,431   39
                  FDI-UK                                                                                                               FDI-US
 Rippy          Stone87         Lewis48       BoE           OECD72          ECLA65           ECLA65            USDoC31,38,47 USDoC42
               Stone, I. (1987)Lewis, Cleona America, 1822-1949of BritishForeign Investment Latin America,1938D.A.C. Countries ,in Developing Countries: End (1942)
                                                Bank Distribution and “British Investments in America, 1865 to 19131948 America Latin Economy 56 #1, (1948)
Rippy, J.F (1959) British Investments in Latin (1948)of England (1950) UnitedUN-ECLA(1965) External (1965)1939” in Journal of Political America of Commerce 1967
                                                              OECD (1972) Stock of Private UN-ECLA
                                                                              Kingdom overseas investments, External Financing States Estimate of
                                                                                           Direct Investments by to Latin United in
                                                                                                          Dickens,
                                The Composition andThe United States and Investment in Latin Problem,Financing in P.D. (1931) "A NewDepartment American Investmen
               Calc. in “Economic 43, Calculated as Total Total minus Government Loans Table 13
Taken as investmentsBased on TableEnterprises”                           Table 17
                                            Calculated as minus Government Loans
               1875,
1880, 90, 13, 28, 39 85, 95, 1905, 13   1938 1938-55                1967                               1930,36,43
                                                                                   1914 1897, 08, 14, 19, 24, 29             1929, 36, 40
Million £      Million £       Million US$   Million £     Million US$     Million US$       Million US$       Million US$   Million US$


                           0
                           0

                           0

                           0
                                                                                                           0




                           2


                                                                                                           2




                           1
                                                                                         7                 7




                                                                                                      13




                                                                                                      12




                                                                                                      25                               29
                                                                                                                        29




                                                                                                                        17             17
     11


15
FDI-US                                                                          RR              RR-France                                  RR-UK
     USDoC60       Lewis48          USBenchmark      OECD72       My calculation Lewis48        Rippy         Stone99             Rippy
                                 United States Department of Stock of PrivateForeign Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain
                                                               Author’s (1975) Problems Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” ,
                                                                                                           Stone, I and Foreign in Export End 1967
                  Lewis, Cleona (1948) The United States and Commerce calculations Investments by The United States Final The Investment Problems Inter-American Eco
                                                 U.S. Business Investments in Lewis, Countries
                                                                              Direct                                       Rippy,
   United States Department of Commerce (1960)OECD (1972)Foreign InvestmentU.S. Direct, Investment Abroad, 1966:(1999)DataGlobal(1959) British Investments in Latin A
   p. 92                            Table A-3                                                                                  pp. 34, 39, 68, 78.
   1929,36,43,50             1938           1966           1967                            1938 1902, 1913                1914 1880, 90, 13, 28, 39
   Million US$     Million US$      Million US$    Million US$    Million US$    Million US$    Million FF    Million £        Million £
                                                                                                none listed




             29




             17
     11




18




30

31




          41
RR-UK                                      RR-US                 Non-RR        Non-RR-France                                 Non-RR UK
    Stone87         Lewis48     Lewis38           Lewis48        My calc       Rippy calc        Stone99             Rippy           Stone87
                  The Composition and Distribution of America's StakeInvestment Problems 1865 “French
                                 Lewis, Cleona (1938) British Investmentcalculations Investments Investment ProblemsExport of Capital from Great Britain,and Affairs[
                                                Lewis, Cleona (1948) in in Latin States and Foreign I (1999) The GlobalLatin British Investments in Latin America, 1822-1
                                                               Author’s United America, Stone,
                                                                              Rippy,
  Stone, I. (1987)Lewis, Cleona (1948) The United States and Foreign TheInternationalJ.F. (1948) to 1913 Investments in (1959)America,” Inter-American EconomicDistribut
                                                                                                             Rippy, J.F , Stone, I. (1987) The Composition 1865-1914
  Table 43                      Page 602                                                      Calculated as Total
                                                                                                               Calculated government - railways 43
                                                                                                                             Calc. Based on Table
                                                                               Calculated as Enterprise - railways minus as Enterpriseminus railways
  1875, 85, 95, 1905, 13                                 1938
                           1938 1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                         28, 39
                                                                                                             1914 1880, 90, 1913,1875, 85, 95, 1905, 13
  Million £       Million US$   Million US$       Million US$    Million US$   Million FF        Million £          Million £       Million £


                                                                                                                                                0
                                                                                                                                                0
                                                                                                                                0
                                                                                                                                                0
                                                                                                                                0
                                                                                                                                                0
                                              0


                                                                                            0


              1                                                                                                                                 0


                                              1




              1                                                                             12                                  0               0
                                              6                                                                 0




                                           10




                                           12



                                                                                                                                0
                                           23




                                           20
0
RR UK                                    Non-RR US
                 Lewis48        Lews38/ECLA        Lewis48
                              UN-ECLA (1965) External FinancingInvestment Problems
                                            Lewis, Cleona (1948) in United States
               Lewis, Cleona (1948) The United States and Foreign TheLatin America and Foreign Investment Problems
 Calc. Based on Table 43        Calculated as total minus government minus railroads
                                                         1
                           1938 1897, 1908, 14, 19, 24, 29 938
               Million US$      Million US$       Million US$




                                              0




                                              1




                                              1




                                              3




                                              0




                                              2
0   11
Guatem                                          Total FI
ala
         My
Shorthand preferred Woodruff         ECLA65           Lewis48                        IFS            I                IFS
                                                                       OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
Source                                               Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 20
                                                                                 Downloaded Foreign Investment Problems Downloaded
                                                                                                 World Economy IMF’s site,
                                     UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                       Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                   OECD of Europe's Role
                                       4                            Summing the Debt sector investment, in FDI data & 1971
                       Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage          1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units    Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
  1865
  1875
  1880
  1885
  1890
  1895
  1897
  1900
  1901
  1902
  1903
  1904
  1905
  1906
  1907
  1908
  1909
  1910
  1911
  1912
  1913
  1914                                          99
  1915
  1916
  1917
  1918
  1919
  1920
  1921
  1922
  1923
  1924
  1925
  1926
  1927
  1928
  1929
  1930
  1931
  1932
  1933
  1934
  1935
  1936
1937
1938   152
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971         310
1972
1973
1974
1975
1976
1977         646
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
                                      German FI                                                              FR FI

 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                        FR
                                                                                                 FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                               and 4
                                                                                                 Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913       1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF       Million US$     Million US$       Million US$




                                                                                             9




                                                                                             9
                                        12                                                                                     0
20
                                                                           Total U.K.

/Feis               Stone99            ECLA65         Woodruff      Winkler         Stone87         Rippy            Kindersley    Lewis48       BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign investments in 1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of BritishBank of England (1950) and Fore
                                                                                                         Kindersley, Lewis, Cleona (1948) The in
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949 United K
                                                                            Western       The United States Role the World Economy 1750-1960 Latin America, 186
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America America, United States
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153E       pp. 25, 37, 68, 78, 85
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 62                              1880, 90,             49
                                                                                   1875, 85, 95, 1905, 13 1913, 28, 39,1930               1938 1938-55
Million £          Million £          Million US$    Million US$   Million US$     Million £       Million £        Million £     Million US$   Million £


                                                                                               0
                                                                                               1
                                                                                                                1
                                                                                               1
                                                                                                                1
                                                                                               3




                                                                                               2




                                                                              52               3               10
                                                51




                                                                                                       #N/A
                                                                              58
     25
11




10
                                       Total U.S.                                                                                          Total Debt

ECLA65          USDoc31,47                    Winkler
                                Lewis38 (calc.)                 Woodruff       Lewis48      My Total       ECLA65            Lewis48
           Dickens, P.D. (1931) in Latin(1938) America's Stake in International InvestmentsStates UnitedStudyofand Lewis, Investment Problems America and Fo
                          Lewis, Cleona Winkler, Max (1928)
                                         America       Woodruff, W. (1967) ImpactStates The Department of Commerce Cleona (1948) in Latin States
                                                                       Lewis, Cleonaof Western Man: A States Europe's Role inFinancing Economy No. 767.
                                                                          Abroad," (1948)             UN-ECLA(1965) External Information United
UN-ECLA(1965) External Financing"A New Estimate of American Investments of United United Capital in Latin America Foreign Trade the WorldTheBulletin1750-1960and
(Calc.) Tables 16, 17          +ECLA65 Table 13                Tables IV/4 and 5                          Table 16
1914 (calc.)                                    19, 24, 29,
                1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,62                 1938                            1914           1938
Million US$     Million US$    Million US$       Million US$   Million US$   Million US$    Million US$   Million US$       Million US$




                                             6




                                         10




                                                          20
           36                            36                                                                             7




                                         40




                                         59               52
                          75
     73   84




89
         Total Debt                                                               Debt-France                                                Debt-U.K.

 OECD 73                                WBD Public
               WBDebt Total WBD Long Term                  WBD Private Rippy              ECLA65        Stone 99            ECLA65
                             World Bank, Indicators Washington, D.C. downloaded April, 2004 D.C.Investments (1999) The Global (1965) External Economic Affairs
                                            World Bank, Global Financial Indicators Washington, Washington, in downloaded Export of
                                                                           Rippy, J.F. downloaded                         America,”
Organisation for Economic Co-operation andGlobal Financial Indicators Washington, D.C.(1948) “French (1965) ExternalLatin2004 in April, America Financing in Latin
                                                            World Bank, Global Financial UN-ECLA downloaded April, UN-ECLA Inter-American
                                                                                                         2004
               World Bank, Global FinancialDevelopment (1973) Development Co-operationIndicators April, Stone, ID.C. Financing Latin 2004 Capital from Great Brita
Total Debt Outstanding                                                                                 on Halsey, Loans, only (based on Halsey, Lewis, Rippy)
                                                                                                                    Table 16
                                                                                        Table 16 (basedGovernmentLewis, Rippy)
         1971 1970-          1970-          1970-          1970-          1902, 13               1914               1914           1914
Million US$   Million US$    Million US$    Million US$    Million US$    Million FF    Million US$     Million £          Million US$
                                                                          none listed




                                                                                                                                         7
       159    120   106   14
125




376


      1,180   845   563   282
3,080   2,605   2,478   127




3,655   2,966   2,824   142
3,772   2,876   2,755   121
3,876   2,975   2,872   103
4,074   3,174   2,992   182
4,205   3,296   3,134   162
4,263   3,321   3,179   142
4,526   3,577   3,456   121
         Debt-U.K.                                                                Debt-US                                                                     Total FDI

 Rippy            Stone87   Lewis48       BoE          ECLA65             Lewis 38         USDoC31            Lewis48      My calculation    ECLA65
                           Lewis, Cleona (1948)of England States and Foreign Cleona in Problems (1931) 1939” (1948) The American Investments #1, (1948)
                                          Bank and Distribution and “British Investments in America, Stake Cleona
Rippy, J.F (1959) British Investments in Latin America, 1822-1949of (1965) External FinancingLatin America,"A Newin JournalInvestments Economy 56Abroad," United S
                                                         UN-ECLA British Investment (1938) inP.D. Lewis, to International of Political
                                                                         Kingdom overseas investments, 1865 in 1948
                                                                                       Dickens, Latin 1938                       UN-ECLA(1965) External Financing
               Stone, I. (1987) The CompositionThe United(1950) UnitedLewis, InvestmentLatinAmerica'sAmerica 1913Estimate of United States and Foreign Investment Pr
             Government Loans, only Calculated as Total minus Government Loans
Government Loans, only                             Table 16 (based on Halsey, Lewis, Rippy)                                                 Table 17
               1875,85,95,05,13
1880, 90,1 3, 28, 39               1938 1938-55                                      19, 24, 29,
                                                                1914 1897, 1908, 14,1930, 43 35                     1938                               1914
Million £        Million £ Million US$   Million £     Million US$       Million US$       Million US$       Million US$ Million US$        Million US$


                        0
                        1
             1
                        1
             1
                        3




                        2


                                                                                       0




             1          2
                                                                     0                 0                                                                92




                                                                                       0




                                                                                       0




                                                                                       0
                                                                                                         4




                                                                                       0
    5




1
         Total FDI                                                 FDI-France                                                                 FDI-UK

 Lewis48        OECD72,73                 UNCTC-Outward
                               UNCTC-Inward         Rippy                    ECLA65        Stone99             ECLA65         Rippy           Stone87
               OECD (1973) Development from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [
                                            Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic as Investments Investme
                                                                                      Stone, I in (Essentially Latin America (1959) British Britain, Report
                                                                                                      UN-ECLA(1965) External theStone, Affairs World
Lewis, Cleona (1948) The United States andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Compositio
                                                                                                                     Rippy, J.F       World Investment 1865-1914 A
                             Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data in in the The in )
                                                           “Economic Enterprises”
                                                                        Table 17                                         Taken          Calc. in “Economic 43, Calcu
                                                                                           Calculated as Total minus governmentas investmentsBased on TableEnterprises
                                                                                                          Table 17
         1938 1967, 1971     1980-          1980-          1902, 1913               1914               1914                               1875,
                                                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
Million US$   Million US$    Million US$    Million US$    Million FF       Million US$    Million £          Million US$    Million £       Million £


                                                                                                                                                         0
                                                                                                                                                         0

                                                                                                                                                         0

                                                                                                                                                         0



                                                                        9


                                                                                                                                                         0




                                                                        9                                                                9               1
                                                                                                                        44
138



185




270
 FDI-UK                                                                                                           FDI-US

             Lewis48        BoE           OECD72          ECLA65        ECLA65            USDoC31,38,47 USDoC42          USDoC60       Lewis48
                          Bank The United States and Foreign Investment Problem,Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Fo
                                        OECD (1972) Stock of Private UN-ECLA
                                                        Kingdom overseas investments, 1938 in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments I
                                                                     Direct Investments by to Latin America Latin United of American Investments Abroad," United States Depa
                                                                                    Dickens, 1948 United in       America        Lewis, Cleona
           Lewis, Cleona (1948)of England (1950) UnitedUN-ECLA(1965) External (1965) External Financing States Department of Commerce 1967Commerce (1960) U.S. Business i
                          Calculated Total minus Government Loans
                                                         Table 17
Calc. Based on Table 43, Calculated as as Total minus Government Loans Table 13                                        p. 92
                    1938 1938-55                  1967                               1930,36,43
                                                                 1914 1897, 08, 14, 19, 24, 29          1929, 36, 40   1929,36,43,50             1938
           Million US$    Million £      Million US$     Million US$    Million US$       Million US$   Million US$    Million US$     Million US$




                                                                                      6




                                                                                  10




                                                                   36             36




                                                                                  40




                                                                                  47




                                                                                  59                              70             70
                                                                                                   71




                                                                                                   50             50             50
                68

     68


87        87




          106




          106

          131
                                             RR              RR-France                                 RR-UK

USBenchmark       OECD72       My calculation Lewis48        Rippy        Stone99             Rippy           Stone87         Lewis48
               OECD (1972) Stock of Private Lewis, Investments by The United States Final The Investment Problems Inter-American Economic DistributionStatistical Su
                             Author’s (1975) U.S. Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:] A of British In
                                                           Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , Lewis, Cleona America, 1822-1949 and “Briti
                                                                           Stone, I and Foreign in Export End 1967 The Composition and Affairs 52-71
United States Department of Commerce calculations Direct Investment Abroad, 1966:(1999) DataGlobal(1959) British Investments in Latin (1948) The United States and Fo
                                            Direct                                        Rippy,        Stone, I. (1987)
Table A-3                                                                                                  Table
                                                                                           pp. 34, 39, 68, 78. 43
         1966           1967                            1938 1902, 1913                                   1875,
                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13    1938
Million US$     Million US$    Million US$    Million US$    Million FF   Million £        Million £        Million £       Million US$




                                                                                                        9               1
149
           RR-US                 Non-RR        Non-RR-France                                Non-RR UK                                    Non-RR US

Lewis38           Lewis48        My calc       Rippy calc       Stone99             Rippy           Stone87         Lewis48      Lews38/ECLA
               Lewis, Cleona (1948) incalculations Investments Investment ProblemsExport of Capital from Great Britain,andThe United A StatisticalInvestment Latin
                              Author’s United States and Foreign I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and Survey in in Lat
                                            Rippy,                          Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments
Lewis, Cleona (1938) America's StakeTheInternationalJ.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign Investmei
                                                             Stone,                                                     UN-ECLA (1965) External Financing
                                                                                                           The Composition 1865-1914 52-71
Page 602                                                      Calculated as Total
                                                                               Calculated government - railways 43
                                                                                             Calc. Based on Table
                                               Calculated as Enterprise - railways minus as Enterpriseminus railways             Calculated as total minus government minus rai
                         1938
1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                        28, 39
                                                                            1914 1880, 90, 1913,1875, 85, 95, 1905, 13     1938 1897, 1908, 14, 19, 24, 29
Million US$       Million US$    Million US$   Million FF       Million £          Million £       Million £       Million US$   Million US$


                                                                                                               0
                                                                                                               0
                                                                                               0
                                                                                                               0
                                                                                               0
                                                                                                               0
              6                                                                                                                                0


                                                            9


                                                                                                               0


              8                                                                                                                                2




                                                            9                                  0               0
           31                                                                  0                                                               5




           32                                                                                                                                  8




           34                                                                                                                              13



                                                                                               0
           42                                                                                                                              17




           37
    0
0
        Non-RR US

                Lewis48
               Lewis, Cleona (1948) The United States and Foreign Investment Problems
Calculated as total minus government minus railroads
                        1938
               Million US$
68
Haiti                                            Total FI
ShorthandMy preferred Woodruff        ECLA65           Lewis48                        IFS            I                IFS
                                                                        OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
Source                                                Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 2
                                                                                  Downloaded Foreign Investment Problems Downloaded
                                                                                                  World Economy IMF’s site,
                                      UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                        Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                    OECD of Europe's Role
                                        4                            Summing the Debt sector investment, in FDI data & 1971
                        Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage           1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units     Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
   1865
   1875
   1880
   1885
   1890
   1895
   1897
   1900
   1901
   1902
   1903
   1904
   1905
   1906
   1907
   1908
   1909
   1910
   1911
   1912
   1913
   1914                                          11
   1915
   1916
   1917
   1918
   1919
   1920
   1921
   1922
   1923
   1924
   1925
   1926
   1927
   1928
   1929
   1930
   1931
   1932
   1933
   1934
   1935
   1936
   1937
1938   0
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971        89
1972
1973
1974
1975
1976
1977       197
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
                                      German FI                                                          FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                    FR
                                                                                             FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                           and 4
                                                                                             Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913   1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF   Million US$     Million US$       Million US$




                                                                                                                           0
                                                                                 Total U.K.
/Feis               Stone99            ECLA65            Woodruff      Winkler         Stone87       Rippy           Kindersley      Lewis48
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreignUnited Statesin 1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of British (1948) Thein Latin America, 186
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America America, investments and Fo
                                                                                                         Kindersley,
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949
                                                                            Western                                       World Economy
                                                                                          The United States Role theLewis, Cleona 1750-1960
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283                  pp. 25, 37, 68, 78, 85
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 62                                 1880, 90,              1
                                                                                      1875, 85, 95, 1905, 13 1913, 28, 39, 49 930           1938
Million £          Million £          Million US$       Million US$   Million US$     Million £     Million £       Million £       Million US$




                                                    0
                                                      Total U.S.                                                                                           Total
 BoE          ECLA65          USDoc31,47      Lewis38 (calc.)Winkler         Woodruff       Lewis48      My Total       ECLA65
              UN-ECLA(1965) Externaloverseas investments, 1938America's Stake in International InvestmentsStates Department ofand
                              Kingdom Financing in Latin(1938) of1948 Woodruff, W. (1967)United States The UnitedStudy ofCommerce Investment Problems
                                            Lewis, Cleona America American Investments of Impact of Western Man: A States Europe's Role in the World Econom
                                                          Winkler,                     Lewis, Cleona (1948)           UN-ECLA(1965) External Information Bullet
Bank of England (1950) UnitedDickens, P.D. (1931) "A New EstimatetoMax (1928) Investments Abroad," United Capital in Latin America ForeignTradeFinancing in Latin A
              (Calc.) Tables 16, 17         +ECLA65 Table 13                Tables IV/4 and 5                          Table 16
1938-55       1914 (calc.)                                    19, 24, 29,
                              1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,62                1938                            1914
Million £     Million US$     Million US$   Million US$       Million US$   Million US$   Million US$    Million US$   Million US$




                                                          5




                                                          0




                         11                            11                                                                            1




                                                       17




                                                       15
18
                       Total Debt                                                      Debt-France                                                        Debt-U
 Lewis48        OECD 73                               WBD Public
                              WBDebt Total WBD Long Term                WBD Private Rippy              ECLA65        Stone 99
                                             World Bank, Indicators Washington,Bank, downloaded April,UN-ECLA Investments (1999) America,” Inter-American Eco
                                                            World Bank, World D.C. Global Financial Indicators April,Stone, in downloaded
                                                                                         Rippy, D.C. downloaded
               Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America
                              World Bank, Foreign Investment Problems Global Financial Indicators Washington, Washington,ID.C. Financing Latin 2004
                                                                                                                         2004
Lewis, Cleona (1948) The United States and Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global Export of Capital fr
               Total Debt Outstanding                                                                               on Halsey, Loans, only
                                                                                                     Table 16 (basedGovernmentLewis, Rippy)
        1938           1971 1970-          1970-          1970-         1970-          1902, 13               1914               1914
Million US$    Million US$   Million US$   Million US$    Million US$   Million US$    Million FF    Million US$     Million £
6




          43    40    40    0
    39




    122


          350   290   290   0
911    772    772    0




 816    761    761   0
 904    843    843   0
1052    902    902   0
1050    982    982   0
1182   1041   1041   0
1169   1039   1039   0
1250   1028   1028   0
                          Debt-U.K.                                                                    Debt-US
 ECLA65        Rippy           Stone87       Lewis48        BoE          ECLA65             Lewis 38         USDoC31        Lewis48
            Rippy, J.F (1959) British Investments Cleona America, 1822-1949of BritishForeign Cleona (1938) America'sAmerica in Journal ofThe United States and #
                                            The Composition andThe United States and Investment in Financing America,Stake Cleona Estimate Investments Investmen
                                                           Bank Distribution and “British Investments in Problems 18651938 inNew (1948) of American
                                                                                         Kingdom overseas investments, 1939”
UN-ECLA (1965) External FinancingI. (1987)Lewis, in Latin (1948)of England (1950) UnitedLewis, Investment LatininP.D. (1931)1913InternationalPolitical Economy 56Fo
                           Stone, in Latin America                                                     Dickens, Latin to to
                                                                         UN-ECLA (1965) External Latin America, Lewis,"A 1948
               on Halsey, Loans, only
                            Government
Table 16 (basedGovernmentLewis, Rippy) Loans, only                       Table 16 (based on Halsey, Lewis, Rippy)
                                                          Calculated as Total minus Government Loans
                             1875,85,95,05,13
         1914 1880, 90,1 3, 28, 39                   1938 1938-55                                               1930
                                                                                  1914 1897, 1908, 14, 19, 24, 29, 35              1938
Million US$   Million £       Million £     Million US$   Million £      Million US$       Million US$       Million US$   Million US$




                                                                                                         0




                                                                                       1                 0




                                                                                                       17




                                                                                                       15




                                                                                                       10
5
                                                         Total FDI                                               FDI-France
              My calculation    ECLA65            Lewis48       OECD72,73     UNCTC-Inward
                                                                                         UNCTC-Outward
                                                                                                   Rippy                ECLA65           Stone99
                             UN-ECLA(1965) External Financing The United States ,and from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially the sam
                                                           OECD (1973) Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in Eco
                                                                                        Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American the
                                                                                                                                  Stone, I in (Essentially Latin America
Lewis, Cleona (1948) The United States and Foreign Investment Problems Development Co-operation from Problems database on foreign External Latin America,” Export of Capital fr
                                            Lewis, Cleona (1948) in Latin America
                               Table 17                                                                  “Economic Enterprises”
                                                                                                                      Table 17           Calculated as Total minus government
                                          1914           1938 1967, 1971     1980-         1980-         1902, 1913               1914               1914
              Million US$      Million US$       Million US$   Million US$   Million US$   Million US$   Million FF    Million US$       Million £




                                           10
13




     36



     50




     75
                                  FDI-UK                                                                                                    FDI-US
 ECLA65           Rippy          Stone87        Lewis48       BoE           OECD72        ECLA65        ECLA65            USDoC31,38,47
                          Stone, in Investments Cleona America, 1822-1949of BritishForeign Investment Latin America,1938D.A.C. Countries ,in Developing Countri
                                                           Bank Distribution and “British Investments in America, 1865 to 19131948 America Latin Economy
UN-ECLA(1965) External(1959) British Latin America ,Latin (1948)of England (1950) UnitedUN-ECLA(1965) External (1965)1939” in Journal of Political America Ame
           Rippy, J.F Financing I. (1987)Lewis, in
                                           The Composition andThe United States and Investment in Latin Problem,Financing in P.D. (1931) "A New Estimate of 56 #
                                                                         OECD (1972) Stock of Private UN-ECLA
                                                                                         Kingdom overseas investments, External Financing in
                                                                                                      Direct Investments by to Latin
                                                                                                                     Dickens,
Table 17                       Calc. in “Economic 43, Calculated as Total Total minus Government Loans Table 13
                Taken as investmentsBased on TableEnterprises”                           Table 17
                                                            Calculated as minus Government Loans
                               1875,
           1914 1880, 90, 13, 28, 39 85, 95, 1905, 13   1938 1938-55              1967                               1930,36,43
                                                                                                 1914 1897, 08, 14, 19, 24, 29
Million US$     Million £      Million £      Million US$    Million £   Million US$     Million US$    Million US$       Million US$
                               Not included                  Not included




                                                                                                                      5




                                                                                                   10             10




                                                                                                                  17




                                                                                                                  18



                                                                                                                  14
          FDI-US                                                                             RR              RR-France                         RR-UK
  USDoC42        USDoC60       Lewis48          USBenchmark       OECD72       My calculation Lewis48        Rippy        Stone99
                              Lewis, Cleona (1948) The direct investments Stock of PrivateForeign Cleona (1948) D.A.C. Countries in Investments Countries:of Capital
                                             United States Department of in foreign (1975) Problems Rippy, J.F. (1948) “French Developing in Export End 1967
                                                                           Author’s countries--1940
United States Department of Commerce (1942), AmericanUnited States and Commerce calculations Direct, Investment Abroad, 1966:(1999)DataGlobal Latin America,” Inte
                                                             U.S. Business Investments in Lewis, Countries
                                                                                           Direct                       Stone, I and Foreign
               United States Department of Commerce (1960)OECD (1972)Foreign InvestmentU.S. Investments by The United States Final The Investment Problems , fro
               p. 92                            Not included in A-3
1929, 36, 40   1929,36,43,50             1938            1966           1967                            1938 1902, 1913               1914
Million US$    Million US$     Million US$      Million US$     Million US$    Million US$    Million US$    Million FF   Million £




                         14




                         10
     13




14




13




35

36
            RR-UK                                       RR-US                 Non-RR        Non-RR-France                                Non-RR UK
  Rippy          Stone87         Lewis48     Lewis38        Lewis48           My calc       Rippy calc       Stone99             Rippy
               Stone, I. (1987)Lewis, Cleona America, 1822-1949of America's StakeInvestment Latin America, to 1913 Investments in Latin EconomyInvestments in Latin
                                The Composition and Distribution and “British Investments in Problems 1865 “French Journal of J.F Export of Capital from Great Brita
                                                Lewis, Cleona (1938) British Investmentcalculations Investments Investment Problems
                                                               Lewis, Cleona (1948) in in Latin States and Foreign I in
                                                                              Author’s United America, Stone,
                                                                                             Rippy,
Rippy, J.F (1959) British Investments in Latin (1948) The United States and Foreign TheInternationalJ.F. (1948)1939”(1999) The Global(1959)America,” Inter-American EcA
                                                                                                                           Rippy, Political British 56 #1, (1948)
                Table
pp. 34, 39, 68, 78. 43                       Page 602                                                      Calculated as Total
                                                                                                                            Calculated government - railways
                                                                                            Calculated as Enterprise - railways minus as Enterpriseminus railways
               1875,
1880, 90, 13, 28, 39 85, 95, 1905, 13                                 1938
                                        1938 1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                   1914 1880, 90, 1913, 28, 39
Million £      Million £      Million US$    Million US$    Million US$       Million US$   Million FF       Million £          Million £




                                                                                                                                            0

                                                                                                                                            0




                                                                                                         0




                                                                                                         0                                  0
                                                                                                                            0




                                                                                                                                            0
0
Non-RR UK                                  Non-RR US
     Stone87         Lewis48      Lews38/ECLA        Lewis48
                    The Composition and Distribution of British Investment in Latin Problems Foreign Investment Problems
                                   UN-ECLA (1965) External FinancingInvestment States
                                                 Lewis, Cleona (1948) in United America,
    Stone, I. (1987)Lewis, Cleona (1948) The United States and Foreign TheLatin America and1865 to 1913
    Calc. Based on Table 43       Calculated as total minus government minus railroads
                             1                              1
    1865, 75, 85, 95, 1905, 13 938 1897, 1908, 14, 19, 24, 29 938
    Million £       Million US$   Million US$       Million US$


                0
                0

                0

                0
                                                5




                0


                                                0




                0
                                              10




                                              17




                                              18




                                                0
0   13
Honduras                                         Total FI
Shorthand My preferred Woodruff        ECLA65           Lewis48                        IFS            I                IFS
                                                                         OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
 Source                                                Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April,
                                                                                   Downloaded Foreign Investment Problems Downloaded
                                                                                                   World Economy IMF’s site,
                                       UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                         Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                     OECD of Europe's Role
                                         4                            Summing the Debt sector investment, in FDI data & 1971
                         Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage            1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units      Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
  1865
  1875
 1880
 1885
 1890
 1895
 1897
 1900
 1901
 1902
 1903
 1904
 1905
 1906
 1907
 1908
 1909
 1910
 1911
 1912
 1913
 1914                                             42
 1915
 1916
 1917
 1918
 1919
 1920
 1921
 1922
 1923
 1924
 1925
 1926
 1927
 1928
 1929
 1930
 1931
 1932
 1933
 1934
 1935
 1936
 1937
1938   59
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971        308
1972
1973
1974
1975
1976
1977        725
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
                                      German FI                                                             FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                        FR
                                                                                                 FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                               and 4
                                                                                                 Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913       1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF       Million US$     Million US$     Million US$




                                                                                             7




                                                                                             7
                                                                                                                            10
                                                                            Total U.K.
/Feis               Stone99            ECLA65          Woodruff       Winkler         Stone87         Rippy            Kindersley Lewis48        BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “BritishThe United(1950) and Forei
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert Cleona (1948)of England States in 1930
                                                                                                         Kindersley, the World Economy 1750-1960
                                                                                                                                      Bank foreign investments
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949 United186
                                                                            Western       The United States Role Lewis, America
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latinof British America, in Latin America, Ki
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283                   pp. 25, 37, 68, 78, 85
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 62                                1880, 90,           1930
                                                                                     1875, 85, 95, 1905, 13 1913, 28, 39, 49              1938 1938-55
Million £          Million £          Million US$     Million US$   Million US$      Million £       Million £        Million £   Million US$   Million £



                                                                                                 5
                                                                                                                  3
                                                                                                 5
                                                                                                                  4
                                                                                                 6




                                                                                                 6




                                                                                16               6                3
                                                 17




                                                                                         #N/A
                                                                                25
    17
2




1
                                        Total U.S.                                                                                             Total Debt
ECLA65          USDoc31,47      Lewis38 (calc.) Winkler             Woodruff       Lewis48      My Total       ECLA65            Lewis48
           Dickens, P.D. (1931) in Latin(1938) America'sWoodruff, W. (1967)United States Capital in A Study of Europe's Role inFinancing The United1750-1960
                          Lewis, Cleona America American Investments of Impact of Western Department of and Lewis, Cleona (1948) inBulletin No. 767. and
                                          Winkler,      Stake in International Cleona (1948) The United States Commerce Trade Information Latin States
                                                                       Lewis, Investments            UN-ECLA(1965) External the World Economy
UN-ECLA(1965) External Financing"A New Estimate ofMax (1928)Investments Abroad," United States Man:Latin America Foreign Investment Problems America and F
(Calc.) Tables 16, 17          +ECLA65 Table 13                    Tables IV/4 and 5                          Table 16
1914 (calc.)                                    19, 24, 29,
                1930, 43 (calc.)1897, 1908, 14, 1913, 192935 1938,62                     1938                            1914           1938
Million US$     Million US$    Million US$       Million US$       Million US$   Million US$    Million US$   Million US$       Million US$




                                             2




                                             2




                                                               3
           15                            10                                                                               26




                                         18




                                         82               13
                          71
     38   17




38
         Total Debt                                                               Debt-France                                              Debt-U.K.
 OECD 73                               WBD Public
               WBDebt Total WBD Long Term                  WBD Private Rippy              ECLA65        Stone 99            ECLA65
                                            World Bank, Global Financial Indicators April,UN-ECLA Investments (1999) UN-ECLA Export of
                                                            World D.C. Global Financial Indicators April,Stone, in downloaded Inter-American
                                                                          Rippy, D.C. downloaded                           America,”
Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America Financing in Latin
                             World Bank, Indicators Washington,Bank, downloaded Washington, Washington,ID.C. Financing Latin 2004 Capital from Great Brita
                                                                                                          2004
               World Bank, Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global (1965) External Economic Affairs
Total Debt Outstanding                                                                                 on Halsey, Loans, only (based on Halsey, Lewis, Rippy)
                                                                                                                    Table 16
                                                                                        Table 16 (basedGovernmentLewis, Rippy)
         1971 1970-          1970-          1970-          1970-          1902, 13               1914               1914           1914
Million US$   Million US$    Million US$    Million US$    Million US$    Million FF    Million US$     Million £          Million US$
                                                                          none listed




                                                                                                   10                                16
      111    111    91    19
108




475


      1473   1167   976   191
3718   3487   3420   66




4791   4310   4187   123
4714   4237   4021   216
4851   4318   4059   259
5104   4455   4043   412
5519   4854   4312   542
5571   4981   4421   560
5051   4501   3995   506
      Debt-U.K.                                                                      Debt-US                                                                Total FDI
 Rippy           Stone87 Lewis48         BoE           ECLA65             Lewis 38         USDoC31        Lewis48       My calculation    ECLA65
               Stone, I. (1987) The Composition and DistributionUnitedLewis, Investment LatinLatin (1931) "A New Estimate Investments Economy 56 #1, (1948) Pro
                                          Bank The United States and “British Investmentsinvestments, Stake in 1948(1948) The American
                                                                        Kingdom overseas in Latin Lewis, 1939”
Rippy, J.F (1959) British Investments in Latin America, 1822-1949of(1965) External Financing inP.D.America,Cleona in Journal of Political Investments External Financing
                          Lewis, Cleona (1948)of England (1950) and Foreign Cleona (1938) America'sAmerica International of United States and Foreign Investment S
                                                         UN-ECLA British Investment Dickens,America,1938 to 1913
                                                                                      in Problems      1865 to                    UN-ECLA(1965) Abroad," United
             Government Loans, only Calculated as Total minus Government Loans
Government Loans, only                             Table 16 (based on Halsey, Lewis, Rippy)                                              Table 17
               1875,85,95,05,13 1938 1938-55
1880, 90,1 3, 28, 39                                                                          1930
                                                                1914 1897, 1908, 14, 19, 24, 29, 35              1938                               1914
Million £       Million £ Million US$   Million £      Million US$       Million US$       Million US$   Million US$    Million US$      Million US$



                      5
            3
                      5
            3
                      5




                      5


                                                                                       0




            3         5
                                                                     0                 0                                                             16




                                                                                       0




                                                                                       0




                                                                                       1




                                                                                       0
1
         Total FDI                                                 FDI-France                                                                    FDI-UK
 Lewis48        OECD72,73                 UNCTC-Outward
                               UNCTC-Inward         Rippy                    ECLA65        Stone99             ECLA65            Rippy           Stone87
               OECD (1973) Development from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [
                                            Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic as Investments Investme
                                                                                      Stone, I in (Essentially Latin America (1959) British Britain, Report
                                                                                                      UN-ECLA(1965) External theStone, Affairs World
Lewis, Cleona (1948) The United States andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Compositio
                                                                                                                     Rippy, J.F       World Investment 1865-1914 A
                             Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data in in the The in )
                                                           “Economic Enterprises”
                                                                        Table 17                                         Taken          Calc. in “Economic 43, Calcu
                                                                                           Calculated as Total minus governmentas investmentsBased on TableEnterprises
                                                                                                          Table 17
         1938 1967, 1971     1980-          1980-          1902, 1913               1914               1914                               1875,
                                                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
Million US$   Million US$    Million US$    Million US$    Million FF       Million US$    Million £          Million US$       Million £       Million £


                                                                                                                                                            0
                                                                                                                                                            0

                                                                                                                                                            0
                                                                                                                                            1




                                                                        7


                                                                                                                                                            0




                                                                        7                                                                                   0
                                                                                                                            1
22




     169



     200




     250


            92
            89
           103
           124
           144
           172
           202
           240
           289
           340
  383
  435
  483
  535
  576
  652
  742
  870
  969
1,207
1,489
1,684
1,826
 FDI-UK                                                                                                           FDI-US
             Lewis48        BoE            OECD72         ECLA65        ECLA65            USDoC31,38,47 USDoC42          USDoC60       Lewis48
                          Bank The United States and Foreign Investment Problem,Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Fo
                                        OECD (1972) Stock of Private UN-ECLA
                                                        Kingdom overseas investments, 1938 in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments I
                                                                     Direct Investments by to Latin America Latin United of American Investments Abroad," United States Depa
                                                                                    Dickens, 1948 United in       America        Lewis, Cleona
           Lewis, Cleona (1948)of England (1950) UnitedUN-ECLA(1965) External (1965) External Financing States Department of Commerce 1967Commerce (1960) U.S. Business i
                           Calculated Total minus Government Loans
                                                         Table 17
Calc. Based on Table 43, Calculated as as Total minus Government Loans Table 13                                        p. 92
                     1938 1938-55                 1967                               1930,36,43
                                                                 1914 1897, 08, 14, 19, 24, 29          1929, 36, 40   1929,36,43,50             1938
           Million US$    Million £      Million US$     Million US$    Million US$       Million US$   Million US$    Million US$     Million US$




                                                                                      2




                                                                                      2




                                                                   15             10




                                                                                  18




                                                                                  40




                                                                                  80                              71             72
                                                                                                   71




                                                                                                   36             36             36
                38

     38


37        37




          62




          108

          110
                                             RR              RR-France                                 RR-UK
USBenchmark       OECD72       My calculation Lewis48        Rippy        Stone99             Rippy           Stone87       Lewis48
               OECD (1972) Stock of Private Lewis, Investments by The United States Final The Investment Problems Inter-American Economic DistributionStatistical Su
                             Author’s (1975) U.S. Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:] A of British In
                                                           Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , Lewis, Cleona America, 1822-1949 and “Briti
                                                                           Stone, I and Foreign in Export End 1967 The Composition and Affairs 52-71
United States Department of Commerce calculations Direct Investment Abroad, 1966:(1999) DataGlobal(1959) British Investments in Latin (1948) The United States and Fo
                                            Direct                                        Rippy,        Stone, I. (1987)
                                                                                                           Table
                                                                                           pp. 34, 39, 68, 78. 43
         1966           1967                            1938 1902, 1913                                   1875,
                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13   1938
Million US$     Million US$    Million US$    Million US$    Million FF   Million £        Million £        Million £    Million US$




                                                                                                        0
93
           RR-US                 Non-RR        Non-RR-France                                Non-RR UK                                    Non-RR US
Lewis38        Lewis48           My calc       Rippy calc       Stone99             Rippy           Stone87         Lewis48      Lews38/ECLA
               Lewis, Cleona (1948) incalculations Investments Investment ProblemsExport of Capital from Great Britain,andThe United A StatisticalInvestment Latin
                              Author’s United States and Foreign I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and Survey in in Lat
                                            Rippy,                          Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments
Lewis, Cleona (1938) America's StakeTheInternationalJ.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign Investmei
                                                             Stone,                                                     UN-ECLA (1965) External Financing
                                                                                                           The Composition 1865-1914 52-71
Page 602                                                      Calculated as Total
                                                                               Calculated government - railways 43
                                                                                             Calc. Based on Table
                                               Calculated as Enterprise - railways minus as Enterpriseminus railways             Calculated as total minus government minus rai
                         1938
1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                        28, 39
                                                                            1914 1880, 90, 1913,1875, 85, 95, 1905, 13     1938 1897, 1908, 14, 19, 24, 29
Million US$    Million US$       Million US$   Million FF       Million £          Million £       Million £       Million US$   Million US$
               none mentioned
                                                                                                               0
                                                                                                               0
                                                                                               0
                                                                                                               0
                                                                                               1
                                                                                                               0
                                                                                                                                               2


                                                            7


                                                                                                               0


                                                                                                                                               2




                                                            7                                  0               0
                                                                               0                                                           10




                                                                                                                                           18




                                                                                                                                           40



                                                                                               0
                                                                                                                                           80
    0
0
        Non-RR US
                Lewis48
               Lewis, Cleona (1948) The United States and Foreign Investment Problems
Calculated as total minus government minus railroads
                        1938
               Million US$
38
Jamaica                                                 Total FI
Shorthand        My preferred Woodruff       ECLA65             Lewis48                        IFS            I                IFS
                                                                                 OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities
   Source                                                    Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004
                                                                                         Downloaded Foreign Investment Problems
                                                                                                         World Economy IMF’s site,
                                             UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                               Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                           OECD of Europe's Role
                                               4                            Summing the Debt sector investment, in FDI data & 1971
                               Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage                  1914,38                 1914               1938            1971 Late 1990s     Late 1990s     Late 1990s
Units            Million US$   Million US$   Million US$        Million US$      Million US$   Million US$    Million US$    Million US$
Year                                         not included
          1865
          1875
          1880
          1885
          1890
          1895
          1897
          1900
          1901
          1902
          1903
          1904
          1905
          1906
          1907
          1908
          1909
          1910
          1911
          1912
          1913
          1914                                              0
          1915
          1916
          1917
          1918
          1919
          1920
          1921
          1922
          1923
          1924
          1925
          1926
          1927
          1928
          1929
          1930
          1931
          1932
          1933
          1934
          1935
          1936
          1937
1938   0
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971       1,170
1972
1973
1974
1975
1976
1977       1,832
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
                                                     German FI                                                          FR FI
 IFS Direct     IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                    FR
                                                                                                            FR FI Woodruff FI ECLA65
              Downloaded from IMF’s site, (1967) Impact Western Man: A Study of Europe's Role in Informal Imperial to 1750-1960
                                            UN-ECLA(1965) External Financing in Latin America (1948) “French Investments in Latin Relations,”Financing in Latin
                                                                        Rinke, Stefan (1995) “From Foreign Investment Transnational America,” Inter-American Eco
                                                                                       Rippy, J.F.
Downloaded from IMF’s site, April, 2004 W. April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, of Western Man: A Study of EuroA
                             Woodruff,                                                                              UN-ECLA(1965) External
                                                                                                      World Economy Problems
                                             (calc.)
                             Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                           and 4
                                                                                                            Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    Late 1990s     1914, 38, 62            1914             1938                1934 1902, 1913   1900, 14, 38             1914
Million US$   Million US$    Million US$    Million US$     Million US$      Million RM        Million FF   Million US$     Million US$
                                            not included                                                                    not included




                                                                                                                                           0
R FI                                                                                                         Total U.K.
                 Lewis48          /Feis                Stone99     ECLA65            Woodruff      Winkler         Stone87       Rippy           Kindersley
                               Feis, Herbert (1930) Europe: Foreign Investment ExternalW. (1967) Impact ofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign inve
                                               Stone, I and The World’s ExportProblems Winkler, Max Stone, I. Man:[:] ofComposition and , inRobert of British America, in Lat
                                                             UN-ECLA(1965) 1870-1914                                                    Kindersley,
                Lewis, Cleona (1948) The United States(1999) The Global Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1
                                                                                                           Western       The United States Role the World Economy 1750-1960
                                                                            Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America
 (calc.) Tables 16 & 17           Page 23                        (calc.) Tables Tables          pp.
                                                   may be included in colonial 16 & 17 IV2, 3, 4, 5 280, 283                    pp. 25, 37, 68, 78, 85
                           1938               1913 `                                          1913, 29
                                                                          1914 1900, 14, 38, 62                                  1880, 90,              1
                                                                                                                  1875, 85, 95, 1905, 13 1913, 28, 39, 49 930
                Million US$       Million £        Million £     Million US$        Million US$   Million US$     Million £     Million £       Million £
                                                                 not included




                                      #N/A
                                                                                0
                                                                        Total U.S.
 Lewis48       BoE           ECLA65             USDoc31,47      Lewis38 (calc.)Winkler          Woodruff       Lewis48      My Total
               Bank The United States and Foreign Investment Problems (1938) America's Stake in International InvestmentsStates Department ofand
                             UN-ECLA(1965) Externaloverseas investments, 1938 of1948 Woodruff, W. (1967)United States The UnitedStudy ofCommerce Investme
                                             Kingdom Financing in Latin America American Investments of Impact of Western Man: A States Europe's Role in Info
                                                           Lewis, Cleona Winkler,                     Lewis, Cleona (1948)
Lewis, Cleona (1948)of England (1950) UnitedDickens, P.D. (1931) "A New EstimatetoMax (1928) Investments Abroad," United Capital in Latin America ForeignTrade the
                             (Calc.) Tables 16, 17            +ECLA65 Table 13                 Tables IV/4 and 5
         1938 1938-55        1914 (calc.)                                       19, 24, 29,
                                                1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,62                 1938
Million US$   Million £      Million US$        Million US$   Million US$        Million US$   Million US$   Million US$    Million US$
                                                              not included




                                                                             0




                                                                             0




                                            0                                0




                                                                             0




                                                                             0
                                         Total Debt                                                           Debt-France
 ECLA65            Lewis48        OECD 73                               WBD Public
                                                WBDebt Total WBD Long Term               WBD Private Rippy           ECLA65
                                         World Bank, World Bank, Indicators Washington,Bank, downloaded April,UN-ECLA Investments in downloaded
                                                                                                   Rippy, D.C. downloaded
           Lewis, Cleona (1948) in Latin America Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin America,” Inte
                          Organisation for Economic Foreign Investment Problems Global Financial Indicators Washington, Washington, D.C. Financing Latin
                                                                        World Bank, World D.C. Global Financial Indicators April, 2004
UN-ECLA(1965) External Financing The United States and Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April, 2004 in April,
Table 16                         Total Debt Outstanding                                                             Table 16 (based on Halsey, Lewis, Rippy)
           1914           1938           1971 1970-          1970-         1970-         1970-         1902, 13              1914
Million US$       Million US$    Million US$   Million US$   Million US$   Million US$   Million US$   Million FF   Million US$
not included
      982    982    160    822
170




932


      1913   1505   1430   75
4667   3964   3930   34




4257   3525   3397   128
3982   3246   3123   123
3910   3107   2919   188
4014   3279   3100   179
3910   3065   2899   166
4270   3459   3356   103
4956   4041   3947    94
                                             Debt-U.K.                                                                 Debt-US
Stone 99            ECLA65        Rippy           Stone87     Lewis48        BoE           ECLA65           Lewis 38      USDoC31
                UN-ECLA Export of Capital from GreatInvestments Cleona [:] A Statistical Survey BritishForeign Cleona (1938) America'sAmerica in Journal of Investm
                                              Stone, in Britain, 1865-1914 America, 1822-1949of and Investment in Financing America,Stake inNew Estimate of Ame
                                                               The Composition andThe United States “British Investments in Problems 18651938 to 1948
                                                                              Bank Distribution and (1965) External Latin America,
                                                                                                            Kingdom overseas investments, 1939”
Stone, I (1999) The Global (1965) External FinancingI. (1987)Lewis, in Latin (1948)of England (1950) UnitedLewis, Investment LatininP.D. (1931)1913InternationalPolitical
                               Rippy, J.F (1959) British Latin America                      UN-ECLA                       Dickens, Latin to "A
             Table 16        on Halsey, Loans, only
                                          Government
Government Loans, only (basedGovernmentLewis, Rippy) Loans, only                           Table 16 (based on Halsey, Lewis, Rippy)
                                                                            Calculated as Total minus Government Loans
            1914                               1875,85,95,05,13
                           1914 1880, 90,1 3, 28, 39                  1938 1938-55                                                 1930
                                                                                                     1914 1897, 1908, 14, 19, 24, 29, 35
Million £          Million US$   Million £       Million £   Million US$    Million £      Million US$     Million US$    Million US$
bt-US                                                             Total FDI                                               FDI-France
         Lewis48       My calculation    ECLA65            Lewis48       OECD72,73                UNCTC-Outward
                                                                                       UNCTC-Inward         Rippy                ECLA65
                                     UN-ECLA(1965) External Financing The United States ,and from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe sam
                                                                   OECD (1973) Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. Inte
                                                                                                Downloaded Rippy, on (1948) “French Investments in (Essentially Latin A
        Lewis, Cleona (1948) The United States and Foreign Investment Problems Development Co-operation from Problems database on foreign External Latin America,” (Ess
                                                    Lewis, Cleona (1948) in Latin America
                                        Table 17                                                                  “Economic Enterprises”
                                                                                                                               Table 17
                1938                               1914           1938 1967, 1971     1980-         1980-         1902, 1913               1914
        Million US$    Million US$      Million US$       Million US$   Million US$   Million US$   Million US$   Million FF    Million US$
670.9



1000




 900
                                                  FDI-UK                                                                                                          FDI-
Stone99             ECLA65        Rippy          Stone87        Lewis48       BoE           OECD72          ECLA65       ECLA65
                              Rippy, J.F Financing I. (1987)Lewis, Cleona [:] A Statistical Survey BritishForeign Investment Latin America,1938D.A.C. Countries ,in Dev
                                                              The Composition andThe United States and Stock of Private in America, 1865 to 19131948
Stone, I (1999) The Global Export of Capital from GreatLatin America ,Latin (1948)of England (1950) UnitedUN-ECLA(1965) External (1965)1939” in Journal of Political
                                              Stone, in Britain, 1865-1914 America, 1822-1949of (1972) Investment in Latin Problem,Financing in Latin America Latin
                UN-ECLA(1965) External(1959) British Investments in          Bank Distribution and “British Investments UN-ECLA
                                                                                            OECD                          Direct Investments by to
                                                                                                            Kingdom overseas investments, External Financing in
                              Taken          Calc. in “Economic Enterprises”
Calculated as Total minus governmentas investmentsBased on Table 43, Calculated as Total Total minus Government Loans Table 13
               Table 17                                                                                 Table 17
                                                                          Calculated as minus Government Loans
            1914                               1875,
                           1914 1880, 90, 13, 28, 39 85, 95, 1905, 13   1938 1938-55                1967           1914 1897, 08, 14, 19, 24, 29
Million £          Million US$   Million £     Million £      Million US$    Million £    Million US$      Million US$   Million US$
                         FDI-US                                                                           RR              RR-France
USDoC31,38,47 USDoC42           USDoC60      Lewis48          USBenchmark      OECD72       My calculation Lewis48        Rippy
               United States EstimateStates Department of Commerce (1960)OECD (1972)Foreign InvestmentU.S. Direct, Investment Bulletin States in Investments Countri
                              United of American Investments Abroad,"direct investments Stock of of (1975) Problems (1948) The United No. 767,Developing in Latin
                                                                            U.S. Business Investments in Lewis, Cleona Rippy, J.F. (1948) “French U.S. Department of
                                                                                          Author’s Commerce Countries
Dickens, P.D. (1931) "A NewDepartment of Commerce (1942), AmericanUnited States and Commerce calculations Trade Information Abroad, 1966: Final Data Investme
                                                            United States Department Department PrivateForeign Investments by D.A.C. Countries and Foreign
                                                                                                         Direct
                                             Lewis, Cleona (1948) The United States of in foreign countries--1940
                             p. 92                            Table A-3
1930,36,43    1929, 36, 40   1929,36,43,50             1938           1966           1967                            1938 1902, 1913
Million US$   Million US$    Million US$     Million US$      Million US$    Million US$    Million US$    Million US$    Million FF
163
                             RR-UK                                       RR-US                 Non-RR        Non-RR-France                        Non-RR UK
Stone99             Rippy         Stone87         Lewis48     Lewis38        Lewis48           My calc       Rippy calc       Stone99
                Rippy, J.F Export of Capital from Great Britain, 1865-1914 [:] A Statistical Survey, Investment Latin America, to 1913 Investments in Export of Capital #
                              Stone, I. (1987)Lewis, Cleona America, 1822-1949of America's Stake incalculations Investments Investment Problems , America,” Inte
                                                The Composition and Distribution and “British Investments in Problems 1865 “French Journal of Political
                                                               Lewis, Cleona (1938) British Investment in Latin States and Foreign I in
                                                                                              Author’s United America, Stone,
                                                                                                             Rippy,
Stone, I (1999) The Global(1959) British Investments in Latin (1948) The United States and Foreign TheInternationalJ.F. (1948)1939”(1999) The GlobalLatin Economy 56 fr
                                                                              Lewis, Cleona (1948)
                                 Table
                 pp. 34, 39, 68, 78. 43                       Page 602                                                      Calculated as Total
                                                                                                             Calculated as Enterprise - railways minus government minus r
                                1875,
            1914 1880, 90, 13, 28, 39 85, 95, 1905, 13                                 1938
                                                         1938 1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                   1914
Million £        Million £      Million £      Million US$    Million US$    Million US$       Million US$   Million FF       Million £




                                                                                                                          0




                                                                                                                          0
                                                                                                                                            0
         Non-RR UK                                     Non-RR US
 Rippy           Stone87         Lewis48      Lews38/ECLA        Lewis48
                                The Composition and Distribution and “British Investments America and Foreign Investment Problems
Rippy, J.F (1959) British Investments in Latin (1948) The United States and Foreign TheLatinin Latin America, 1939” in Journal of Political Economy 56 #1, (1948)
                                                UN-ECLA (1965) External FinancingInvestment States
                                                              Lewis, Cleona (1948) in United America,
               Stone, I. (1987)Lewis, Cleona America, 1822-1949of British Investment in Latin Problems 1865 to 1913
               Calc. Based on Table
Calculated as Enterprise - railways 43        Calculated as total minus government minus railroads
                28, 39
1880, 90, 1913,1875, 85, 95, 1905, 13                                  1
                                         1938 1897, 1908, 14, 19, 24, 29 938
Million £       Million £       Million US$   Million US$       Million US$


                            0
                            0
            0
                            0
            0
                            0
                                                            0




                            0


                                                            0




            0               0
                                                            0




                                                            0




                                                            0



            0
                                                            0
    0   0
0
Mexico                                            Total FI
Shorthand My preferred Woodruff        ECLA65           Lewis48                        IFS            I                IFS
                                                                         OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
 Source                                                Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April,
                                                                                   Downloaded Foreign Investment Problems Downloaded
                                                                                                   World Economy IMF’s site,
                                       UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                         Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                     OECD of Europe's Role
                                         4                            Summing the Debt sector investment, in FDI data & 1971
                         Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage            1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units      Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
    1865
    1875
   1880
   1885
   1890
   1895
   1897
   1900
   1901
   1902
   1903
   1904
   1905
   1906
   1907
   1908
   1909
   1910
   1911
   1912
   1913
   1914                        2,200          1,329
   1915
   1916
   1917
   1918
   1919
   1920
   1921
   1922
   1923
   1924
   1925
   1926
   1927
   1928
   1929
   1930
   1931
   1932
   1933
   1934
   1935
   1936
   1937
1938   1,800   1,778
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971                    6,522
1972
1973
1974
1975
1976
1977                   30,570
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   #N/A      #N/A      #N/A      #N/A
1997   #N/A      #N/A      #N/A      #N/A
1998   #N/A      #N/A      #N/A      #N/A
1999   #N/A      #N/A      #N/A      #N/A
2000   #N/A      #N/A      #N/A      #N/A
2001   110,255    65,441   352,575   140,376
2002   104,349    53,675   353,612   154,344
                                      German FI                                                             FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                       FR
                                                                                                FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                              and 4
                                                                                                Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 60            1914             1938                1934 1902, 1913      1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF      Million US$     Million US$       Million US$




                                                                                                           50

                                                                                         300




                                                                                        2,000
                                                                                                         400                  0




                                                                       R 315
     7   100   91




10
#N/A
#N/A
#N/A
#N/A
#N/A
135,298
124,917
                                                                              Total U.K.
/Feis               Stone99            ECLA65        Woodruff       Winkler          Stone87           Rippy             Kindersley    Lewis48       BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign investments and For
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of in LatinInvestment1822-1949
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Lewis,America Bank The United States in 1930
                                                                                                         Kindersley, Latin Economy 1750-1960
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British InvestmentsCleona (1948)of England (1950) United
                                                                            Western       The United States Role the WorldBritish America, in Latin America, 186
Page 23            Table 10                           Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153F          pp. 25, 37, 68, 78, 85                        All securities, nominal capital
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 57                               1880, 90,             1930
                                                                                    1875, 85, 95, 1905, 13 1913, 28, 39, 49                   1938 1938-55
Million £          Million £          Million US$   Million US$    Million US$      Million £         Million £         Million £     Million US$   Million £


                                                                                                26
                                                                                                28
                                                                                                                  33
                                                                                                37
                                                                                                                  60
                                                                                                94

                                                             150




                                                                                                120




             99                                                               808               130               159
                                82            775            500




                                                                                                                  199
                                                                         1,035
900         880   66
      173         65
                  65
                  65
                  62
                  53
                  52
                  44
                  32
                  31
                  30
      140




60
                                       Total U.S.                                                                                                 Total Debt
ECLA65       USDoc31,47        Lewis38 (calc.)Winkler          Woodruff       Lewis48      My Total       ECLA65            Lewis48        OECD 73
         Dickens, P.D. (1931) "A in Latin America (1928) Investments of United States States Department ofand Lewis, Investment Problems for Economic Co-op
                        Lewis, Cleona (1938) America's Stake in International Investments The UnitedStudy ofCommerce Cleona (1948) in Latin America and Fore
                                       Winkler, Max Woodruff, W. (1967) Impact of Western Man: A States Europe's Role in theOrganisation
                                                                     Lewis, Cleona (1948)         UN-ECLA(1965) External Information Bulletin States
                                                                                                                               World Economy No. 767.
UN-ECLA(1965) External Financing New Estimate of American Investments Abroad," United Capital in Latin America ForeignTradeFinancing The United1750-1960and U
(Calc.) Tables 16, 17         +ECLA65 Table 13                Tables IV/4 and 5                          Table 16                         Total Debt Outstanding
                                             19, 24, 29,
1914 (calc.) 1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,62                   1938                            1914           1938           1971
Million US$ Million US$       Million US$   Million US$       Million US$   Million US$    Million US$   Million US$       Million US$    Million US$




                                      200
                                                                      200




                                      672




                                                        800
       554                            854                             850                                           152




                                      909




                                      975           1,550
                        811
      650   659   446




309




      800




                         4,072




                        25,500
        Total Debt                                                               Debt-France                                                       Debt-U.K.
                                       WBD Public
               WBDebt Total WBD Long Term                 WBD Private Rippy                ECLA65        Stone 99            ECLA65        Rippy            Stone87
                                            World Bank, Global Financial Indicators April,UN-ECLA InvestmentsD.C. Financing Latin America (1959) British Latin America
                                                                          Rippy, D.C. downloaded April,Stone, in downloaded Inter-American Stone, (1987) The Compositio
                                                                                                                         America,”
                            World Bank, Global Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April,Rippy,Capital from GreatInvestments
              World Bank, Global Financial Indicators Washington,Bank, downloaded Washington, D.C. downloaded April,The Global (1965) External FinancingI.Affairs 52-71 in Latin [
                                                          World D.C. Global Financial Indicators Washington,I (1999) UN-ECLA Export of J.F Economic in Britain, 1865-1914 A
                                                                                          2004          2004                          2004
Total Debt Outstanding                                                                                   on Halsey, Loans, only (basedGovernmentLewis, Rippy) Loans, only
                                                                                                                      Table 16
                                                                                          Table 16 (basedGovernmentLewis, Rippy)                   Government
                                                                                                                                      on Halsey, Loans, only
              1970-         1970-          1970-          1970-          1902, 13                 1914               1914                               1875,85,95,05,13
                                                                                                                                    1914 1880, 90,1 3, 28, 39
              Million US$   Million US$    Million US$    Million US$    Million FF       Million US$    Million £          Million US$   Million £        Million £


                                                                                                                                                                   24
                                                                                                                                                                   24
                                                                                                                                                      24
                                                                                                                                                                   25
                                                                                                                                                      21
                                                                                                                                                                   35




                                                                                                                                                                   58




                                                                                    750                                                               29
                                                                                                                      16            140                            45




                                                                                                                                                      39
                                   39




 6,969    5,967    3,197   2,770




57,378   41,215   33,915   7,300
104,442    81,809   75,974    5,835




166,637   113,508   95,159   18,348
157,498   114,381   94,041   20,340
148,703   111,755   84,373   27,382
159,904   125,202   87,974   37,228
167,250   138,715   88,698   50,017
158,478   139,546   89,653   49,893
158,290   140,290   86,199   54,091
bt-U.K.                                                            Debt-US                                                                    Total FDI
                Lewis48       BoE           ECLA65      Lewis 38      USDoC31           Lewis48    My calculation    ECLA65            Lewis48       OECD72,73
                              Bank The United States and Foreign Investment ProblemsLewis,"A New Estimate of United States and Lewis, Cleona (1948) The United States of Commerc
                                            UN-ECLA (1965) External(1938) America's Stake Cleona (1948) The American
                                                       Lewis, Cleona Dickens, P.D.Latin America 1948
                                                                      Financing in (1931) in to                  UN-ECLA(1965) External Financing in LatinDevelopment Foreign
                                                                                                                               Foreign Investment Problems America
                                                                                                                                              OECD (1973)
               Lewis, Cleona (1948)of England (1950) United Kingdom overseas investments, 1938International Investments Investments Abroad," United States Department,andCo-oper
   Government Loans, only                  Table 16 (based on
                              Government and Municipal Loans Halsey, Lewis, Rippy)                                  Table 17
                       1938 1938-55                                   19, 24, 29, 35
                                                 1914 1897, 1908, 14,1930, 43 (calc.)       1938                               1914           1938 1967, 1971
               Million US$   Million £      Million US$Million US$    Million US$    Million US$ Million US$        Million US$       Million US$   Million US$




                                                                256




                                                   12           266                                                       1,177




                                                                265




                                                                270




                                                                266
                                                                              116




                                                                261
160   8        179   1,332
      8
      8
      8
      8
      2   21
      2
      1
      1
      1
      1




                             1,783



                             2,450




                             5,070
al FDI                                          FDI-France                                                                  FDI-UK
                     UNCTC-Outward
          UNCTC-Inward         Rippy                    ECLA65         Stone99             ECLA65        Rippy             Stone87          Lewis48       BoE
         Downloaded from UNCTADfrom UNCTAD database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Composition Aof England Survey British In
                       Downloaded database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [:] and Distribution of United K
                                   Rippy, on (1948) “French Investments (1999)April, 2004. same data as, in same data in in the The Cleona (1948) The United(1950) and For
                                                    UN-ECLA(1965) investment, The Global Inter-American Economic as Investments in ) BankReport )
                                                                   Stone, I in (Essentially Latin America (1959) British Britain, Report
                                                                                   UN-ECLA(1965) External theStone, Affairs World Investment Statistical States “Briti
                                                                                                                    World Investment 1865-1914 America, 1822-1949 and
                                                                                                   Rippy, J.F                    Lewis,
                                       “Economic Enterprises”
                                                    Table 17                                         Taken          Calc. in “Economic 43, Calculated as Total minus Governmen
                                                                       Calculated as Total minus governmentas investmentsBased on TableEnterprises”
                                                                                      Table 17                                                  Calculated as Total minus Govern
         1980-          1980-          1902, 1913               1914               1914                               1875,
                                                                                                  1914 1880, 90, 13, 28, 39 85, 95, 1905, 13 1938 1938-55
         Million US$    Million US$    Million FF     Million US$      Million £          Million US$   Million £         Million £        Million US$   Million £


                                                                                                                                      2
                                                                                                                                      5
                                                                                                                     9
                                                                                                                                      12
                                                                                                                    39
                                                                                                                                      58



                                                300


                                                                                                                                      62




                                              1,250                                                                 130          130
                                                                                    65            635




                                                                                                                    160
                       720   58
                 134         57
                             57
                             57
                             54
                             51
                             50
                             43
                             31
                             30
                             29




 8,105   3,589
11,183   3,618
13,084   3,714
15,276   3,676
16,818   3,734
18,802   3,957
20,838   4,279
22,022   4,250
24,033   4,288
26,818   4,405
 22,424    4,628
 30,790    4,798
 35,680    5,445
 40,600    5,335
 33,198    6,393
 41,130    6,130
 46,912    6,168
 55,810    7,276
 63,610    8,639
 78,060   10,114
 97,170   11,098
140,376   11,944
154,003   12,425
                                                                                    FDI-US
                OECD72         ECLA65       ECLA65          USDoC31,38,47 USDoC42          USDoC60       Lewis48          USBenchmark      OECD72
                           UN-ECLA(1965) External Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Commerce (1975) Problems , Inv
                                           Direct Investments by in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments Stock of of countries--1940
                                                          Dickens, Latin America LatinUnited of American Investments Abroad," United States of in foreign Commerce Direct
                                                                          United in     America       Lewis, Cleona United States Department Department PrivateForeignInvestme
                                                                                                                                     U.S. Business Investments in Direct Countrie
              OECD (1972) Stock of Private UN-ECLA (1965) External Financing States Department of Commerce 1967Commerce (1960)OECD (1972)Foreign InvestmentU.S. Trade Info
                             Table 17
Calculated as Total minus Government Loans Table 13                                      p. 92                            Table A-3
                       1967                               1930,36,43
                                      1914 1897, 08, 14, 19, 24, 29       1929, 36, 40   1929,36,43,50             1938           1966           1967
              Million US$     Million US$   Million US$     Million US$   Million US$    Million US$     Million US$      Million US$    Million US$




                                                      200




                                                      416




                                      542             587




                                                      644




                                                      735




                                                      709                          683           682
                                                                    695




                                                                    479            479           480
                  480

      358


287         286




            415




            739

            759




                        1,329
              RR              RR-France                                     RR-UK                                           RR-US
My calculation Lewis48        Rippy          Stone99             Rippy             Stone87          Lewis48     Lewis38          Lewis48
                              Rippy, J.F. (1948) “French Investments in Latin America,” Inter-American Economic DistributionStatistical Survey, Investment Latin Investm
                                                             Rippy, J.F Export of Capital Lewis, Cleona America, 1822-1949 and “British Investments in States and Fo
                                                                                                           Lewis, Affairs 52-71 Cleona (1948)
Author’s calculations Cleona (1948) The United States(1999) The Global(1959) British Investments in Latin (1948) The United States and Foreign TheInternational Americ
               Lewis,                                                       Stone, I. (1987) The Composition and Cleona (1938) British Investment United America,
                                                                                                                          Lewis,
                                              Stone, I and Foreign Investment Problems , from Great Britain, 1865-1914 [:] A of America's Stake in in Latin Problems 186
                                                                               Table
                                                               pp. 34, 39, 68, 78. 43                           Page 602
                         1938 1902, 1913                                     1875,
                                                         1914 1880, 90, 13, 28, 39 85, 95, 1905, 13                                     1938
                                                                                                          1938 1897, 1908, 14, 19, 24, 29, 35
Million US$    Million US$    Million FF     Million £         Million £         Million £        Million US$   Million US$      Million US$


                                                                                             1
                                                                                             3
                                                                             8
                                                                                             9
                                                                           29
                                                                                             51
                                                                                                                           111




                                                                                             42


                                                                                                                           57




                                       195                                 104               31
                                                          30                                                               110




                                                                                                                           123




                                                                                                                           139



                                                                           100
                                                                                                                           82




                                                                                                                           61
470        460
      81
Non-RR         Non-RR-France                             Non-RR UK                                      Non-RR US
My calc        Rippy calc     Stone99            Rippy            Stone87          Lewis48      Lews38/ECLA     Lewis48
               Rippy,          Stone, I (1999) The GlobalLatin British Investments in Latin (1948) The United A StatisticalInvestment in Latin Problems 1865 to 1913
                                               Rippy, J.F Export of Capital from Great Britain,and Affairs[:] States and (1948) Investment States and Foreign Investme
                                                             Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments America
Author’s calculations J.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign TheLatinin Latin America, 1939” in Jour
                                                                                             UN-ECLA (1965) External Financing
                                                                                                            52-71
                                                                              The Composition 1865-1914 Lewis, Cleona Survey in United America,
                              Calculated as Total
                                               Calculated government - railways 43
                                                             Calc. Based on Table
               Calculated as Enterprise - railways minus as Enterpriseminus railways            Calculated as total minus government minus railroads
               1902, 1913                                      28, 39
                                          1914 1880, 90, 1913,1875, 85, 95, 1905, 13                                    1
                                                                                          1938 1897, 1908, 14, 19, 24, 29 938
Million US$    Million FF     Million £         Million £        Million £        Million US$   Million US$    Million US$


                                                                             1
                                                                             1
                                                            1
                                                                             3
                                                            10
                                                                             7
                                                                                                          90


                        300


                                                                             20


                                                                                                         360




                     1,056                                  27               99
                                           36                                                            477




                                                                                                         521




                                                                                                         596



                                                            60
                                                                                                         627
     260   480
53
a (1948) The United States and Foreign Investment Problems
ernment minus railroads
Nicaragua                                       Total FI
ShorthandMy preferred Woodruff        ECLA65           Lewis48                        IFS            I                IFS
                                                                        OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
Source                                                Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 2
                                                                                  Downloaded Foreign Investment Problems Downloaded
                                                                                                  World Economy IMF’s site,
                                      UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                        Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                    OECD of Europe's Role
                                        4                            Summing the Debt sector investment, in FDI data & 1971
                        Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage           1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units     Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
   1865
   1875
  1880
  1885
  1890
  1895
  1897
  1900
  1901
  1902
  1903
  1904
  1905
  1906
  1907
  1908
  1909
  1910
  1911
  1912
  1913
  1914                                           12
  1915
  1916
  1917
  1918
  1919
  1920
  1921
  1922
  1923
  1924
  1925
  1926
  1927
  1928
  1929
  1930
  1931
  1932
  1933
  1934
  1935
  1936
  1937
1938   11
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971        295
1972
1973
1974
1975
1976
1977        958
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
                                      German FI                                                             FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                        FR
                                                                                                 FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                               and 4
                                                                                                 Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913       1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF       Million US$     Million US$       Million US$




                                                                                             6




                                                                                             6
                                                                                                                               0
                                                                            Total U.K.
/Feis               Stone99            ECLA65            Woodruff      Winkler           Stone87         Rippy            Kindersley Lewis48      BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932)(1948)of foreign investments in Kin
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of British America, in (1950) and Foreig
                                                                                                         Kindersley, the World Economy 1750-1960 States
                                                                                                                                    “British England
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949United1930
                                                                            Western       The United States Role Lewis, Cleona Bank The UnitedLatin America, 186
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153F            pp. 25, 37, 68, 78, 85
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 62                                   1880, 90,         1930
                                                                                        1875, 85, 95, 1905, 13 1913, 28, 39, 49            1938 1938-55
Million £          Million £          Million US$       Million US$   Million US$       Million £       Million £        Million £ Million US$   Million £


                                                                                                    0
                                                                                                    0
                                                                                                                     0
                                                                                                    0
                                                                                                                     0
                                                                                                    0




                                                                                                    0




                                                                                    6               1                1
                                                    5




                                                                                           #N/A
                                                                                    4
    2
0
                                           Total U.S.                                                                                             Total Debt
ECLA65             USDoc31,47      Lewis38 (calc.) Winkler             Woodruff       Lewis48      My Total       ECLA65            Lewis48
           Dickens, P.D. (1931) in Latin(1938) America's Woodruff, W. (1967) Impact of Western Department ofof Europe's Role inFinancing The United1750-1960
                          Lewis, Cleona America American Investments Abroad," United Capital in A Study Commerce Trade InformationEconomy No. 767. and
                                          Winkler,       Stake in International Cleona (1948) The United States and Lewis, Cleona (1948) inBulletin States
                                                                        Lewis, Investments            UN-ECLA(1965) External the World Latin
UN-ECLA(1965) External Financing"A New Estimate ofMax (1928) Investments of United StatesStates Man:Latin America Foreign Investment Problems America and F
(Calc.) Tables 16, 17             +ECLA65 Table 13                    Tables IV/4 and 5                          Table 16
1914 (calc.)                                       1913, 29,
                   1930, 43 (calc.)1897, 1908, 14, 19, 24,192935 1938,62                    1938                            1914           1938
Million US$        Million US$    Million US$       Million US$       Million US$   Million US$    Million US$   Million US$       Million US$




                                                0




                                                1




                                                                  3
               4                                3                                                                              6




                                                7




                                             17              24
                             13
    9   2




5
         Total Debt                                                               Debt-France                                                Debt-U.K.
 OECD 73                               WBD Public
               WBDebt Total WBD Long Term                  WBD Private Rippy              ECLA65        Stone 99            ECLA65
                                            World Bank, Global Financial Indicators April,UN-ECLA Investments (1999) UN-ECLA Export of
                                                            World D.C. Global Financial Indicators April,Stone, in downloaded Inter-American
                                                                          Rippy, D.C. downloaded                           America,”
Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America Financing in Latin
                             World Bank, Indicators Washington,Bank, downloaded Washington, Washington,ID.C. Financing Latin 2004 Capital from Great Brita
                                                                                                          2004
               World Bank, Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global (1965) External Economic Affairs
Total Debt Outstanding                                                                                 on Halsey, Loans, only (based on Halsey, Lewis, Rippy)
                                                                                                                    Table 16
                                                                                        Table 16 (basedGovernmentLewis, Rippy)
         1971 1970-          1970-          1970-          1970-          1902, 13               1914               1914           1914
Million US$   Million US$    Million US$    Million US$    Million US$    Million FF    Million US$     Million £          Million US$
                                                                          none listed




                                                                                                                                         3
       203     147     147    0
210




868


      2,193   1,671   1,671   0
10,745   8,313   8,313    0




10,390   8,566   8,566     0
 5,961   5,148   5,148     0
 6,229   5,364   5,364     0
 6,450   5,663   5,636    28
 6,909   5,889   5,779   110
 6,853   5,774   5,492   281
 6,391   5,560   5,437   123
         Debt-U.K.                                                                      Debt-US                                                             Total FD
 Rippy           Stone87         Lewis48       BoE          ECLA65           Lewis 38      USDoC31           Lewis48     My calculation    ECLA65
               Stone, I. (1987) TheCleona (1948)of England (1950) and “British Investment ininvestments, Stake Cleona (1948) The United States and 56 External Financi
                            Lewis, Composition and Distribution and Foreign Cleona (1938)Latin America, "A1913 Journal Investments Investments#1, Investment P
Rippy, J.F (1959) British Investments in Latin America, 1822-1949ofUnitedLewis,Investments Problems (1931) 1939” in Estimate of Political Economy Foreign(1948)United
                                                          UN-ECLA (1965)Investment in Dickens, P.D. 1865 in International of American
                                                                            External Financing in Latin America 1948
                                                                                        Latin America's 1938
                                            Bank The United States BritishKingdom overseas America, Lewis,totoNew                    UN-ECLA(1965) Abroad,"
             Government Loans, only
Government Loans, only                                       Table 16 (based on Halsey, Lewis, Rippy)
                                              Calculated as Total minus Government Loans Portfolio                                        Table 17
               1875,85,95,05,13
1880, 90,1 3, 28, 39                    1938 1938-55                                       19, 24, 29, 35
                                                                      1914 1897, 1908, 14,1930, 43 (calc.)        1938                               1914
Million £       Million £       Million US$   Million £     Million US$    Million US$     Million US$   Million US$     Million US$      Million US$




            0
                            0




                            0




            1               0
                                                                                                                                                        6
2




    1
         Total FDI                                                 FDI-France                                                                     FDI-UK
 Lewis48        OECD72,73                 UNCTC-Outward
                               UNCTC-Inward         Rippy                    ECLA65        Stone99             ECLA65            Rippy           Stone87
               OECD (1973) Development from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [
                                            Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic as Investments Investme
                                                                                      Stone, I in (Essentially Latin America (1959) British Britain, Report
                                                                                                      UN-ECLA(1965) External theStone, Affairs World
Lewis, Cleona (1948) The United States andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Compositio
                                                                                                                     Rippy, J.F       World Investment 1865-1914 A
                             Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data in in the The in )
                                                           “Economic Enterprises”
                                                                        Table 17                                         Taken          Calc. in “Economic 43, Calcu
                                                                                           Calculated as Total minus governmentas investmentsBased on TableEnterprises
                                                                                                          Table 17
         1938 1967, 1971     1980-          1980-          1902, 1913               1914               1914                               1875,
                                                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
Million US$   Million US$    Million US$    Million US$    Million FF       Million US$    Million £          Million US$       Million £       Million £


                                                                                                                                                            0
                                                                                                                                                            0
                                                                                                                                            0
                                                                                                                                                            0
                                                                                                                                            0
                                                                                                                                                            0



                                                                        6


                                                                                                                                                            0




                                                                        6                                                                                   0
                                                                                                                            2
9




    63



    85




    90
  FDI-UK                                                                                                                              FDI-US
               Lewis48       BoE            OECD72         ECLA65           ECLA65            USDoC31,38,47 USDoC42                  USDoC60         Lewis48
                            Bank The United States and Foreign Investment Problem,Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Fo
                                          OECD (1972) Stock of Private UN-ECLA
                                                          Kingdom overseas investments, 1938 in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments I
                                                                       Direct Investments by to Latin America Latin United of American Investments Abroad," United States Depa
                                                                                      Dickens, 1948 United in       America        Lewis, Cleona
             Lewis, Cleona (1948)of England (1950) UnitedUN-ECLA(1965) External (1965) External Financing States Department of Commerce 1967Commerce (1960) U.S. Business i
                             Calculated as Total minus Government Loans Table 13
                                                          Table 17
Calc. Based on Table 43, Calculated as Total minus Government Loans                                                                p. 92
                      1938 1938-55                 1967                               1930,36,43
                                                                  1914 1897, 08, 14, 19, 24, 29                 1929, 36, 40       1929,36,43,50               1938
             Million US$   Million £      Million US$     Million US$       Million US$       Million US$       Million US$        Million US$       Million US$




                                                                                          0




                                                                                          1




                                                                        4                 3




                                                                                          7




                                                                                          7




                                                                                     17                                   13                 13
                                                                                                       13




                                                                                                            4                  4                 5
             9

    9


4       4




        9




        16

        18
                                             RR              RR-France                                 RR-UK
USBenchmark       OECD72       My calculation Lewis48        Rippy        Stone99             Rippy           Stone87       Lewis48
               OECD (1972) Stock of Private Lewis, Investments by The United States Final The Investment Problems Inter-American Economic DistributionStatistical Su
                             Author’s (1975) U.S. Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:] A of British In
                                                           Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , Lewis, Cleona America, 1822-1949 and “Briti
                                                                           Stone, I and Foreign in Export End 1967 The Composition and Affairs 52-71
United States Department of Commerce calculations Direct Investment Abroad, 1966:(1999) DataGlobal(1959) British Investments in Latin (1948) The United States and Fo
                                            Direct                                        Rippy,        Stone, I. (1987)
Table A-3                                                                                                  Table
                                                                                           pp. 34, 39, 68, 78. 43
         1966           1967                            1938 1902, 1913                                   1875,
                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13   1938
Million US$     Million US$    Million US$    Million US$    Million FF   Million £        Million £        Million £    Million US$




                                                                                                        0
58
           RR-US                 Non-RR        Non-RR-France                                Non-RR UK                                    Non-RR US
Lewis38           Lewis48        My calc       Rippy calc       Stone99             Rippy           Stone87         Lewis48      Lews38/ECLA
               Lewis, Cleona (1948) incalculations Investments Investment ProblemsExport of Capital from Great Britain,andThe United A StatisticalInvestment Latin
                              Author’s United States and Foreign I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and Survey in in Lat
                                            Rippy,                          Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments
Lewis, Cleona (1938) America's StakeTheInternationalJ.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign Investmei
                                                             Stone,                                                     UN-ECLA (1965) External Financing
                                                                                                           The Composition 1865-1914 52-71
Page 602                                                      Calculated as Total
                                                                               Calculated government - railways 43
                                                                                             Calc. Based on Table
                                               Calculated as Enterprise - railways minus as Enterpriseminus railways             Calculated as total minus government minus rai
                         1938
1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                        28, 39
                                                                            1914 1880, 90, 1913,1875, 85, 95, 1905, 13     1938 1897, 1908, 14, 19, 24, 29
Million US$       Million US$    Million US$   Million FF       Million £          Million £       Million £       Million US$   Million US$


                                                                                                               0
                                                                                                               0
                                                                                               0
                                                                                                               0
                                                                                               0
                                                                                                               0
              0                                                                                                                                0


                                                            6


                                                                                                               0


              0                                                                                                                                1




                                                            6                                  0               0
              2                                                                0                                                               2




              2                                                                                                                                6




              0                                                                                                                                7



                                                                                               0
              0                                                                                                                            17




              0
    0
0
        Non-RR US
                Lewis48
               Lewis, Cleona (1948) The United States and Foreign Investment Problems
Calculated as total minus government minus railroads
                        1938
               Million US$
9
Panama                                        Total FI

ShorthandMy preferred Woodruff       ECLA65          Lewis48                       IFS            I                 IFS
                                                                   OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
 Source                                               Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 2
                                                                                  Downloaded Foreign Investment Problems Downloaded
                                                                                                   World Economy IMF’s site,
                                     UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                      Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                   OECD of Europe's Role
                                      4                            Summing the Debt sector investment, in FDI data & 1971
                      Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage         1914,38                 1914            1938          1971 Late 1990s       Late 1990s     Late 1990s    Late 1990s
Units   Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million US$
Year
 1865
 1875
 1880
 1885
 1890
 1895
 1897
 1900
 1901
 1902
 1903
 1904
 1905
 1906
 1907
 1908
 1909
 1910
 1911
 1912
 1913
 1914                                          28
 1915
 1916
 1917
 1918
 1919
 1920
 1921
 1922
 1923
 1924
 1925
 1926
 1927
 1928
 1929
 1930
 1931
 1932
 1933
 1934
 1935
 1936
 1937
1938   52
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971        2,214
1972
1973
1974
1975
1976
1977        4,203
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   24,677   23,598   30,082   3,660
1997   26,871   25,114   32,549   4,959
1998   25,643   23,905   32,766   6,308
1999   24,395   22,472   33,030   6,960
2000   24,036   22,223   32,099   6,744
2001   24,442   22,145   33,338   7,257
2002   20,998   18,571   29,657   7,314
                                     German FI                                                     FR FI

 IFS Portfolio Woodruff        ECLA65         Lewis48      Itinerario      Rippy                          FR
                                                                                         FR FI Woodruff FI ECLA65 Lewis48
               Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                           Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                           Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                          UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                               UN-ECLA(1965) External Financing in Latin America          World Economy Problems            External
                               (calc.)
               Tables IV/3, 4, and 5. Tables 16 & 17       p. 116                                          and 4
                                                                                         Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s     1914, 38, 62             1914          1938            1934 1902, 1913    1900, 14, 38               1914          1938
Million US$ Million US$ Million US$ Million US$ Million RM Million FF                    Million US$ Million US$ Million US$




                                                                                     1
                                                                                                                  0
1
3,594
3,529
3,734
3,948
4,098
4,821
4,834
                                                                     Total U.K.

/Feis            Stone99          ECLA65         Woodruff        Winkler      Stone87        Rippy           Kindersley   Lewis48
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreignUnited Statesin 1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of British (1948) Thein Latin America, 186
                                                Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America America, investments and Fo
                                                                                                            Kindersley,
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1949
                                                                              Western                                     World Economy
                                                                                             The United States Role theLewis, Cleona 1750-1960
Page 23                                         Tables          pp.
                                (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283                pp. 25, 37, 68, 78, 85
          1913            1914            1914 1900, 14, 38, 62 1913, 29                    1880, 90,                 1
                                                                             1875, 85, 95, 1905, 13 1913, 28, 39, 49 930           1938
Million £       Million £       Million US$ Million US$ Million US$ Million £               Million £       Million £    Million US$




                                                                                           Not listed




                                                                        0              0
                                          0




                                                                        8
1
                                                     Total U.S.                                                                                              Total D

 BoE          ECLA65          USDoc31,47      Lewis38 (calc.)
                                                            Winkler      Woodruff       Lewis48       My Total          ECLA65
              UN-ECLA(1965) Externaloverseas investments, 1938America's Stake in International InvestmentsStates UnitedStudyofand
                               Kingdom Financing in Latin(1938) of1948 Woodruff, W. (1967) ImpactStates The Department of Commerce Investment Problems
                                            Lewis, Cleona Winkler, American
                                                           America                     Lewis, Cleonaof Western Man: A States Europe's Role inFinancing Economy
                                                                                          Abroad," (1948)              UN-ECLA(1965) External Information Bullet
Bank of England (1950) UnitedDickens, P.D. (1931) "A New EstimatetoMax (1928) Investments of United United Capital in Latin America Foreign Trade the Worldin Latin A
              (Calc.) Tables 16, 17         +ECLA65 Table 13            Tables IV/4 and 5                              Table 16
1938-55                                                     19, 24, 29,
              1914 (calc.) 1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,62                 1938                            1914
Million £     Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million US$




                                                       10




                                                        6




                                                                       5
                         28                            14                                                                          5




                                                       19




                                                       67            36
                                        47
      48




131
                       Total Debt                                                              Debt-France                                                Debt-U

 Lewis48        OECD 73        WBDebt Total WBD Long Term   WBD Public WBD Private Rippy                   ECLA65        Stone 99
                                             World Bank, Indicators Washington,Bank, downloaded April,UN-ECLA Investments (1999) America,” Inter-American Eco
                                                            World Bank, World D.C. Global Financial Indicators April,Stone, in downloaded
                                                                                         Rippy, D.C. downloaded
               Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America
                              World Bank, Foreign Investment Problems Global Financial Indicators Washington, Washington,ID.C. Financing Latin 2004
                                                                                                                          2004
Lewis, Cleona (1948) The United States and Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global Export of Capital fr
               Total Debt Outstanding                                                                                     on Halsey, Loans, only
                                                                                                          Table 16 (basedGovernmentLewis, Rippy)
         1938           1971 1970-           1970-          1970-          1970-         1902, 13                  1914           1914
Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million FF                        Million US$ Million £
                                                                                       none listed
16




              229     194     194    0
      564




     1,453


             2,974   2,271   2,271   0
6,507   3,856   3,856      0




6,108   3,791   3,791       0
6,079   5,220   5,145      75
6,032   5,427   5,083     344
6,417   5,777   5,428     349
6,847   6,255   5,687     567
7,046   6,492   5,712     780
8,245   7,727   6,332   1,395
                       Debt-U.K.                                                                  Debt-US

 ECLA65         Rippy          Stone87         Lewis48       BoE           ECLA65          Lewis 38      USDoC31         Lewis48
               Rippy, J.F (1959) British Investments Cleona America, 1822-1949of BritishForeign Cleona (1938) America'sAmerica in Journal ofThe United States and #
                                               The Composition andThe United States and Investment in Financing America,Stake Cleona Estimate Investments Investmen
                                                            Bank Distribution and “British Investments in Problems 18651938 inNew (1948) of American
                                                                                           Kingdom overseas investments, 1939”
UN-ECLA (1965) External FinancingI. (1987)Lewis, in Latin (1948)of England (1950) UnitedLewis, Investment LatininP.D. (1931)1913InternationalPolitical Economy 56Fo
                              Stone, in Latin America                                                    Dickens, Latin to to
                                                                           UN-ECLA (1965) External Latin America, Lewis,"A 1948
                on Halsey, Loans, only
                              Government
Table 16 (basedGovernmentLewis, Rippy) Loans, only                         Table 16 (based on Halsey, Lewis, Rippy)
                                                            Calculated as Total minus Government Loans Portfolio
                              1875,85,95,05,13
         1914 1880, 90,1 3, 28, 39                     1938 1938-55                                      19, 24, 29,
                                                                                    1914 1897, 1908, 14,1930, 43 35             1938
Million US$ Million £         Million £       Million US$ Million £        Million US$ Million US$ Million US$ Million US$




                                                                                                    0




                                         0
                                                                                     5              2




                                                                                                    2




                                                                                                    6




                                                                                                  17
                                                                                                                 18




                                                                                                  17
     12




20
                                                     Total FDI                                                  FDI-France

               My calculation ECLA65          Lewis48       OECD72,73 UNCTC-Inward                 Rippy
                                                                                         UNCTC-Outward               ECLA65       Stone99
                             UN-ECLA(1965) External Financing The United States ,and from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially the sam
                                                           OECD (1973) Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in Eco
                                                                                        Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American the
                                                                                                                                  Stone, I in (Essentially Latin America
Lewis, Cleona (1948) The United States and Foreign Investment Problems Development Co-operation from Problems database on foreign External Latin America,” Export of Capital fr
                                            Lewis, Cleona (1948) in Latin America
                             Table 17                                                              “Economic Enterprises”
                                                                                                                   Table 17       Calculated as Total minus government
                                       1914          1938 1967, 1971      1980-         1980-      1902, 1913               1914            1914
               Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million FF                  Million US$ Million £




                                                                                                                    1
                                        23
 820



1,650




2,750
                                FDI-UK                                                                                                                FDI-US

 ECLA65         Rippy           Stone87       Lewis48        BoE            OECD72       ECLA65        ECLA65          Lewis
                             Stone, in Investments Cleona America, 1822-1949of BritishForeign Investment Latin America,1938D.A.C. Countries ,inUnited StatesCountri
                                                           Bank Distribution and “British Investments in America, 1865 to 19131948 America Developing
UN-ECLA(1965) External(1959) British Latin America ,Latin (1948)of England (1950) UnitedUN-ECLA(1965) External (1965)1939” in Journal ofTheLatin America and Fo
              Rippy, J.F Financing I. (1987)Lewis, in
                                             The Composition andThe United States and Investment in Latin Problem,Financing in Latin(1948) Political Economy 56 #
                                                                          OECD (1972) Stock of Private UN-ECLA
                                                                                         Kingdom overseas investments, External Financing in
                                                                                                       Direct Investments by Cleona
                                                                                                                      Lewis, to
Table 17                     Calc. in “Economic 43, Calculated as Total Total minus Government Loans Table 13
              Taken as investmentsBased on TableEnterprises”                            Table 17
                                                           Calculated as minus Government Loans
                             1875,
         1914 1880, 90, 13, 28, 39 85, 95, 1905, 13 1938 1938-55                   1967                               1929,36,40,43,50
                                                                                                 1914 1897, 08, 14, 19, 24, 29
Million US$ Million £        Million £      Million US$ Million £         Million US$ Million US$ Million US$ Million US$




                                                                                                                 10




                                                                                                                   6




                                         0
            0                                                                                     23             13




                                                                                                                 16




                                                                                                                 24




                                                                                                                 49
                  FDI-US                                                                             RR               RR-France

USDoC31,38,47 USDoC42            USDoC60 Lewis48            USBenchmark OECD72 My calculation Lewis48                  Rippy
               United States EstimateStates Department of Commerce (1960)OECD (1972)Foreign InvestmentU.S. Direct, Investment Bulletin States in Investments Countri
                              United of American Investments Abroad,"direct investments Stock of of (1975) Problems (1948) The United No. 767,Developing in Latin
                                                                            U.S. Business Investments in Lewis, Cleona Rippy, J.F. (1948) “French U.S. Department of
                                                                                          Author’s Commerce Countries
Dickens, P.D. (1931) "A NewDepartment of Commerce (1942), AmericanUnited States and Commerce calculations Trade Information Abroad, 1966: Final Data Investme
                                                            United States Department Department PrivateForeign Investments by D.A.C. Countries and Foreign
                                                                                                         Direct
                                             Lewis, Cleona (1948) The United States of in foreign countries--1940
                              p. 92          Table A-3
1930,36,43     1929, 36, 40 1929,36,43,50             1938           1966           1967                          1938 1902, 1913
Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million FF
                                                                                                                      none listed




                                        29
          29




          27                            27
            37




111   110




      58




      201

      328




            847
                          RR-UK                                         RR-US              Non-RR         Non-RR-France                          Non-RR UK

Stone99           Rippy            Stone87        Lewis48      Lewis38        Lewis48         My calc        Rippy calc     Stone99
                Rippy, J.F Export of Capital from Great Britain, 1865-1914 [:] A Statistical Survey, Investment Latin America, to 1913 Investments in Export of Capital #
                                Stone, I. (1987)Lewis, Cleona America, 1822-1949of America's Stake incalculations Investments Investment Problems , America,” Inte
                                                The Composition and Distribution and “British Investments in Problems 1865 “French Journal of Political
                                                               Lewis, Cleona (1938) British Investment in Latin States and Foreign I in
                                                                                              Author’s United America, Stone,
                                                                                                             Rippy,
Stone, I (1999) The Global(1959) British Investments in Latin (1948) The United States and Foreign TheInternationalJ.F. (1948)1939”(1999) The GlobalLatin Economy 56 fr
                                                                              Lewis, Cleona (1948)
                                Table
                pp. 34, 39, 68, 78. 43                         Page 602                                                     Calculated as Total
                                                                                                             Calculated as Enterprise - railways minus government minus r
                                1875,
          1914 1880, 90, 13, 28, 39 85, 95, 1905, 13 1938 1897, 1908, 14, 19, 24, 29, 351938                 1902, 1913                1914
Million £       Million £       Million £       Million US$ Million US$ Million US$ Million US$ Million FF                  Million £




                                                                        10


                                                                                                                       0




                                                                         0




                                                                                                                       1
                                                                         0                                                            0




                                                                         0




                                                                         0




                                                                         0




                                                                         0
        Non-RR UK                                     Non-RR US

 Rippy          Stone87           Lewis48       Lews38/ECLA Lewis48
                                 The Composition and Distribution and “British Investments America and Foreign Investment Problems
Rippy, J.F (1959) British Investments in Latin (1948) The United States and Foreign TheLatinin Latin America, 1939” in Journal of Political Economy 56 #1, (1948)
                                                UN-ECLA (1965) External FinancingInvestment States
                                                                Lewis, Cleona (1948) in United America,
               Stone, I. (1987)Lewis, Cleona America, 1822-1949of British Investment in Latin Problems 1865 to 1913
               Calc. Based on Table
Calculated as Enterprise - railways 43          Calculated as total minus government minus railroads
                28, 39
1880, 90, 1913,1875, 85, 95, 1905, 13 1938 1897, 1908, 14, 19, 24, 29 9381
Million £      Million £        Million US$ Million US$ Million US$


                           0
                           0
            0
                           0
            0
                           0
                                                          0




                           0


                                                          6




            0              0
                                                        13




                                                        16




                                                        24



            0
                                                        49
    0   37
0
Paraguay                                         Total FI
Shorthand My preferred Woodruff        ECLA65           Lewis48                        IFS            I                IFS
                                                                         OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
 Source                                                Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 2
                                                                                   Downloaded Foreign Investment Problems Downloaded
                                                                                                   World Economy IMF’s site,
                                       UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                         Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                     OECD of Europe's Role
                                         4                            Summing the Debt sector investment, in FDI data & 1971
                         Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage            1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units      Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
   1865
   1875
   1880
   1885
   1890
   1895
   1897
   1900
   1901
   1902
   1903
   1904
   1905
   1906
   1907
   1908
   1909
   1910
   1911
   1912
   1913
   1914                                           27
   1915
   1916
   1917
   1918
   1919
   1920
   1921
   1922
   1923
   1924
   1925
   1926
   1927
   1928
   1929
   1930
   1931
   1932
   1933
   1934
   1935
   1936
   1937
1938   58
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971        151
1972
1973
1974
1975
1976
1977        456
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   2,567   1,504   2,954     829
1997   2,285   1,439   3,132     978
1998   2,312   1,437   3,386   1,196
1999   2,577   1,589   3,982   1,216
2000   2,597   1,825   4,340   1,311
2001   2,390   1,668   4,093   1,162
2002   2,362   1,713   3,780     867
                                      German FI                                                              FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                         FR
                                                                                                  FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                                and 4
                                                                                                  Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913        1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF        Million US$     Million US$       Million US$




                                                                                             1




                                                                                             40
                                                                                                                                0




                                                                           R8
7
#N/A
#N/A
#N/A
#N/A
       1
       0
       0
                                                                             Total U.K.
/Feis               Stone99            ECLA65         Woodruff      Winkler         Stone87         Rippy            Kindersley    Lewis48       BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign investments and For
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of in LatinInvestment1822-1949
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Lewis,America Bank The United States in 1930
                                                                                                         Kindersley, Latin Economy 1750-1960
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British InvestmentsCleona (1948)of England (1950) United
                                                                            Western       The United States Role the WorldBritish America, in Latin America, 186
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153G       pp. 25, 37, 68, 78, 85
            1913               1914                               1913, 29
                                              1914 1900, 14, 38, 62                               1880, 90,             1930
                                                                                   1875, 85, 95, 1905, 13 1913, 28, 39, 49                1938 1938-55
Million £          Million £          Million US$    Million US$   Million US$     Million £       Million £        Million £     Million US$   Million £



                                                                                               2
                                                                                                                2
                                                                                               2
                                                                                                                2
                                                                                               2




                                                                                               2




                                                                              16               4                3
                                                22




                                                                                                       #N/A
                                                                              18
    15
3




3
                                           Total U.S.                                                                                             Total Debt
ECLA65             USDoc31,47                    Winkler
                                   Lewis38 (calc.)                     Woodruff       Lewis48      My Total       ECLA65            Lewis48
           Dickens, P.D. (1931) in Latin(1938) America's Stake in International InvestmentsStates UnitedStudyofand Lewis, Investment Problems America and Fo
                          Lewis, Cleona Winkler, Max (1928)
                                         America       Woodruff, W. (1967) ImpactStates The Department of Commerce Cleona (1948) in Latin States
                                                                       Lewis, Cleonaof Western Man: A States Europe's Role inFinancing Economy No. 767.
                                                                          Abroad," (1948)             UN-ECLA(1965) External Information United
UN-ECLA(1965) External Financing"A New Estimate of American Investments of United United Capital in Latin America Foreign Trade the WorldTheBulletin1750-1960and
(Calc.) Tables 16, 17             +ECLA65 Table 13                    Tables IV/4 and 5                          Table 16
1914 (calc.)                                       19, 24, 29,
                   1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,62                     1938                            1914           1938
Million US$        Million US$    Million US$       Million US$       Million US$   Million US$    Million US$   Million US$       Million US$




                                                0




                                                0




                                                                  3
               0                                5                                                                              4




                                                0




                                                0            15
                             13
    5




9
         Total Debt                                                               Debt-France                                                Debt-U.K.
 OECD 73                               WBD Public
               WBDebt Total WBD Long Term                  WBD Private Rippy              ECLA65        Stone 99            ECLA65
                                            World Bank, Global Financial Indicators April,UN-ECLA Investments (1999) UN-ECLA Export of
                                                            World D.C. Global Financial Indicators April,Stone, in downloaded Inter-American
                                                                          Rippy, D.C. downloaded                           America,”
Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America Financing in Latin
                             World Bank, Indicators Washington,Bank, downloaded Washington, Washington,ID.C. Financing Latin 2004 Capital from Great Brita
                                                                                                          2004
               World Bank, Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global (1965) External Economic Affairs
Total Debt Outstanding                                                                                 on Halsey, Loans, only (based on Halsey, Lewis, Rippy)
                                                                                                                    Table 16
                                                                                        Table 16 (basedGovernmentLewis, Rippy)
         1971 1970-          1970-          1970-          1970-          1902, 13               1914               1914           1914
Million US$   Million US$    Million US$    Million US$    Million US$    Million FF    Million US$     Million £          Million US$
                                                                          none listed




                                                                                                                                         4
      112   112   112    0
108




356


      955   780   630   151
2,105   1,732   1,713   19




2,574   1,791   1,571   220
2,565   1,823   1,548   275
2,461   1,946   1,705   241
2,793   2,125   1,793   332
3,393   2,642   2,298   344
3,101   2,521   2,227   294
2,817   2,355   2,119   235
         Debt-U.K.                                                                  Debt-US                                                              Total FDI
 Rippy            Stone87   Lewis48       BoE         ECLA65             Lewis 38      USDoC31         Lewis48       My calculation    ECLA65
               Stone, I. (1987) The CompositionThe United(1950) UnitedLewis, InvestmentLatin inP.D. (1931) 1939” Estimate of United States and Foreign Investment Pr
                                          Bank and Distribution and “British Investments in America, Stake Cleona (1948) The Political
Rippy, J.F (1959) British Investments in Latin America, 1822-1949of (1965) External Financing Latin America,"A Newin JournalInvestments Economy 56Abroad," Financin
                                                         UN-ECLA British Investment in Problems Lewis, in 1913
                                                                         Kingdom overseas investments, 1865 to 1948
                                                                                       Dickens, Latin 1938                         UN-ECLA(1965) #1, (1948)
                           Lewis, Cleona (1948)of England States and Foreign Cleona (1938) America'sAmerica International ofAmerican Investments External United S
             Government Loans, only Calculated as Total minus Government Loans
Government Loans, only                             Table 16 (based on Halsey, Lewis, Rippy)                                           Table 17
               1875,85,95,05,13
1880, 90,1 3, 28, 39               1938 1938-55                                               1930
                                                                1914 1897, 1908, 14, 19, 24, 29, 35           1938                               1914
Million £        Million £ Million US$   Million £    Million US$       Million US$    Million US$    Million US$    Million US$      Million US$
                                                                        not included


                        2
             2
                        2
             1
                        1




                        1




             1          1
                                                                    0                                                                             23
         Total FDI                                                 FDI-France                                                                 FDI-UK
 Lewis48        OECD72,73                 UNCTC-Outward
                               UNCTC-Inward         Rippy                     ECLA65        Stone99             ECLA65         Rippy           Stone87
               OECD (1973) Development from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [
                                            Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic as Investments Investme
                                                                                      Stone, I in (Essentially Latin America (1959) British Britain, Report
                                                                                                      UN-ECLA(1965) External theStone, Affairs World
Lewis, Cleona (1948) The United States andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Compositio
                                                                                                                     Rippy, J.F       World Investment 1865-1914 A
                             Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data in in the The in )
                                                           “Economic Enterprises”
                                                                        Table 17                                          Taken          Calc. in “Economic 43, Calcu
                                                                                            Calculated as Total minus governmentas investmentsBased on TableEnterprises
                                                                                                           Table 17
         1938 1967, 1971     1980-          1980-          1902, 1913                1914               1914                               1875,
                                                                                                                       1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
Million US$   Million US$    Million US$    Million US$    Million FF        Million US$    Million £          Million US$    Million £       Million £


                                                                                                                                                      0
                                                                                                                                                      0
                                                                                                                                          0
                                                                                                                                                      0
                                                                                                                                          1
                                                                                                                                                      1



                                                                        1


                                                                                                                                                      1




                                                                        40                                                                2           3
                                                                                                                         18
35



43




100


      212   113
      251   118
      287   121
      292   121
      293   125
      301   128
      302   130
      307   133
      316   135
      328   138
  405   137
  491   137
  609   137
  684   133
  821   174
  705   179
  829   186
  978   194
1,196   201
1,216   208
1,311   214
1,162   220
  867   217
FDI-UK                                                                                                             FDI-US
            Lewis48       BoE            OECD72         ECLA65       ECLA65            USDoC31,38,47 USDoC42                  USDoC60         Lewis48
                         Bank The United States and Foreign Investment Problem,Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Fo
                                       OECD (1972) Stock of Private UN-ECLA
                                                       Kingdom overseas investments, 1938 in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments I
                                                                    Direct Investments by to Latin America Latin United of American Investments Abroad," United States Depa
                                                                                   Dickens, 1948 United in       America        Lewis, Cleona
          Lewis, Cleona (1948)of England (1950) UnitedUN-ECLA(1965) External (1965) External Financing States Department of Commerce 1967Commerce (1960) U.S. Business i
                          Calculated as Total minus Government Loans Table 13
                                                        Table Loans
Calc. Based on Table 43, Calculated as Total minus Government 17                                                            p. 92
                   1938 1938-55                 1967                               1930,36,43
                                                               1914 1897, 08, 14, 19, 24, 29             1929, 36, 40       1929,36,43,50               1938
          Million US$    Million £     Million US$     Million US$   Million US$       Million US$       Million US$        Million US$       Million US$




                                                                                   5




                                                                                                                   13                 12
                                                                                                13




                                                                                                     5                  5                 5
             5

    5


9       9




        6




        6

        13
                                             RR              RR-France                                 RR-UK
USBenchmark       OECD72       My calculation Lewis48        Rippy        Stone99             Rippy           Stone87       Lewis48
               OECD (1972) Stock of Private Lewis, Investments by The United States Final The Investment Problems Inter-American Economic DistributionStatistical Su
                             Author’s (1975) U.S. Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:] A of British In
                                                           Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , Lewis, Cleona America, 1822-1949 and “Briti
                                                                           Stone, I and Foreign in Export End 1967 The Composition and Affairs 52-71
United States Department of Commerce calculations Direct Investment Abroad, 1966:(1999) DataGlobal(1959) British Investments in Latin (1948) The United States and Fo
                                            Direct                                        Rippy,        Stone, I. (1987)
Not included in Table A-3                                                                                  Table
                                                                                           pp. 34, 39, 68, 78. 43
         1966           1967                            1938 1902, 1913                                   1875,
                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13   1938
Million US$     Million US$    Million US$    Million US$    Million FF   Million £        Million £        Million £    Million US$




                                                                                                        0

                                                                                                        1




                                                                                                        2
           RR-US                 Non-RR        Non-RR-France                                 Non-RR UK                                    Non-RR US
Lewis38        Lewis48           My calc       Rippy calc        Stone99             Rippy           Stone87         Lewis48      Lews38/ECLA
               Lewis, Cleona (1948) incalculations Investments Investment ProblemsExport of Capital from Great Britain,andThe United A StatisticalInvestment Latin
                              Author’s United States and Foreign I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and Survey in in Lat
                                            Rippy,                          Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments
Lewis, Cleona (1938) America's StakeTheInternationalJ.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign Investmei
                                                             Stone,                                                     UN-ECLA (1965) External Financing
                                                                                                           The Composition 1865-1914 52-71
Page 602                                                      Calculated as Total
                                                                               Calculated government - railways 43
                                                                                             Calc. Based on Table
                                               Calculated as Enterprise - railways minus as Enterpriseminus railways              Calculated as total minus government minus rai
                         1938
1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                         28, 39
                                                                             1914 1880, 90, 1913,1875, 85, 95, 1905, 13     1938 1897, 1908, 14, 19, 24, 29
Million US$    Million US$       Million US$   Million FF        Million £          Million £       Million £       Million US$   Million US$
not included
                                                                                                                0
                                                                                                                0
                                                                                                0
                                                                                                                0
                                                                                                0
                                                                                                                1
                                                                                                                                                0


                                                            1


                                                                                                                1


                                                                                                                                                0




                                                            40                                  0               3
                                                                                0                                                               5




                                                                                                                                                0




                                                                                                                                                0



                                                                                                0
                                                                                                                                                0
    0
0
        Non-RR US
                Lewis48
               Lewis, Cleona (1948) The United States and Foreign Investment Problems
Calculated as total minus government minus railroads
                        1938
               Million US$
5
Peru                                            Total FI
         My
Shorthand preferred Woodruff         ECLA65           Lewis48                        IFS            I                IFS
                                                                       OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
Source                                               Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 20
                                                                                 Downloaded Foreign Investment Problems Downloaded
                                                                                                 World Economy IMF’s site,
                                     UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                       Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                   OECD of Europe's Role
                                       4                            Summing the Debt sector investment, in FDI data & 1971
                       Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage          1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units    Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
  1865
  1875
  1880
  1885
  1890
  1895
  1897
  1900
  1901
  1902
  1903
  1904
  1905
  1906
  1907
  1908
  1909
  1910
  1911
  1912
  1913
  1914                                        197
  1915
  1916
  1917
  1918
  1919
  1920
  1921
  1922
  1923
  1924
  1925
  1926
  1927
  1928
  1929
  1930
  1931
  1932
  1933
  1934
  1935
  1936
  1937
1938   350   326
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971               2,036
1972
1973
1974
1975
1976
1977               7,078
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   14,686   5,167   43,533    6,720
1997   16,032   5,020   40,279    7,804
1998   14,976   5,107   41,238    8,436
1999   14,285   5,401   41,150    9,780
2000   14,183   5,629   40,568   10,310
2001   14,190   5,361   40,699   11,078
2002   15,440   5,759   42,545   11,715
                                      German FI                                                               FR FI
 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                         FR
                                                                                                  FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                                and 4
                                                                                                  Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913        1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF        Million US$     Million US$       Million US$




                                                                                                             25

                                                                                        107




                                                                                             50
                       100                                                                                                      6




                                                                       R 25
     20   5




10
3,185
8,138
7,312
7,013
6,384
6,436
7,544
                                                                             Total U.K.
/Feis               Stone99            ECLA65        Woodruff       Winkler          Stone87          Rippy            Kindersley    Lewis48
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign investments in 1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of in LatinInvestment in LatinStates and 186
                                                                                                         Kindersley,
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments Cleona (1948) The1822-1949
                                                                            Western       The United States Role the WorldBritish 1750-1960
                                                                                                                         Lewis, Economy
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America America, United America, Fo
Page 23            Table 20                           Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153G         pp. 25, 37, 68, 78, 85
            1913               1914           1914 1900, 14, 38,571913, 29                         1880, 90,              1930
                                                                                    1875, 85, 95, 1905, 13 1913, 28, 39, 49                 1938
Million £          Million £          Million US$   Million US$    Million US$      Million £        Million £        Million £     Million US$


                                                                                                 4
                                                                                                36
                                                                                                                 36
                                                                                                37
                                                                                                                 19
                                                                                                22

                                                             100




                                                                                                23




             34                                                               133               30               26
                                37            129            150




                                                                                                                 26
                                                                              141
100        125
      29




      25




20
                                                         Total U.S.                                                                                        Total
 BoE             ECLA65          USDoc31,47      Lewis38 (calc.)Winkler          Woodruff       Lewis48      My Total       ECLA65
              UN-ECLA(1965) Externaloverseas investments, 1938America's Stake in International InvestmentsStates Department ofand
                              Kingdom Financing in Latin(1938) of1948 Woodruff, W. (1967)United States The UnitedStudy ofCommerce Investment Problems
                                            Lewis, Cleona America American Investments of Impact of Western Man: A States Europe's Role in the World Econom
                                                          Winkler,                     Lewis, Cleona (1948)           UN-ECLA(1965) External Information Bullet
Bank of England (1950) UnitedDickens, P.D. (1931) "A New EstimatetoMax (1928) Investments Abroad," United Capital in Latin America ForeignTradeFinancing in Latin A
All securities   (Calc.) Tables 16, 17         +ECLA65 Table 13                 Tables IV/4 and 5                          Table 16
1938-55          1914 (calc.)                                    19, 24, 29,
                                 1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,60                 1938                            1914
Million £        Million US$     Million US$   Million US$       Million US$    Million US$   Million US$    Million US$   Million US$




                                                             7




                                                          23




                                                                          35
                            60                            60                                                                           17




                                                        111




                                                        238               151
25   150   136
25
25
24
24
24
24
23
23
23
22




     450
                       Total Debt                                                              Debt-France                                              Debt-U
 Lewis48        OECD 73                               WBD Public
                              WBDebt Total WBD Long Term                WBD Private Rippy                 ECLA65           Stone 99
                                             World Bank, Indicators Washington,Bank, downloaded April,UN-ECLA Investments (1999) America,” Inter-American Eco
                                                            World Bank, World D.C. Global Financial Indicators April,Stone, in downloaded
                                                                                         Rippy, D.C. downloaded
               Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America
                              World Bank, Foreign Investment Problems Global Financial Indicators Washington, Washington,ID.C. Financing Latin 2004
                                                                                                                         2004
Lewis, Cleona (1948) The United States and Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global Export of Capital fr
               Total Debt Outstanding                                                                                   on Halsey, Loans, only
                                                                                                         Table 16 (basedGovernmentLewis, Rippy)
        1938           1971 1970-          1970-          1970-         1970-          1902, 13                  1914                  1914
Million US$    Million US$   Million US$   Million US$    Million US$   Million US$    Million FF        Million US$       Million £




                                                                                                    2




                                                                                                    13
                                                                                                                       5                26
81




             3,211   2,655    856    1,799
     1,216




     5,148


             9,386   6,828   6,218    610
20,064   13,959   13,629    330




30,852   20,215   18,927   1,288
28,981   21,597   20,219   1,378
29,681   22,117   19,221   2,896
30,535   23,353   19,316   4,037
29,210   23,877   19,499   4,378
28,703   24,188   19,250   4,938
27,512   24,087   18,831   5,256
                           Debt-U.K.                                                                         Debt-US
 ECLA65            Rippy            Stone87         Lewis48       BoE          ECLA65             Lewis 38         USDoC31        Lewis48       My calculation
            Rippy, J.F (1959) British Investments in (1948)of England (1950) UnitedLewis, Investment in Latin (1931) "A1913 (1948) The United States and 56 #
                           Stone, in Latin The Composition and Distribution and Foreign CleonainDickens, P.D. Lewis,to New Journal Investments Investments A
UN-ECLA (1965) External FinancingI. (1987) America Latin America, 1822-1949ofand “British InvestmentsProblemsAmerica, 1939” in Estimate of Political EconomyForei
                                                                    UN-ECLA (1965) External FinancingAmerica, 1865 Cleona
                                                                                    Kingdom overseas investments, Stake in 1948
                                                                                                   Latin in Latin 1938 to
                                        Lewis, Cleona Bank The United States British Investment (1938) America'sAmerica International of American
               on Halsey, Loans, only
                            Government
Table 16 (basedGovernmentLewis, Rippy) Loans, only                              Table 16 (based on Halsey, Lewis, Rippy)
                                                                 Calculated as Total minus Government Loans
                            1875,85,95,05,13
        1914 1880, 90,1 3, 28, 39                          1938 1938-55                                                1930
                                                                                         1914 1897, 1908, 14, 19, 24, 29, 35             1938
Million US$       Million £        Million £       Million US$   Million £     Million US$       Million US$       Million US$   Million US$    Million US$


                                           4
                                          34
                              33
                                          32




                                                                                                               0




                              2                1
              8                                                                              2                 2




                                                                                                               0




                                                                                                               9



                              3
                                                                                                             77




                                                                                                             74
    25   54
6
                          Total FDI                                               FDI-France                                                         FDI-UK
 ECLA65            Lewis48       OECD72,73     UNCTC-Inward
                                                          UNCTC-Outward
                                                                    Rippy                    ECLA65           Stone99             ECLA65
           Lewis, Cleona (1948) in LatinDevelopment from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing in in theA
                                                         Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic Affairs
                                                                                                   Stone, I in (Essentially Latin America
UN-ECLA(1965) External Financing The United States ,andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 5
                                         Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data as Brita
                          OECD (1973) America                                                                      UN-ECLA(1965) External the World Investme
Table 17                                                                  “Economic Enterprises”
                                                                                       Table 17                              Table 17
                                                                                                              Calculated as Total minus government
           1914           1938 1967, 1971     1980-         1980-         1902, 1913                1914                  1914           1914
Million US$       Million US$   Million US$   Million US$   Million US$   Million FF        Million US$       Million £          Million US$




                                                                                  105




                                                                                       38
           180                                                                                            1                11            121
245




       787



       820




      1,930


                898    3
                974    3
              1,030    4
              1,106   13
              1,136   38
              1,152   38
              1,181   39
              1,209   60
              1,217   60
              1,246   62
 1,302   122
 1,335   122
 1,503   122
 1,642   109
 4,450   109
 5,541   567
 6,232   543
 7,267   602
 7,998   438
 8,572   651
10,503   505
10,669   574
12,565   730
                  FDI-UK                                                                                                           FDI-US
 Rippy            Stone87         Lewis48       BoE         OECD72         ECLA65        ECLA65            USDoC31,38,47 USDoC42          USDoC60
               Stone, I. (1987) TheCleona (1948)and Distribution (1972)ForeignInvestments Problem,(1965) External Financing States Department of Department of
                             Lewis, Composition of England (1950) and “BritishofInvestment ininvestments, 1938D.A.C. (1931) "A New Estimate Countries: End (1942), AA
                                                           OECD BritishKingdom overseas Latin
Rippy, J.F (1959) British Investments in Latin America, 1822-1949ofUnitedUN-ECLA(1965) External America, 1939” in Countries ,in DevelopingStatesCommerce 1967Comm
                                            Bank The United States and Stock Private UN-ECLA Financing in P.D. Journal in Latin United of American (1948)
                                                                          Investment in DirectAmerica, Dickens,1913 America Political Economy 56 #1, Investments
                                                                                        Latin Investments bytoto Latin United of
                                                                                                        1865     1948               America
               Calc. in “Economic 43, Calculated as Total minus Government Loans
Taken as investmentsBased on TableEnterprises”
                                          Government Loans            Table 17           Table 13                                       p. 92
               1875,
1880, 90, 13, 28, 39 85, 95, 1905, 131938 1938-55                  1967                               1930,36,43
                                                                                  1914 1897, 08, 14, 19, 24, 29          1929, 36, 40   1929,36,43,50
Million £        Million £       Million US$   Million £   Million US$    Million US$    Million US$       Million US$   Million US$    Million US$


                             0
                             3
            3
                             5
            19
                        22
                                                                                                       7




                        23


                                                                                                    23




            24          29
                                                                                    58              58




                                                                                                    111




                                                                                                    141



            23
                                                                                                    162                                         124




                                                                                                                                                  96
     100
23



           71




           145




           383

           427
DI-US                                                                RR              RR-France                                    RR-UK
        Lewis48          USBenchmark      OECD72       My calculation Lewis48        Rippy         Stone99              Rippy            Stone87
                       United States Department of Foreign InvestmentU.S. Investments by The United States Final The Investment Problems Inter-American Economic Distribut
                                      OECD (1972) Stock of Private Lewis, Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:]
                                                    Author’s (1975) Problems Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , The Composition and Affairs 5
                                                                                                 Stone, I and Foreign in Export End 1967
        Lewis, Cleona (1948) The United States and Commerce calculations Direct, Investment Abroad, 1966:(1999)DataGlobal(1959) British Investments in Latin America, 1822-1
                                                                   Direct                                        Rippy,       Stone, I. (1987)
                         Table A-3                                                                                                    Table
                                                                                                                      pp. 34, 39, 68, 78. 43
                  1938           1966           1967                            1938 1902, 1913                                    1875,
                                                                                                               1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
        Million US$      Million US$    Million US$    Million US$    Million US$    Million FF    Million £          Million £        Million £
                                                                                     none listed
                                                                                                                                                   0
                                                                                                                                                   3
                                                                                                                                   3
                                                                                                                                                   5
                                                                                                                                  18
                                                                                                                                                   1




                                                                                                                                                   1




                                                                                                                                   0               2
                                                                                                                  4




                                                                                                                                  18
82




     651
R-UK                             RR-US                Non-RR        Non-RR-France                                 Non-RR UK
          Lewis48    Lewis38        Lewis48           My calc       Rippy calc        Stone99             Rippy            Stone87          Lewis48
                                     Lewis, Cleona (1948) incalculations Investments I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and S
                                                    Author’s United States and Stone,
                                                                  Rippy,                          Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “Briti
       Lewis, Cleona (1948) The United States and Foreign TheInternationalJ.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishFo
                                                                                                                                 The Composition 1865-1914 52-71
                      Lewis, Cleona (1938) America's StakeInvestment Problems Foreign Investment ProblemsExport of Capital from Great Britain,andThe United A StatisticalIn
                     Page 602                                                      Calculated as Total
                                                                                                    Calculated government - railways 43
                                                                                                                  Calc. Based on Table
                                                                    Calculated as Enterprise - railways minus as Enterpriseminus railways
                                              1938
                1938 1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                         28, 39
                                                                                                  1914 1880, 90, 1913,1875, 85, 95, 1905, 13       1938
       Million US$   Million US$    Million US$       Million US$   Million FF        Million £          Million £        Million £        Million US$
                     not included
                                                                                                                                      0
                                                                                                                                      0
                                                                                                                     1
                                                                                                                                      0
                                                                                                                     1
                                                                                                                                      21



                                                                             105


                                                                                                                                      22




                                                                                 38                                  23               27
                                                                                                     7




                                                                                                                     5
     100
23
        Non-RR US
Lews38/ECLA        Lewis48
            Lewis, Cleona (1948) The United States
UN-ECLA (1965) External Financing in Latin America and Foreign Investment Problems
Calculated as total minus government minus railroads
                         1
1897, 1908, 14, 19, 24, 29 938
Million US$       Million US$




              7




           23




           58




         111




         141




         162
82
Uruguay                                              Total FI
Shorthand My preferred Woodruff           ECLA65           Lewis48                        IFS            I                IFS
                                                                            OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
 Source                                                   Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April,
                                                                                      Downloaded Foreign Investment Problems Downloaded
                                                                                                      World Economy IMF’s site,
                                          UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                            Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                        OECD of Europe's Role
                                            4                            Summing the Debt sector investment, in FDI data & 1971
                            Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage               1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units         Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
       1865
       1875
    1880
    1885
    1890
    1895
    1897
    1900
    1901
    1902
    1903
    1904
    1905
    1906
    1907
    1908
    1909
    1910
    1911
    1912
    1913
    1914                                           475
    1915
    1916
    1917
    1918
    1919
    1920
    1921
    1922
    1923
    1924
    1925
    1926
    1927
    1928
    1929
    1930
    1931
    1932
    1933
    1934
    1935
    1936
    1937
1938   250   248
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971                379
1972
1973
1974
1975
1976
1977               1,038
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   #N/A      #N/A      #N/A      #N/A
1997   #N/A      #N/A      #N/A      #N/A
1998   #N/A      #N/A      #N/A      #N/A
1999    12,747     9,581    14,512    1,790
2000    13,789    11,011    15,583    2,088
2001    16,469    13,369    18,898    2,406
2002    12,255    11,478    15,764    1,404
                                      German FI                                                             FR FI
 IFS Portfolio Woodruff      ECLA65            Lewis48          Itinerario        Rippy                     FR
                                                                                                FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17             p. 116                                            and 4
                                                                                                Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914               1938                1934 1902, 1913    1900, 14, 38             1914             1938
Million US$   Million US$    Million US$       Million US$      Million RM        Million FF    Million US$     Million US$     Million US$




                                                                                                           50

                                                                                          297




                                                                                          200
                                           2                                                               50              30




                                                                         R 16
2   12
2,137
2,187
2,607
2,340
2,721
3,151
3,364
                                                                             Total U.K.
/Feis               Stone99            ECLA65        Woodruff       Winkler          Stone87          Rippy            Kindersley    Lewis48       BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign investments in 1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of in LatinInvestment1822-1949
                                                                                                         Kindersley, Lewis, Economy 1750-1960
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments Cleona (1948)of England (1950) United
                                                                            Western       The United States Role the WorldBritish America, in Latin America, Fo
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America Bank The United States and 186
Page 23            Table 22                           Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153H         pp. 25, 37, 68, 78, 85                       All securities
            1913               1914                               1913, 29
                                              1914 1900, 14, 38, 62                                1880, 90,             1930
                                                                                    1875, 85, 95, 1905, 13 1913, 28, 39, 49                 1938 1938-55
Million £          Million £          Million US$   Million US$    Million US$      Million £        Million £        Million £     Million US$   Million £


                                                                                                1
                                                                                                6
                                                                                                                  8
                                                                                                16
                                                                                                                 28
                                                                                                34

                                                             100




                                                                                                39




             36                                                               239               47               46
                                31            244            200




                                                                                                                 41
                                                                              217
150        170   23
      39         23
                 23
                 24
                 23
                 22
                 23
                 22
                 22
                 22
                 22
      27
                                           Total U.S.                                                                                            Total Debt
ECLA65             USDoc31,47      Lewis38 (calc.)Winkler             Woodruff       Lewis48      My Total       ECLA65            Lewis48
           Dickens, P.D. (1931) in Latin(1938) America's Stake in International InvestmentsStates Department ofand Lewis, Investment Problems America and Fo
                          Lewis, Cleona America Max (1928) Investments of United States The UnitedStudy ofCommerce Cleona (1948) in Latin States
                                         Winkler,      Woodruff, W. (1967) Impact of Western Man: A States Europe's Role in the World Economy No. 767.
                                                                       Lewis, Cleona (1948)           UN-ECLA(1965) External Information Bulletin
UN-ECLA(1965) External Financing"A New Estimate of American Investments Abroad," United Capital in Latin America ForeignTradeFinancing The United1750-1960and
(Calc.) Tables 16, 17            +ECLA65 Table 13                    Tables IV/4 and 5                          Table 16
1914 (calc.)                                       19, 24, 29,
                   1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,62                    1938                            1914           1938
Million US$        Million US$   Million US$       Million US$       Million US$   Million US$    Million US$   Million US$       Million US$




                                               0




                                               0




                                                                 5
               0                               0                                                                           120




                                               2




                                            48              64
50   47   118
        Total Debt                                                                Debt-France                                                    Debt-U.K.
 OECD 73                               WBD Public
               WBDebt Total WBD Long Term                  WBD Private Rippy                 ECLA65         Stone 99            ECLA65
                                            World Bank, Global Financial Indicators April,UN-ECLA Investments (1999) UN-ECLA Export of
                                                            World D.C. Global Financial Indicators April,Stone, in downloaded Inter-American
                                                                          Rippy, D.C. downloaded                           America,”
Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America Financing in Latin
                             World Bank, Indicators Washington,Bank, downloaded Washington, Washington,ID.C. Financing Latin 2004 Capital from Great Brita
                                                                                                          2004
               World Bank, Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global (1965) External Economic Affairs
Total Debt Outstanding                                                                                     on Halsey, Loans, only (based on Halsey, Lewis, Rippy)
                                                                                                                        Table 16
                                                                                            Table 16 (basedGovernmentLewis, Rippy)
         1971 1970-          1970-          1970-          1970-          1902, 13                   1914               1914           1914
Million US$   Million US$    Million US$    Million US$    Million US$    Million FF        Million US$     Million £          Million US$




                                                                                       48




                                                                                       65
                                                                                                      30                 10              90
       363     298     269    29
299




748


      1,660   1,338   1,127   211
4,415   3,114   3,045   69




5,318   3,960   3,833   127
5,899   4,231   4,097   135
6,710   4,809   4,586   223
7,600   5,430   5,142   288
7,501   5,550   5,110   440
8,196   6,131   5,597   534
9,706   6,634   6,110   524
            Debt-U.K.                                                                        Debt-US                                                        Total
 Rippy             Stone87          Lewis48       BoE          ECLA65             Lewis 38         USDoC31        Lewis48       My calculation
               Stone, I. (1987)Lewis, Cleona America, 1822-1949of BritishForeign Cleona (1938) America'sAmerica in Journal ofThe United States and #1, Abroad," Uni
                                               Bank Distribution and “British External LatinLatin America,1938 Cleona (1948) Investments Investments (1948)
                                                             UN-ECLA (1965) Investments Dickens, Latin Lewis,"A International of American
                                                                                           in America,
Rippy, J.F (1959) British Investments in Latin(1948)of England (1950) UnitedLewis, Investment Problems 1865 1939” New EstimatePolitical Economy 56Foreign Investmen
                                                                             Kingdom overseas investments, Stake in 1948
                                                                                                             to to
                                The Composition andThe United States and Investment inFinancing inP.D. (1931) 1913
             Government Loans, only
Government Loans, only                                        Table 16 (based on
                                                 Government and Municipal Loans Halsey, Lewis, Rippy)
               1875,85,95,05,13
1880, 90,1 3, 28, 39                       1938 1938-55                                               1930
                                                                        1914 1897, 1908, 14, 19, 24, 29, 35              1938
Million £         Million £        Million US$   Million £     Million US$       Million US$       Million US$   Million US$    Million US$


                              1
                              3
              4
                              11
             16
                              20




                              22


                                                                                               0




             26               26
                                                                             0                 0




                                                                                               2




                                                                                             15



             21
                                                                                             45




                                                                                             51
     76   6   36
19        5
          6
          6
          6
          5
          6
          5
          5
          5
          5
                          Total FDI                                               FDI-France                                                       FDI-UK
 ECLA65            Lewis48       OECD72,73     UNCTC-Inward
                                                          UNCTC-Outward
                                                                    Rippy                ECLA65           Stone99             ECLA65
           Lewis, Cleona (1948) in LatinDevelopment from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing in in theA
                                                         Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic Affairs
                                                                                                   Stone, I in (Essentially Latin America
UN-ECLA(1965) External Financing The United States ,andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 5
                                         Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data as Brita
                          OECD (1973) America                                                                      UN-ECLA(1965) External the World Investme
Table 17                                                                  “Economic Enterprises”
                                                                                       Table 17                          Table 17
                                                                                                          Calculated as Total minus government
           1914           1938 1967, 1971     1980-         1980-         1902, 1913               1914               1914           1914
Million US$       Million US$   Million US$   Million US$   Million US$   Million FF    Million US$       Million £          Million US$




                                                                                  249




                                                                                  135
           355                                                                                                         21            154
130




      60



      80




      290


            727   169
            776   169
            776   182
            793   177
            794   173
            794   181
            831   186
            881   181
            928   183
            966   184
1,007   183
1,040   184
1,051   184
1,152   185
1,307   185
1,464   186
  829   186
  978   194
1,196   201
1,216   208
2,088   208
2,406   209
1,291   224
                 FDI-UK                                                                                                             FDI-US
 Rippy            Stone87   Lewis48        BoE            OECD72         ECLA65           ECLA65            USDoC31,38,47 USDoC42          USDoC60
Rippy, J.F (1959) British Investments in Latin America, 1822-1949of British Investment inDirectLatin(1965) External Financing States Department of Commerce 1967Comm
               Stone, I. (1987) The Compositionof England (1950) UnitedUN-ECLA(1965) External Financing1939” in America ofLatin United States Department of
                            Lewis, Cleona (1948) The United States and Foreign Investment Problem, America, to P.D. Countries ,inPolitical Economy 56 #1,Investments A
                                           Bank and Distribution(1972)“British Investments in Investments by D.A.C. (1931) "A New Estimate Countries: End (1942), Am
                                                          OECD and Stock of Private UN-ECLA
                                                                                          Latin America, 1938 to Latin Journal
                                                                                                        Dickens, 1948                 America
                                                                          Kingdom overseas investments,1865 in 1913 United in Developing of American (1948)
               Calc. in “Economic 43, Calculated asas Total minus Government Loans Table 13
Taken as investmentsBased on TableEnterprises”                       Table Loans
                                        Calculated Total minus Government 17                                                             p. 92
               1875,                1
1880, 90, 13, 28, 39 85, 95, 1905, 13938 1938-55                 1967                               1930,36,43
                                                                                1914 1897, 08, 14, 19, 24, 29             1929, 36, 40   1929,36,43,50
Million £        Million £ Million US$   Million £      Million US$     Million US$       Million US$       Million US$   Million US$    Million US$


                        0
                        3
            4
                        5
            12
                       13
                                                                                                        0




                       18


                                                                                                        0




            21         21
                                                                                      0                 0




                                                                                                        0




                                                                                                        0



            20
                                                                                                        3                                          28




                                                                                                                                                   14
     94   18
21        18
          17
          18
          17
          17   6
          17
          17
          17
          17
          17

               55




               57

               44
DI-US                                                                 RR              RR-France                                  RR-UK
        Lewis48          USBenchmark       OECD72       My calculation Lewis48        Rippy        Stone99             Rippy            Stone87
                       United States Department of Foreign InvestmentU.S. Investments by The United States Final The Investment Problems Inter-American Economic Distribut
                                      OECD (1972) Stock of Private Lewis, Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:]
                                                    Author’s (1975) Problems Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , The Composition and Affairs 5
                                                                                                 Stone, I and Foreign in Export End 1967
        Lewis, Cleona (1948) The United States and Commerce calculations Direct, Investment Abroad, 1966:(1999)DataGlobal(1959) British Investments in Latin America, 1822-1
                                                                   Direct                                        Rippy,       Stone, I. (1987)
                         Not included in Table A-3                                                                                   Table
                                                                                                                     pp. 34, 39, 68, 78. 43
                  1938            1966           1967                            1938 1902, 1913                                   1875,
                                                                                                               1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
        Million US$      Million US$     Million US$    Million US$    Million US$    Million FF   Million £         Million £        Million £



                                                                                                                                                  2
                                                                                                                                  2
                                                                                                                                                  3
                                                                                                                                  9
                                                                                                                                                  10




                                                                                                                                                  14




                                                                                                                                 15               15
                                                                                                                16




                                                                                                                                 15
11
     14
R-UK                             RR-US                Non-RR        Non-RR-France                              Non-RR UK                                    Non-RR US
          Lewis48     Lewis38        Lewis48          My calc       Rippy calc     Stone99             Rippy           Stone87         Lewis48      Lews38/ECLA
                                                   Author’s calculations J.F. (1948) “French Investments in Latin British Investments in Latin (1948) Affairs[:] States and S
                                                                   Rippy,                        Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “Britis
                      Lewis, Cleona (1938) Cleona (1948) Investment Problems Foreign I (1999) The Global(1959)America,” Inter-American EconomicDistribution StatisticalIn
                                    Lewis, America's Stake in International and Stone,                                          The Composition 1865-1914 52-71
                                                                                                                                                UN-ECLA (1965) External Fina
       Lewis, Cleona (1948) The United States and ForeignThe United States Investments Investment ProblemsExport of Capital from Great Britain,andThe United A of BritishFo
                      Page 602                                                     Calculated as Total
                                                                                                    Calculated government - railways 43
                                                                                                                  Calc. Based on Table
                                                                    Calculated as Enterprise - railways minus as Enterpriseminus railways           Calculated as total minus govern
                                             1938
                1938 1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                      28, 39
                                                                                               1914 1880, 90, 1913,1875, 85, 95, 1905, 13     1938 1897, 1908, 14, 19, 24, 29
       Million US$    Million US$ Million US$         Million US$   Million FF     Million £          Million £       Million £       Million US$   Million US$
                      not included
                                                                                                                                  0
                                                                                                                                  1
                                                                                                                  2
                                                                                                                                  2
                                                                                                                  3
                                                                                                                                  3
                                                                                                                                                                  0


                                                                             249


                                                                                                                                  4


                                                                                                                                                                  0




                                                                             135                                  5               6
                                                                                                  5                                                               0




                                                                                                                                                                  0




                                                                                                                                                                  0



                                                                                                                  5
                                                                                                                                                                  3
    94
6
        Non-RR US
                Lewis48
               Lewis, Cleona (1948) The United States and Foreign Investment Problems
Calculated as total minus government minus railroads
                        1938
               Million US$
11
Venezue                                          Total FI
la
Shorthand My preferred Woodruff       ECLA65           Lewis48                        IFS            I                IFS
                                                                        OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities IFS Direct
 Source                                               Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004 from IMF’s site, April, 2
                                                                                  Downloaded Foreign Investment Problems Downloaded
                                                                                                  World Economy IMF’s site,
                                      UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                        Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                    OECD of Europe's Role
                                        4                            Summing the Debt sector investment, in FDI data & 1971
                        Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage           1914,38                 1914             1938            1971 Late 1990s     Late 1990s     Late 1990s     Late 1990s
Units     Million US$   Million US$   Million US$      Million US$      Million US$   Million US$    Million US$    Million US$    Million US$
Year
   1865
   1875
   1880
   1885
   1890
   1895
   1897
   1900
   1901
   1902
   1903
   1904
   1905
   1906
   1907
   1908
   1909
   1910
   1911
   1912
   1913
   1914                                        166
   1915
   1916
   1917
   1918
   1919
   1920
   1921
   1922
   1923
   1924
   1925
   1926
   1927
   1928
   1929
   1930
   1931
   1932
   1933
   1934
   1935
   1936
1937
1938   356
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971         4,807
1972
1973
1974
1975
1976
1977         9,024
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   41,216   24,443   56,284   18,124
1997   49,537   30,524   62,393   24,694
1998   50,051   34,601   62,252   28,915
1999   55,792   39,762   67,275   31,470
2000   67,929   46,437   69,531   35,480
2001   70,048   51,525   71,912   39,074
2002   75,620   60,760   72,187   38,808
                                      German FI                                                               FR FI

 IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                         FR
                                                                                                  FR FI Woodruff FI ECLA65 Lewis48
              Woodruff, W. (1967) Impact Western Man: A Study of Europe's Role in(1948) “French Investments in LatinWestern Man: A Study of Europe's Role in Fo
                                                         Rinke, Stefan (1995) “From Informal Imperial to 1750-1960
                                                                        Rippy, J.F. Foreign Investment Transnational Relations,”Financing in Latin America
                                                                                                      UN-ECLA(1965)America,” Inter-American Economic Affairs
Downloaded from IMF’s site, April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, ofLewis, Cleona (1948) The United States andthe
                             UN-ECLA(1965) External Financing in Latin America          World Economy Problems         External
                              (calc.)
              Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                                and 4
                                                                                                  Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    1914, 38, 62            1914             1938                1934 1902, 1913        1900, 14, 38             1914             1938
Million US$   Million US$    Million US$     Million US$      Million RM        Million FF        Million US$     Million US$       Million US$




                                                                                        130




                                                                                             50
                                        26                                                                                      2
10
20,506
21,218
15,772
18,486
16,638
16,524
16,193
                                                                           Total U.K.

/Feis               Stone99            ECLA65         Woodruff      Winkler         Stone87          Rippy            Kindersley    Lewis48       BoE
                Stone, I (1999) The Global Export 1870-1914 Winkler, MaxofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign investmentsand1930
                                UN-ECLA(1965) ExternalW. (1967) Impact Stone, I. Man:[:] ofComposition and , inRobert of BritishBank of England States in For
                                                                                                         Kindersley, Latin Cleona America, in
Feis, Herbert (1930) Europe: The World’s Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestmentUnited(1950) United K
                                                                            Western       The United States Role the World Economy 1750-1960 Latin America, 186
                                              Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital inLewis, America(1948) The 1822-1949
Page 23                                               Tables          pp.
                                      (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 153i        pp. 25, 37, 68, 78, 85
            1913               1914                                1913, 29
                                               1914 1900, 14, 38, 62                              1880, 90,             49
                                                                                   1875, 85, 95, 1905, 13 1913, 28, 39, 1930               1938 1938-55
Million £          Million £          Million US$    Million US$   Million US$     Million £        Million £        Million £     Million US$   Million £


                                                                                               6
                                                                                               7
                                                                                                                10
                                                                                               8
                                                                                                                10
                                                                                               10




                                                                                               10




                                                                              41               10                8
                                                40




                                                                                                                26
                                                                              92
     50
19




12
                                        Total U.S.                                                                                            Total Debt

ECLA65          USDoc31,47      Lewis38 (calc.)Winkler             Woodruff       Lewis48      My Total       ECLA65            Lewis48
           Dickens, P.D. (1931) in Latin(1938) America's Stake in International InvestmentsStates Department ofand Lewis, Investment Problems America and Fo
                          Lewis, Cleona America Max (1928) Investments of United States The UnitedStudy ofCommerce Cleona (1948) in Latin States
                                         Winkler,      Woodruff, W. (1967) Impact of Western Man: A States Europe's Role in the World Economy No. 767.
                                                                       Lewis, Cleona (1948)           UN-ECLA(1965) External Information Bulletin
UN-ECLA(1965) External Financing"A New Estimate of American Investments Abroad," United Capital in Latin America ForeignTradeFinancing The United1750-1960and
(Calc.) Tables 16, 17         +ECLA65 Table 13                    Tables IV/4 and 5                          Table 16
1914 (calc.)                                    19, 24, 29,
                1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,60                    1938                            1914           1938
Million US$     Million US$   Million US$       Million US$       Million US$   Million US$    Million US$   Million US$       Million US$




                                            2




                                            4




                                                              3
           38                               7                                                                            21




                                         21




                                       255               162
        262   45




2,570
        Total Debt                                                                Debt-France                                                   Debt-U.K.

 OECD 73                               WBD Public
               WBDebt Total WBD Long Term                  WBD Private Rippy                 ECLA65         Stone 99            ECLA65
                                            World Bank, Global Financial Indicators April,UN-ECLA Investments (1999) UN-ECLA Export of
                                                            World D.C. Global Financial Indicators April,Stone, in downloaded Inter-American
                                                                          Rippy, D.C. downloaded                           America,”
Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America Financing in Latin
                             World Bank, Indicators Washington,Bank, downloaded Washington, Washington,ID.C. Financing Latin 2004 Capital from Great Brita
                                                                                                          2004
               World Bank, Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global (1965) External Economic Affairs
Total Debt Outstanding                                                                                     on Halsey, Loans, only (based on Halsey, Lewis, Rippy)
                                                                                                                        Table 16
                                                                                            Table 16 (basedGovernmentLewis, Rippy)
         1971 1970-          1970-          1970-          1970-          1902, 13                   1914               1914           1914
Million US$   Million US$    Million US$    Million US$    Million US$    Million FF        Million US$     Million £          Million US$




                                                                                       30




                                                                                       15
                                                                                                                                         10
         1,422     954      718     236
1,107




5,724


        29,356   13,806   10,625   3,181
33,171   28,159   24,509   3,650




35,538   30,236   28,223   2,013
34,490   29,560   27,746   1,814
35,403   29,541   27,054   2,487
37,437   33,992   28,035   5,957
37,261   34,457   27,654   6,802
37,837   33,565   27,433   6,132
34,660   30,931   24,916   6,015
         Debt-U.K.                                                                        Debt-US                                                               Total FD

 Rippy           Stone87         Lewis48       BoE          ECLA65             Lewis 38         USDoC31        Lewis48       My calculation    ECLA65
                             Lewis, Composition and Distribution of and Foreign Cleona (1938)America, 1865 1939” in (1948) of United Economy 56 #1, (1948) United
                                             Bank The 1822-1949 British Kingdom overseas Latin Latin Lewis,"A International of American
                                                                                         Dickens, America, 1913
Rippy, J.F (1959) British Investments in Latin America,United(1950)and “British Investments in investments, Stake Cleona JournalThePoliticalStates and Foreign Investment
                                                           UN-ECLA (1965) External Financing inP.D. America 1948
                                                                           Investment in Latin America's 1938 to                         UN-ECLA(1965) Abroad,"
               Stone, I. (1987) The Cleona (1948)of England States UnitedLewis, Investment Problems (1931)to inNew Estimate Investments Investments External Financ
             Government Loans, only
Government Loans, only                                       Table 16 (based on Halsey, Lewis, Rippy)
                                              Calculated as Total minus Government Loans                                                      Table 17
               1875,85,95,05,13
1880, 90,1 3, 28, 39                    1938 1938-55                                                1930
                                                                      1914 1897, 1908, 14, 19, 24, 29, 35             1938                               1914
Million £       Million £       Million US$   Million £     Million US$       Million US$       Million US$   Million US$    Million US$      Million US$


                            6
                            7

                            4
            3
                            3
                                                                                            0




                            5




            4               4
                                                                          0                 0                                                            145




                                                                                            0




                                                                                            0



            1
                                                                                          10




                                                                                          10
0
         Total FDI                                                 FDI-France                                                                       FDI-UK

 Lewis48        OECD72,73                 UNCTC-Outward
                               UNCTC-Inward         Rippy                     ECLA65           Stone99             ECLA65         Rippy            Stone87
               OECD (1973) Development from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing I. (1987)America ,Latin [
                                            Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic as Investments Investme
                                                                                      Stone, I in (Essentially Latin America (1959) British Britain, Report
                                                                                                      UN-ECLA(1965) External theStone, Affairs World
Lewis, Cleona (1948) The United States andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 52-71Compositio
                                                                                                                     Rippy, J.F       World Investment 1865-1914 A
                             Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data in in the The in )
                                                           “Economic Enterprises”
                                                                        Table 17                                             Taken          Calc. in “Economic 43, Calcu
                                                                                               Calculated as Total minus governmentas investmentsBased on TableEnterprises
                                                                                                              Table 17
         1938 1967, 1971     1980-          1980-          1902, 1913                1914                  1914                               1875,
                                                                                                                          1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
Million US$   Million US$    Million US$    Million US$    Million FF        Million US$       Million £          Million US$    Million £        Million £


                                                                                                                                                              0
                                                                                                                                                              1
                                                                                                                                             10
                                                                                                                                                              4
                                                                                                                                             7
                                                                                                                                                              7



                                                                    100


                                                                                                                                                              4




                                                                        35                                                                   4                6
                                                                                           2                                30




                                                                                                                                             25
311
                            19




      3,513



      3,700




      3,300


              1,604    23
              1,767    29
              2,021    66
              2,224   133
              1,449   154
              1,548   165
              1,318   625
              1,796   662
              2,516   730
 3,086     866
 2,260   2,239
 4,176   2,427
 4,805   2,583
 5,177   3,469
 5,990   3,827
 6,975   3,918
 9,158   4,425
14,694   4,925
19,189   5,158
22,479   5,659
26,944   5,766
30,392   5,914
31,710   6,807
 FDI-UK                                                                                                           FDI-US

              Lewis48        BoE           OECD72         ECLA65        ECLA65            USDoC31,38,47 USDoC42          USDoC60       Lewis48
                           Bank The United States and Foreign Investment Problem,Financing D.A.C. Countries ,in DevelopingStates Department of (1948) The United States and Fo
                                         OECD (1972) Stock of Private UN-ECLA
                                                         Kingdom overseas investments, 1938 in P.D. (1931) "A New Estimate Countries: End (1942), American direct investments I
                                                                      Direct Investments by to Latin America Latin United of American Investments Abroad," United States Depa
                                                                                     Dickens, 1948 United in       America        Lewis, Cleona
            Lewis, Cleona (1948)of England (1950) UnitedUN-ECLA(1965) External (1965) External Financing States Department of Commerce 1967Commerce (1960) U.S. Business i
                            Calculated as Total minus Government Loans Table 13
                                                          Table 17
Calc. Based on Table 43, Calculated as Total minus Government Loans                                                    p. 92
                     1938 1938-55                 1967                               1930,36,43
                                                                 1914 1897, 08, 14, 19, 24, 29          1929, 36, 40   1929,36,43,50             1938
            Million US$    Million £     Million US$     Million US$    Million US$       Million US$   Million US$    Million US$     Million US$




                                                                                      2




                                                                                      4




                                                                   38                 7




                                                                                  21




                                                                                  104




                                                                                  245                                          233




                                                                                                                               186
        262




 373




 993




2,465

2,808
                                             RR              RR-France                                 RR-UK

USBenchmark       OECD72       My calculation Lewis48        Rippy        Stone99             Rippy           Stone87         Lewis48
               OECD (1972) Stock of Private Lewis, Investments by The United States Final The Investment Problems Inter-American Economic DistributionStatistical Su
                             Author’s (1975) U.S. Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:] A of British In
                                                           Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , Lewis, Cleona America, 1822-1949 and “Briti
                                                                           Stone, I and Foreign in Export End 1967 The Composition and Affairs 52-71
United States Department of Commerce calculations Direct Investment Abroad, 1966:(1999) DataGlobal(1959) British Investments in Latin (1948) The United States and Fo
                                            Direct                                        Rippy,        Stone, I. (1987)
Table A-3                                                                                                  Table
                                                                                           pp. 34, 39, 68, 78. 43
         1966           1967                            1938 1902, 1913                                   1875,
                                                                                      1914 1880, 90, 13, 28, 39 85, 95, 1905, 13    1938
Million US$     Million US$    Million US$    Million US$    Million FF   Million £        Million £        Million £       Million US$



                                                                                                                        1
                                                                                                        1
                                                                                                                        2
                                                                                                        4
                                                                                                                        4




                                                                                                                        3




                                                                                                        3               3




                                                                                                        3
        3




2,136
        RR-US           Non-RR         Non-RR-France                                 Non-RR UK                                     Non-RR US

Lewis38        Lewis48 My calc         Rippy calc        Stone99             Rippy            Stone87         Lewis48      Lews38/ECLA        Lewis48
               Lewis, Cleona (1948) in United States Stone, I (1999) The GlobalLatin British Investments in Latin (1948) The United A StatisticalInvestment in Latin Prob
                       Author’s calculations J.F. (1948) “French Investment Problems of Capital from Great Britain,and Affairs[:] States and (1948) Investment State
                                      Rippy,
Lewis, Cleona (1938) America's StakeTheInternational Investments Investments in (1959)America,” Inter-American EconomicDistribution of BritishForeign TheLatinin Latin
                                                      and Foreign Rippy, J.F Export , I. (1987)Lewis, Cleona America, 1822-1949 and “British Investments Americ
                                                                                    Stone,                         UN-ECLA (1965) External Financing
                                                                                                                                  52-71
                                                                                                    The Composition 1865-1914 Lewis, Cleona Survey in United Ame
Page 602                                              Calculated as Total
                                                                       Calculated government - railways 43
                                                                                     Calc. Based on Table
                                       Calculated as Enterprise - railways minus as Enterpriseminus railways               Calculated as total minus government minus railroads
                  1938
1897, 1908, 14, 19, 24, 29, 35         1902, 1913                                         28, 39
                                                                     1914 1880, 90, 1913,1875, 85, 95, 1905, 13                                    1
                                                                                                                     1938 1897, 1908, 14, 19, 24, 29 938
Million US$            Million US$
               Million US$             Million FF        Million £          Million £        Million £       Million US$   Million US$       Million US$
not included
                                                                                                         0
                                                                                                         0
                                                                                        10
                                                                                                         3
                                                                                         3
                                                                                                         3
                                                                                                                                         2


                                                100


                                                                                                         2


                                                                                                                                         4




                                                    35                                   1               2
                                                                        0                                                                7




                                                                                                                                     21




                                                                                                                                    104



                                                                                        21
                                                                                                                                    245
     0   262
16
 Lewis, Cleona (1948) The United States and Foreign Investment Problems
total minus government minus railroads
Total LAC                                             Total FI
Shorthand       My preferred Woodruff       ECLA65          Lewis48                        IFS            I                IFS
                                                                             OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities
   Source                                                   Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004
                                                                                        Downloaded Foreign Investment Problems
                                                                                                        World Economy IMF’s site,
                                            UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                              Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                          OECD of Europe's Role
                                              4                            Summing the Debt sector investment,the Tables 16 & 1971
                                                                                          Most countries Most in FDI Most countries
                              Tables IV/3 andCalculated as the sums of government and private data for 1971 andcountriesdata for 17
Time coverage                 1914,38                1914             1938            1971 Late 1990s     Late 1990s     Late 1990s
Units           Million US$   Million US$   Million US$     Million US$      Million US$   Million US$    Million US$    Million US$
Year
        1865
        1875
        1880
        1885
        1890
        1895
        1897
        1900
        1901
        1902
        1903
        1904
        1905
        1906
        1907
        1908
        1909
        1910
        1911
        1912
        1913
        1914                        8,900          9,754
        1915
        1916
        1917
        1918
        1919
        1920
        1921
        1922
        1923
        1924
        1925
        1926
        1927
        1928
        1929
        1930
        1931
        1932
        1933
        1934
        1935
        1936
        1937
1938   11,300   10,884
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971                     40,811
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996   #N/A      #N/A      #N/A
1997   #N/A      #N/A      #N/A
1998   #N/A      #N/A      #N/A
1999   #N/A      #N/A      #N/A
2000   #N/A      #N/A      #N/A
2001   573,987   414,783 1,294,684
2002   575,969   417,071 1,229,308
                                                      German FI                                                             FR FI
 IFS Direct     IFS Portfolio Woodruff       ECLA65          Lewis48          Itinerario        Rippy                       FR
                                                                                                                FR FI Woodruff FI ECLA65
              Downloaded from IMF’s site, (1967) Impact Western Man: A Study of Europe's Role in Informal Imperial to 1750-1960
                                            UN-ECLA(1965) External Financing in Latin America (1948) “French Investments in Latin Relations,”Financing in Latin
                                                                        Rinke, Stefan (1995) “From Foreign Investment Transnational America,” Inter-American Eco
                                                                                       Rippy, J.F.
Downloaded from IMF’s site, April, 2004 W. April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, of Western Man: A Study of EuroA
                             Woodruff,                                                                              UN-ECLA(1965) External
                                                                                                      World Economy Problems
                                              (calc.)
Most countries Most countries Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                              and 4
                                                                                                                Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s     Late 1990s     1914, 38, 62            1914             1938                1934 1902, 1913      1900, 14, 38             1914
Million US$    Million US$    Million US$    Million US$     Million US$      Million RM        Million FF      Million US$     Million US$




                                                                                                                         650

                                                                                                        3,252




                                                                                                        8,375
                                       900            367                                                              1,600           1,013




                                                                                  R 2,900
150   138   400




340
#N/A      #N/A
#N/A      #N/A
#N/A      #N/A
#N/A      #N/A
#N/A      #N/A
471,724   422,423
435,011   389,943
R FI                                                                                                       Total U.K.
                 Lewis48          /Feis               Stone99            ECLA65        Woodruff      Winkler       Stone87           Rippy             Kindersley Lewis48
                               Feis, Herbert (1930) Europe: Foreign Investment ExternalW. (1967) Impact ofAmerica (1987)A A Statistical Survey Distribution(1932) “British The United S
                                               Stone, I and The World’s ExportProblems Winkler, Max Stone, I. Man:[:] ofComposition and , inRobert Cleona (1948) foreign inve
                                                             UN-ECLA(1965) 1870-1914                                                    Kindersley, Lewis, America
                Lewis, Cleona (1948) The United States(1999) The Global Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1
                                                                                                           Western       The United States Role the World Economy 1750-1960
                                                                            Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latinof British America, in Lat
 (calc.) Tables 16 & 17           Page 23                          (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283 Page 63A&B pp. 25, 37, 68, 78, 85
                                                                                   Tables
                                                     Table 31. May omit Caribbean colonies         pp.
                           1938               1913               1914           1914 1900, 14, 38, 57
                                                                                                    1913, 29                     1880, 90,           1930
                                                                                                                  1875, 85, 95, 1905, 13 1913, 28, 39, 49                 1938
                Million US$       Million £          Million £          Million US$   Million US$   Million US$   Million £         Million £         Million £   Million US$


                                                                                                                               81
                                                                                                                              175
                                                                                                                                                179
                                                                                                                              247
                                                                                                                                                426
                                                                                                                              553

                                                                                            1,250




                                                                                                                              688




                                              757                                                         4,983         1,170                   999
                                                                 811          5,066         3,700




                                                                                                                                          1,127
                                                                                                          5,889
                                                                                                                                                            693
368   4,900   4,707




       480
                                                     Total U.S.                                                                                            Total
 BoE          ECLA65         USDoc31,47      Lewis38 (calc.)Winkler        Woodruff       Lewis48       My Total       ECLA65
              UN-ECLA(1965) Externaloverseas investments, 1938America's Stake in International InvestmentsStates Department ofand
                              Kingdom Financing in Latin(1938) of1948 Woodruff, W. (1967)United States The UnitedStudy ofCommerce Investment Problems
                                            Lewis, Cleona America American Investments of Impact of Western Man: A States Europe's Role in the World Econom
                                                          Winkler,                     Lewis, Cleona (1948)           UN-ECLA(1965) External Information Bullet
Bank of England (1950) UnitedDickens, P.D. (1931) "A New EstimatetoMax (1928) Investments Abroad," United Capital in Latin America ForeignTradeFinancing in Latin A
              (Calc.) Tables 16,
Summing data for All Securities 17          +ECLA65 Table 13              Tables IV/4 and 5                           Table 16
1938-55       1914 (calc.)                                   19, 24, 29,
                             1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1914, 38, 60           1938                            1914
Million £     Million US$    Million US$    Million US$    Million US$    Million US$    Million US$    Million US$   Million US$




                                                     304
                                                                                   300




                                                  1,048




                                                                  1,242
                     1,487                        1,628                         1,650                                       2,185




                                                  2,396




                                                  5,370           5,587
774   4,150   3,490
758
750
742
728
707
649
628
603
586
314




      8,390
                       Total Debt                                                              Debt-France                                                Debt-U
 Lewis48        OECD 73                               WBD Public
                              WBDebt Total WBD Long Term                WBD Private Rippy                ECLA65        Stone 99
                                             World Bank, Indicators Washington,Bank, downloaded April,UN-ECLA Investments (1999) America,” Inter-American Eco
                                                            World Bank, World D.C. Global Financial Indicators April,Stone, in downloaded
                                                                                         Rippy, D.C. downloaded
               Organisation for Economic Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin2004 in April, America
                              World Bank, Foreign Investment Problems Global Financial Indicators Washington, Washington,ID.C. Financing Latin 2004
                                                                                                                         2004
Lewis, Cleona (1948) The United States and Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April,The Global Export of Capital fr
               Total Debt Outstanding                                                                                  on Halsey, Loans, only
                                                                                                        Table 16 (basedGovernmentLewis, Rippy)
        1938           1971 1970-          1970-          1970-         1970-          1902, 13                 1914               1914
Million US$    Million US$   Million US$   Million US$    Million US$   Million US$    Million FF       Million US$    Million £




                                                                                                  961




                                                                                             2,950
                                                                                                                302                259
3,185




                  31,984    27,075    15,343   11,732
        20,876




                 238,877   169,946   127,753   42,193
434,756   344,542   319,895    24,646




603,008   454,821   367,655    87,166
625,588   486,251   369,238   117,013
657,475   516,813   354,563   162,250
739,779   604,315   384,509   219,807
759,742   635,372   391,821   243,551
748,608   638,774   394,848   243,927
729,395   615,129   389,226   225,903
                          Debt-U.K.                                                                  Debt-US
 ECLA65        Rippy             Stone87       Lewis48       BoE          ECLA65          Lewis 38      USDoC31           Lewis48       My calculation
            Rippy, J.F (1959) British Investments Cleona (1948) The1822-1949 and “BritishExternal Financing inP.D. (1931) "A in Journal of Investments Investment
                                                                        UN-ECLA (1965) InvestmentsDickens, America, to Cleona
                                                                                          Kingdom in LatinLatin Latin Stake in 1948
                                                                                                        in investments, 1938 to
UN-ECLA (1965) External FinancingI. (1987) America Latin Bank ofDistribution of British Investment overseasAmerica, 1865 1939” New Estimate Political Economy 56 #
                                           Lewis, in      America, United States and Foreign Cleona (1938) America'sAmerica International of American
                           Stone, in Latin The Composition and England (1950) UnitedLewis, Investment Problems Lewis,1913 (1948) The United States and Fo
               on Halsey, Loans, only
                            Government
Table 16 (basedGovernmentLewis, Rippy) Loans, only                      Table 16 (based on Halsey, Lewis, Rippy)
                                                            Summing Government and Municipal Loans
                             1875,85,95,05,13
         1914 1880, 90,1 3, 28, 39                    1938 1938-55                                               1930
                                                                                   1914 1897, 1908, 14, 19, 24, 29, 35           1938
Million US$   Million £         Million £     Million US$   Million £     Million US$    Million US$    Million US$      Million US$    Million US$


                                         62
                                        129
                          123
                                        161
                          194
                                        262




                                        308


                                                                                                 299




                          316           445
      1,481                                                                         93           353




                                                                                                 418




                                                                                                 854



                          329
                                                                                               1,724




                                                                                               1,675
1,351   172   1,237
        179
        180
        177
        172
        158
        108
         99
         91
         78
         66
                          Total FDI                                               FDI-France                                                       FDI-UK
 ECLA65            Lewis48       OECD72,73     UNCTC-Inward
                                                          UNCTC-Outward
                                                                    Rippy                ECLA65           Stone99             ECLA65
           Lewis, Cleona (1948) in LatinDevelopment from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe (Essentially theFinancing in in theA
                                                         Downloaded Rippy, on (1948) “French Investments (1999) The Global Inter-American Economic Affairs
                                                                                                   Stone, I in (Essentially Latin America
UN-ECLA(1965) External Financing The United States ,andCo-operation from Problems database on foreign External Latin America,” Export of Capital from GreatLatin 5
                                         Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. same data as, in same data as Brita
                          OECD (1973) America                                                                      UN-ECLA(1965) External the World Investme
Table 17                                                                  “Economic Enterprises”
                                                                                       Table 17                          Table 17
                                                                                                          Calculated as Total minus government
           1914           1938 1967, 1971     1980-         1980-         1902, 1913               1914               1914           1914
Million US$       Million US$   Million US$   Million US$   Million US$   Million FF    Million US$       Million £          Million US$




                                                                                2,292




                                                                                5,785
      7,569                                                                                        711                552          3,585
7,495




        15,820



        19,935




                 38,374   #N/A
                 45,006   #N/A
                 50,067   #N/A
                 54,307   #N/A
                 56,355   #N/A
                 62,259   #N/A
                 67,291   #N/A
                 73,749   #N/A
                 78,353   #N/A
                 85,708   #N/A
 91,583   #N/A
107,319   #N/A
120,876   #N/A
126,974   #N/A
133,142   #N/A
157,190    70,869
194,573    73,842
253,577    82,708
345,193    91,281
416,418   102,923
485,933   106,724
564,930   106,571
605,725   110,809
                   FDI-UK                                                                                                      FDI-US
 Rippy             Stone87      Lewis48       BoE          OECD72         ECLA65       ECLA65         USDoC31,38,47 USDoC42           USDoC60
Rippy, J.F (1959) British Investments in Latin America,United(1950)and “British ofInvestment in investments, 1938D.A.C. Journal"A,in DevelopingStatesCommerce 1967Com
               Stone, I. (1987) The Composition andEngland States UnitedUN-ECLA(1965) ExternalAmerica,by in P.D. Countries NewDepartment of 56 #1,End (1942), A
                             Lewis, Cleona (1948)of Distribution of British Kingdom overseas Latin (1965) Externalin (1931) of Political Economy Department of
                                             Bank The 1822-1949 (1972)Foreign PrivateLatin America, 1865 1939” Financing States Estimate Countries: (1948)
                                                           OECD and Stock Investments Problem,Financing to Latin America Latin United of American Investments
                                                                                          Direct Investments to 1913 United in
                                                                            Investment in UN-ECLA         Dickens, 1948                 America
               Calc. in “Economic 43, Calculated as Total minus Government Loans
Taken as investmentsBased on TableEnterprises”                         Table 17
                                          Calculated as Total minus Government Loans Table 13                                       p. 92
               1875,
1880, 90, 13, 28, 39 85, 95, 1905, 13 1938 1938-55                1967                               1930,36,43
                                                                                 1914 1897, 08, 14, 19, 24, 29       1929, 36, 40   1929,36,43,50
Million £         Million £    Million US$   Million £   Million US$     Million US$   Million US$    Million US$    Million US$    Million US$


                          19
                          45
            56
                          85
            231
                        290
                                                                                                304




                        381


                                                                                                749




            683         724
                                                                               1,394         1,276




                                                                                             1,978




                                                                                             2,779



            771
                                                                                             3,646                                          3,462




                                                                                                                                            2,803
      3,228   602
804           579
              570
              565
              556
              549   2,721
              541
              529
              512
              508
              249

                    4,445




                    7,434

                    8,218
DI-US                                                                RR              RR-France                                      RR-UK
        Lewis48          USBenchmark      OECD72       My calculation Lewis48        Rippy           Stone99             Rippy             Stone87
                       United States Department of Foreign InvestmentU.S. Investments by The United States Final The Investment Problems Inter-American Economic Distribut
                                      OECD (1972) Stock of Private Lewis, Cleona (1948) D.A.C. Countries in Investments Countries:of Capital from Great Britain, 1865-1914 [:]
                                                    Author’s (1975) Problems Rippy, J.F. (1948) “French DevelopingJ.F Latin America,” , The Composition and Affairs 5
                                                                                                 Stone, I and Foreign in Export End 1967
        Lewis, Cleona (1948) The United States and Commerce calculations Direct, Investment Abroad, 1966:(1999)DataGlobal(1959) British Investments in Latin America, 1822-1
                                                                   Direct                                        Rippy,       Stone, I. (1987)
                         Table A-3                                                                                                     Table
                                                                                                                       pp. 34, 39, 68, 78. 43
                  1938           1966           1967                            1938 1902, 1913                                      1875,
                                                                                                                 1914 1880, 90, 13, 28, 39 85, 95, 1905, 13
        Million US$      Million US$    Million US$    Million US$    Million US$    Million FF      Million £         Million £         Million £


                                                                                                                                                     10
                                                                                                                                                     24
                                                                                                                                   34
                                                                                                                                                     55
                                                                                                                                   164
                                                                                                                                                     200



                                                                                              158


                                                                                                                                                     237




                                                                                             2,203                                 458               397
                                                                                                                 349




                                                                                                                                   472
2,748           1,865
                        478




        9,752
R-UK                             RR-US                Non-RR        Non-RR-France                             Non-RR UK
          Lewis48    Lewis38          Lewis48         My calc       Rippy calc     Stone99            Rippy             Stone87           Lewis48
                                     Lewis, Cleona (1948) incalculations Investments I (1999) The GlobalLatin British Investments in Latin (1948) Affairs[:] States and S
                                                    Author’s United States and Stone,
                                                                  Rippy,                          Rippy, J.F , Stone, I. (1987)Lewis, Cleona America, 1822-1949 and “Briti
       Lewis, Cleona (1948) The United States and Foreign TheInternationalJ.F. (1948) “French Investments in (1959)America,” Inter-American EconomicDistribution of BritishFo
                                                                                                                                 The Composition 1865-1914 52-71
                      Lewis, Cleona (1938) America's StakeInvestment Problems Foreign Investment ProblemsExport of Capital from Great Britain,andThe United A StatisticalIn
                     Page 602                                                      Calculated as Total
                                                                                                    Calculated government - railways 43
                                                                                                                  Calc. Based on Table
                                                                    Calculated as Enterprise - railways minus as Enterpriseminus railways
                                              1938
                1938 1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                                      28, 39
                                                                                               1914 1880, 90, 1913,1875, 85, 95, 1905, 13        1938
       Million US$   Million US$      Million US$     Million US$   Million FF     Million £         Million £         Million £         Million US$


                                                                                                                                   10
                                                                                                                                   21
                                                                                                                 22
                                                                                                                                   30
                                                                                                                 30
                                                                                                                                   90
                                131


                                                                          2,134


                                                                                                                                   143


                                110




                                                                          3,582                                  225               327
                                176                                                            203




                                211




                                                                                                                 299
1,705   0         1,524
            326
        Non-RR US
Lews38/ECLA      Lewis48
            Lewis, Cleona (1948) The United States
UN-ECLA (1965) External Financing in Latin America and Foreign Investment Problems
Calculated as total minus government minus railroads
                         1
1897, 1908, 14, 19, 24, 29 938
Million US$    Million US$




         174




         639




      1,100




      1,766




      2,779




      3,646
2,748
A               Shorthand                  Source          Time coverage Units
B     Total FI   My preferred                                            Million US$
C               Woodruff                      Tables IV/3 and of
                                                           1914,38       Million A Study of Europe's Role in the World Economy 1750-196
                                 Woodruff, W. (1967) Impact 4 Western Man:US$
D               ECLA65                        Calculated as Financing Million America
                                                                  1914 government
                                 UN-ECLA(1965) Externalthe sums ofin LatinUS$ and private sector investment, in Tables 16 & 17
E               Lewis48                                           1938 Million US$
                                 Lewis, Cleona (1948) The United States and Foreign Investment Problems
F                                             Summing the Debt data for 1971 and the FDI data for 1971
                OECD 1973 OECD (1973) Development Co-operation    1971 Million US$
G                                                          site, 1990s Million US$
                                 Downloaded from IMF’s Late April, 2004
                  IFS total Assets
H                                                          site, 1990s Million US$
                                 Downloaded from IMF’s Late April, 2004
                IFS Assets-reserves
I                                                          site, 1990s Million US$
                                 Downloaded from IMF’s Late April, 2004
                   IFS Liabilities
J                                                          site, 1990s Million US$
                   IFS Direct Downloaded from IMF’s Late April, 2004
K                                                          site, 1990s Million US$
                   IFS Portfolio Downloaded from IMF’s Late April, 2004
L     German Woodruff                         Tables IV/3, 1914, Western Man: A Study of Europe's Role in the World Economy 1750-196
                                                            4, and 5.
                                 Woodruff, W. (1967) Impact of38, 62Million US$
M       FI      ECLA65                        (calc.) Tables Financing in Latin America
                                                                   17
                                 UN-ECLA(1965) External 16 &1914 Million US$
N               Lewis48                                           1938 Million US$
                                 Lewis, Cleona (1948) The United States and Foreign Investment Problems ,
O               Itinerario                                        1934 Million to
                                 Rinke, Stefan (1995) “From Informal ImperialRMTransnational Relations,”
                                              p. 116
P      FR FI Rippy               Rippy, J.F. (1948) “French Investments in Latin America,” Inter-American Economic Affairs 52-71
                                                           1902, 1913 Million FF
Q               FR FI Woodruff                Tables IV/ 2, 3, of14, 38Million A Study of Europe's Role in the World Economy 1750-196
                                                           1900, 4
                                 Woodruff, W. (1967) ImpactandWestern Man:US$
R                                             (calc.) Tables Financing in Latin America
                                                                   17
                FR FI ECLA65UN-ECLA(1965) External 16 &1914 Million US$
S                Lewis48                                          1938 Million US$
                                 Lewis, Cleona (1948) The United States and Foreign Investment Problems
T      Total /Feis               Feis, HerbertPage 23 Europe: The World’s Banker: 1870-1914
                                               (1930)             1913 Million £
U      U.K.       Stone99                                         1914 Million £
                                 Stone, I (1999) The Global Export of Capital from Great Britain, 1865-1914 [:] A Statistical Survey ,
V                  ECLA65                     (calc.) Tables Financing in Latin America
                                                                   17
                                 UN-ECLA(1965) External 16 &1914 Million US$
W                 Woodruff                    Tables IV2, 3, 4, 5 Western Man:US$
                                                           1900,
                                 Woodruff, W. (1967) Impact of14, 38, 62 Million A Study of Europe's Role in the World Economy 1750-196
X                 Winkler                     pp. 280, 283 1913, 29      Million US$
                                 Winkler, Max (1928) Investments of United States Capital in Latin America
Y                 Stone87                                  1875, 85, 95, Distribution
                                                                          1905, £
                                 Stone, I. (1987) The Composition andMillion13 of British Investment in Latin America, 1865 to 1913
Z                 Rippy                       pp. 25, 37, 68, 78, 90, Million39,
                                                           Investments in 28, America, 1822-1949
                                 Rippy, J.F (1959) British 1880, 85 1913,Latin£ 49
AA                Kindersley Kindersley, Robert (1932) “British foreign investments in 1930,” Economic Journal XLII #166
                                                                  1930 Million £
AB                Lewis48                                         1938 Million US$
                                 Lewis, Cleona (1948) The United States and Foreign Investment Problems
AC                BoE                                      1938-55       Million £
                                 Bank of England (1950) United Kingdom overseas investments, 1938 to 1948
AD   Total U.S. ECLA65                        (Calc.) Tables 16, (calc.) in Latin America
                                                           1914 17
                                 UN-ECLA(1965) External Financing Million US$
AE                                                         1930, 43 (calc.)
                                                                         Million US$
                USDoc31,47 Dickens, P.D. (1931) "A New Estimate of American Investments Abroad," United States Department of C
AF                               +ECLA65 Table 13
                   Lewis38 (calc.)                                       Million US$
                                                           1897, 1908, 14, 19, 24, 29, 35
AG                Winkler                                  1913, 1929 Million US$
                                 Winkler, Max (1928) Investments of United States Capital in Latin America
AH                Woodruff                    Tables IV/4 and of
                                                           1938,62       Million A Study of Europe's Role in the World Economy 1750-196
                                 Woodruff, W. (1967) Impact 5 Western Man:US$
AI                Lewis48                                         1938 Million US$
                                 Lewis, Cleona (1948) The United States and Foreign Investment Problems
AJ     Total My Total                                                    Million US$
AK     Debt       ECLA65                      Table 16            1914 in Latin America
                                 UN-ECLA(1965) External Financing Million US$
AL                Lewis48                                         1938 Million US$
                                 Lewis, Cleona (1948) The United States and Foreign Investment Problems
AM                OECD 73                      for Economic Co-operation and US$
                                                                  1971
                                 OrganisationTotal Debt Outstanding Million Development (1973) Development Co-operation
AN                                                         1970-         Million US$
                 WBDebt TotalWorld Bank, Global Financial Indicators Washington, D.C. downloaded April, 2004
AO               WBD Long Term                             1970-         Million US$
                                 World Bank, Global Financial Indicators Washington, D.C. downloaded April, 2004
AP                                                         1970-         Million US$
                WBD Public World Bank, Global Financial Indicators Washington, D.C. downloaded April, 2004
AQ                                                         1970-         Million US$
                WBD Private World Bank, Global Financial Indicators Washington, D.C. downloaded April, 2004
AR   Debt-FranceRippy            Rippy, J.F. (1948) “French Investments in Latin America,” Inter-American Economic Affairs 52-71
                                                           1902, 13      Million FF
AS                 ECLA65                     Table 16 (based on 1914 inLewis, America
                                                                   Halsey, Latin Rippy)
                                 UN-ECLA (1965) External FinancingMillion US$
AT   Debt-U.K. Stone 99                       Government Loans,1914 Million £
                                                                   only
                                 Stone, I (1999) The Global Export of Capital from Great Britain, 1865-1914 [:] A Statistical Survey
AU                 ECLA65                     Table 16 (based on 1914 inLewis, America
                                                                   Halsey, Latin Rippy)
                                 UN-ECLA (1965) External FinancingMillion US$
AV                Rippy                       Government Loans, only Million America, 1822-1949 and “British Investments in Latin Am
                                                           Investments 28, 39
                                 Rippy, J.F (1959) British 1880, 90,1 3,in Latin£
AW                Stone87                     Government 1875,85,95,05,13
                                                           Loans, only Distribution of British Investment in Latin America, 1865 to 1913
                                 Stone, I. (1987) The Composition andMillion £
      Debt-U.K.




AX            Lewis48                                        1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problems
AY            BoE                        Calculated United minus Government Loans
                                                      1938-55      Million £
                            Bank of England (1950)as Total Kingdom overseas investments, 1938 to 1948
AZ  Debt-US ECLA65                       Table 16 (based on 1914 inLewis, America
                                                              Halsey, Latin Rippy)
                            UN-ECLA (1965) External FinancingMillion US$
BA            Lewis 38                   Page 655 1897, 1908, Million24, 29, 35
                                                                    in 19, US$
                            Lewis, Cleona (1938) America's Stake14, International Investments
BB           USDoC31                                         1930 Million US$
                            Dickens, P.D. (1931) "A New Estimate of American Investments Abroad," United States Department of C
BC            Lewis48                                        1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problems
BD Total FDI My calculation                                        Million US$
BE            ECLA65                     Table 17            1914 in Latin America ,
                            UN-ECLA(1965) External Financing Million US$
BF            Lewis48                                        1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problems
BG                                                    1967, 1971 Million US$
              OECD72,73 OECD (1973) Development Co-operation
BH            UNCTC-Inward                            1980-         on foreign investment, April, 2004. (Essentially the same data as in
                            Downloaded from UNCTAD databaseMillion US$
BI            UNCTC-Outward                           1980-         on foreign investment, April, 2004. (Essentially the same data as in
                            Downloaded from UNCTAD databaseMillion US$
BJ FDI-FranceRippy                       “Economic Enterprises” Million FF
                            Rippy, J.F. (1948) “French Investments in Latin America,” Inter-American Economic Affairs 52-71
                                                      1902, 1913
BK            ECLA65                     Table 17            1914 in Latin America ,
                            UN-ECLA(1965) External Financing Million US$
BL   FDI-UK Stone99                      Calculated as Export of Million £
                                                              minus government
                            Stone, I (1999) The GlobalTotal1914 Capital from Great Britain, 1865-1914 [:] A Statistical Survey
BM            ECLA65                     Table 17            1914 in Latin America ,
                            UN-ECLA(1965) External Financing Million US$
BN            Rippy                                   Investments Million America, 1822-1949 and “British Investments in Latin Am
                                         Taken as investments 13,in Latin£
                            Rippy, J.F (1959) British 1880, 90,in “Economic Enterprises”
                                                                    28, 39
BO            Stone87                    Calc. Based on Table 43, Calculated Total minus Government Loans
                                                      1875, 85, 95, Distribution
                                                                    1905, £
                            Stone, I. (1987) The Composition andMillion13 asof British Investment in Latin America, 1865 to 1913
BP            Lewis48                                        1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problem,
BQ            BoE                        Calculated United minus Government Loans
                                                      1938-55      Million £
                            Bank of England (1950)as Total Kingdom overseas investments, 1938 to 1948
BR            OECD72                                         1967 Investments
                            OECD (1972) Stock of Private Direct Million US$ by D.A.C. Countries in Developing Countries: End 19
BS   FDI-US   ECLA65                     Table 17            1914 in Latin America ,
                            UN-ECLA(1965) External Financing Million US$
BT           ECLA65                      Table 13     1897, 08, 14, in Latin29
                                                                    19, 24, America
                            UN-ECLA (1965) External FinancingMillion US$
BU                          D                         1930,36,43 Million US$
             USDoC31,38,47 ickens, P.D. (1931) "A New Estimate of American Investments Abroad," United States Department of C
BV                                                     of Commerce (1942), American direct investments in foreign countries--1940
               USDoC42 United States Department1929, 36, 40Million US$
BW                                       p. 92         of Commerce Million US$
               USDoC60 United States Department1929,36,43,50 (1960) U.S. Business Investments in Foreign Countries
BX           Lewis48                                         1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problems ,
BY                                       Table A-3           1966 Million US$
             USBenchmark United States Department of Commerce (1975) U.S. Direct Investment Abroad, 1966: Final Data
BZ                                                           1967 Investments
                OECD72 OECD (1972) Stock of Private Direct Million US$ by D.A.C. Countries in Developing Countries: End 19
CA     RR    My calculation Author’s calculations                  Million US$
CB           Lewis48                                         1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problems ,
CC RR-FranceRippy           Rippy, J.F. (1948) “French Investments in Latin America,” Inter-American Economic Affairs 52-71
                                                      1902, 1913 Million FF
CD   RR-UK Stone99                                           1914 Million £
                            Stone, I (1999) The Global Export of Capital from Great Britain, 1865-1914 [:] A Statistical Survey,
CE             Rippy                                  Investments Million America, 1822-1949 and “British Investments in Latin Am
                                         pp. 34, 39, 68, 78.        28, 39
                            Rippy, J.F (1959) British 1880, 90, 13,in Latin£
CF             Stone87                   Table 43     1875, 85, 95, Distribution
                                                                    1905, £
                            Stone, I. (1987) The Composition andMillion13 of British Investment in Latin America, 1865 to 1913
CG              Lewis48                                      1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problems
CH   RR-US Lewis38                       Page 602 1897, 1908, Million24, 29, 35
                                                                    in 19, US$
                            Lewis, Cleona (1938) America's Stake14, International Investments
CI           Lewis48                                         1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problems
CJ Non-RR My calc           Author’s calculations                  Million US$
CK Non-RR-France calc
             Rippy                       Calculated as Investments in Latin
                            Rippy, J.F. (1948) “FrenchEnterprise -Million FFAmerica,” Inter-American Economic Affairs 52-71
                                                      1902, 1913 railways
CL Non-RR UKStone99                      Calculated as Export of Million £
                                                              minus government minus railways
                            Stone, I (1999) The GlobalTotal1914 Capital from Great Britain, 1865-1914 [:] A Statistical Survey
CM            Rippy                                    Enterprise in 28, America, 1822-1949 and “British Investments in Latin Am
                                         Calculated asInvestments-Million39
                                                                    railways
                            Rippy, J.F (1959) British 1880, 90, 1913,Latin£
CN            Stone87                    Calc. Based on Table 43 Distribution
                                                      1865, 75, 85, 95, 1905,
                            Stone, I. (1987) The Composition andMillion £ 13of British Investment in Latin America, 1865 to 1913
CO            Lewis48                                        1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problems
CP Non-RR USLews38/ECLA UN-ECLA (1965) External FinancingMillion24, 29
                                                      1897, minus government minus
                                                                    in 19, US$
                                         Calculated as total 1908, 14, Latin America railroads
CQ            Lewis48                                        1938 Million US$
                            Lewis, Cleona (1948) The United States and Foreign Investment Problems
CR
CS
CT
CU
CV
                                                       Total FI
Shorthand       My preferred Woodruff       ECLA65            Lewis48                        IFS            I                IFS
                                                                               OECD 1973 (calc.) total AssetsFS Assets-reserves Liabilities
   Source                                                   Western Man: A Study(1973) America in from IMF’s site, Downloaded April, 2004
                                                                                        Downloaded Foreign Investment Problems
                                                                                                        World Economy IMF’s site,
                                            UN-ECLA(1965) External Financing in LatinDevelopment Co-operation April, 2004
                              Woodruff, W. (1967) Impact ofLewis, Cleona (1948) The United States andtheDownloaded from1750-1960 from IMF’s site, April, 2004
                                                                          OECD of Europe's Role
                                              4                            Summing the Debt sector investment, in FDI data & 1971
                              Tables IV/3 andCalculated as the sums of government and private data for 1971 and the Tables 16for 17
Time coverage                 1914,38                 1914              1938            1971 Late 1990s     Late 1990s     Late 1990s
Units           Million US$   Million US$   Million US$       Million US$      Million US$   Million US$    Million US$    Million US$
Year
        1865
        1875
        1880
        1885
        1890
        1895
        1897
        1900
        1901
        1902
        1903
        1904
        1905
        1906
        1907
        1908
        1909
        1910
        1911
        1912
        1913
        1914                                              0
        1915
        1916
        1917
        1918
        1919
        1920
        1921
        1922
        1923
        1924
        1925
        1926
        1927
        1928
        1929
        1930
        1931
        1932
        1933
        1934
        1935
        1936
        1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971   0
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
                                                     German FI                                                          FR FI
 IFS Direct     IFS Portfolio Woodruff      ECLA65          Lewis48          Itinerario        Rippy                    FR
                                                                                                            FR FI Woodruff FI ECLA65
              Downloaded from IMF’s site, (1967) Impact Western Man: A Study of Europe's Role in Informal Imperial to 1750-1960
                                            UN-ECLA(1965) External Financing in Latin America (1948) “French Investments in Latin Relations,”Financing in Latin
                                                                        Rinke, Stefan (1995) “From Foreign Investment Transnational America,” Inter-American Eco
                                                                                       Rippy, J.F.
Downloaded from IMF’s site, April, 2004 W. April, 2004 ofLewis, Cleona (1948) The United States andtheWoodruff, W. (1967) Impact, of Western Man: A Study of EuroA
                             Woodruff,                                                                              UN-ECLA(1965) External
                                                                                                      World Economy Problems
                                             (calc.)
                             Tables IV/3, 4, and 5. Tables 16 & 17           p. 116                                           and 4
                                                                                                            Tables IV/ 2, 3, (calc.) Tables 16 & 17
Late 1990s    Late 1990s     1914, 38, 62            1914             1938                1934 1902, 1913   1900, 14, 38             1914
Million US$   Million US$    Million US$    Million US$     Million US$      Million RM        Million FF   Million US$     Million US$




                                                                                                                                          0
R FI                                                                                                               Total U.K.
                 Lewis48          /Feis               Stone99            ECLA65            Woodruff      Winkler         Stone87       Rippy           Kindersley
                               Feis, Herbert (1930) Europe: Foreign Investment ExternalW. (1967) Impact ofAmerica (1987)A A Statistical Survey Distribution(1932) “British foreign inve
                                               Stone, I and The World’s ExportProblems Winkler, Max Stone, I. Man:[:] ofComposition and , inRobert of British America, in Lat
                                                             UN-ECLA(1965) 1870-1914                                                    Kindersley,
                Lewis, Cleona (1948) The United States(1999) The Global Banker:of Capital from GreatLatin(1928) InvestmentsStudyJ.F (1959) British Investments in LatinInvestment1822-1
                                                                                                           Western       The United States Role the World Economy 1750-1960
                                                                            Woodruff, Financing in Britain, 1865-1914 Rippy, of Europe'sCapital in Latin America
 (calc.) Tables 16 & 17           Page 23                                               Tables          pp.
                                                                        (calc.) Tables 16 & 17 IV2, 3, 4, 5 280, 283                  pp. 25, 37, 68, 78, 85
                           1938               1913               1914                                1913, 29
                                                                                 1914 1900, 14, 38, 62                                 1880, 90,              1
                                                                                                                        1875, 85, 95, 1905, 13 1913, 28, 39, 49 930
                Million US$       Million £          Million £          Million US$       Million US$   Million US$     Million £     Million £       Million £




                                                                                      0
                                                                        Total U.S.
 Lewis48       BoE           ECLA65             USDoc31,47      Lewis38 (calc.)Winkler         Woodruff       Lewis48      My Total
               Bank The United States and Foreign Investment Problems (1938) America's Stake in International InvestmentsStates Department ofand
                             UN-ECLA(1965) Externaloverseas investments, 1938 of1948 Woodruff, W. (1967)United States The UnitedStudy ofCommerce Investme
                                             Kingdom Financing in Latin America American Investments of Impact of Western Man: A States Europe's Role in Info
                                                           Lewis, Cleona Winkler,                     Lewis, Cleona (1948)
Lewis, Cleona (1948)of England (1950) UnitedDickens, P.D. (1931) "A New EstimatetoMax (1928) Investments Abroad," United Capital in Latin America ForeignTrade the
                             (Calc.) Tables 16, 17            +ECLA65 Table 13                Tables IV/4 and 5
         1938 1938-55        1914 (calc.)                                       19, 24, 29,
                                                1930, 43 (calc.)1897, 1908, 14,1913, 1929 35 1938,62                1938
Million US$   Million £      Million US$        Million US$   Million US$       Million US$   Million US$   Million US$    Million US$




                                                                            0




                                                                            0




                                            0                               0




                                                                            0




                                                                            0
                                         Total Debt                                                    Debt-France
 ECLA65            Lewis48        OECD 73                               WBD Public
                                                WBDebt Total WBD Long Term               WBD Private Rippy            ECLA65
                                         World Bank, World Bank, Indicators Washington,Bank, downloaded April,UN-ECLA Investments in downloaded
                                                                                                   Rippy, D.C. downloaded
           Lewis, Cleona (1948) in Latin America Co-operation andGlobal Financial Indicators Washington, J.F. (1948) “French (1965) ExternalLatin America,” Inte
                          Organisation for Economic Foreign Investment Problems Global Financial Indicators Washington, Washington, D.C. Financing Latin
                                                                        World Bank, World D.C. Global Financial Indicators April, 2004
UN-ECLA(1965) External Financing The United States and Global FinancialDevelopment (1973) Development Co-operation 2004 D.C. downloaded April, 2004 in April,
Table 16                         Total Debt Outstanding                                                              Table 16 (based on Halsey, Lewis, Rippy)
           1914           1938           1971 1970-          1970-         1970-         1970-         1902, 13               1914
Million US$       Million US$    Million US$   Million US$   Million US$   Million US$   Million US$   Million FF    Million US$
                                             Debt-U.K.                                                                 Debt-US
Stone 99            ECLA65        Rippy           Stone87     Lewis48        BoE           ECLA65           Lewis 38      USDoC31
                UN-ECLA Export of Capital from GreatInvestments Cleona [:] A Statistical Survey BritishForeign Cleona (1938) America'sAmerica in Journal of Investm
                                              Stone, in Britain, 1865-1914 America, 1822-1949of and Investment in Financing America,Stake inNew Estimate of Ame
                                                               The Composition andThe United States “British Investments in Problems 18651938 to 1948
                                                                              Bank Distribution and (1965) External Latin America,
                                                                                                            Kingdom overseas investments, 1939”
Stone, I (1999) The Global (1965) External FinancingI. (1987)Lewis, in Latin (1948)of England (1950) UnitedLewis, Investment LatininP.D. (1931)1913InternationalPolitical
                               Rippy, J.F (1959) British Latin America                      UN-ECLA                       Dickens, Latin to "A
             Table 16        on Halsey, Loans, only
                                          Government
Government Loans, only (basedGovernmentLewis, Rippy) Loans, only                           Table 16 (based on Halsey, Lewis, Rippy)
                                                                            Calculated as Total minus Government Loans
            1914                               1875,85,95,05,13
                           1914 1880, 90,1 3, 28, 39                  1938 1938-55                                                 1930
                                                                                                     1914 1897, 1908, 14, 19, 24, 29, 35
Million £          Million US$   Million £       Million £   Million US$    Million £      Million US$     Million US$    Million US$
bt-US                                                             Total FDI                                               FDI-France
         Lewis48       My calculation    ECLA65            Lewis48       OECD72,73                UNCTC-Outward
                                                                                       UNCTC-Inward         Rippy                ECLA65
                                     UN-ECLA(1965) External Financing The United States ,and from UNCTAD database J.F.foreign investment, April, 2004. Financing inthe sam
                                                                   OECD (1973) Downloaded Foreign Investment UNCTAD UN-ECLA(1965) investment, April, 2004. Inte
                                                                                                Downloaded Rippy, on (1948) “French Investments in (Essentially Latin A
        Lewis, Cleona (1948) The United States and Foreign Investment Problems Development Co-operation from Problems database on foreign External Latin America,” (Ess
                                                    Lewis, Cleona (1948) in Latin America
                                        Table 17                                                                  “Economic Enterprises”
                                                                                                                               Table 17
                1938                               1914           1938 1967, 1971     1980-         1980-         1902, 1913               1914
        Million US$    Million US$      Million US$       Million US$   Million US$   Million US$   Million US$   Million FF    Million US$
                                                  FDI-UK                                                                                                          FDI-
Stone99             ECLA65        Rippy          Stone87        Lewis48       BoE           OECD72          ECLA65       ECLA65
                              Rippy, J.F Financing I. (1987)Lewis, Cleona [:] A Statistical Survey BritishForeign Investment Latin America,1938D.A.C. Countries ,in Dev
                                                              The Composition andThe United States and Stock of Private in America, 1865 to 19131948
Stone, I (1999) The Global Export of Capital from GreatLatin America ,Latin (1948)of England (1950) UnitedUN-ECLA(1965) External (1965)1939” in Journal of Political
                                              Stone, in Britain, 1865-1914 America, 1822-1949of (1972) Investment in Latin Problem,Financing in Latin America Latin
                UN-ECLA(1965) External(1959) British Investments in          Bank Distribution and “British Investments UN-ECLA
                                                                                            OECD                          Direct Investments by to
                                                                                                            Kingdom overseas investments, External Financing in
                              Taken          Calc. in “Economic Enterprises”
Calculated as Total minus governmentas investmentsBased on Table 43, Calculated as Total Total minus Government Loans Table 13
               Table 17                                                                                 Table 17
                                                                          Calculated as minus Government Loans
            1914                               1875,
                           1914 1880, 90, 13, 28, 39 85, 95, 1905, 13   1938 1938-55                1967           1914 1897, 08, 14, 19, 24, 29
Million £          Million US$   Million £     Million £      Million US$    Million £    Million US$      Million US$   Million US$
                         FDI-US                                                                           RR              RR-France
USDoC31,38,47 USDoC42           USDoC60      Lewis48          USBenchmark      OECD72       My calculation Lewis48        Rippy
               United States EstimateStates Department of Commerce (1960)OECD (1972)Foreign InvestmentU.S. Direct, Investment Bulletin States in Investments Countri
                              United of American Investments Abroad,"direct investments Stock of of (1975) Problems (1948) The United No. 767,Developing in Latin
                                                                            U.S. Business Investments in Lewis, Cleona Rippy, J.F. (1948) “French U.S. Department of
                                                                                          Author’s Commerce Countries
Dickens, P.D. (1931) "A NewDepartment of Commerce (1942), AmericanUnited States and Commerce calculations Trade Information Abroad, 1966: Final Data Investme
                                                            United States Department Department PrivateForeign Investments by D.A.C. Countries and Foreign
                                                                                                         Direct
                                             Lewis, Cleona (1948) The United States of in foreign countries--1940
                             p. 92                            Table A-3
1930,36,43    1929, 36, 40   1929,36,43,50             1938           1966           1967                            1938 1902, 1913
Million US$   Million US$    Million US$     Million US$      Million US$    Million US$    Million US$    Million US$    Million FF
                             RR-UK                                       RR-US                 Non-RR        Non-RR-France                        Non-RR UK
Stone99             Rippy         Stone87         Lewis48     Lewis38        Lewis48           My calc       Rippy calc       Stone99
                Rippy, J.F Export of Capital from Great Britain, 1865-1914 [:] A Statistical Survey, Investment Latin America, to 1913 Investments in Export of Capital #
                              Stone, I. (1987)Lewis, Cleona America, 1822-1949of America's Stake incalculations Investments Investment Problems
                                                The Composition and Distribution and “British Investments in Problems 1865 “French Journal of Political America,” Inte
                                                               Lewis, Cleona (1938) British Investment in Latin States and Foreign I in
                                                                                              Author’s United America, Stone,
                                                                                                             Rippy,
Stone, I (1999) The Global(1959) British Investments in Latin (1948) The United States and Foreign TheInternationalJ.F. (1948)1939”(1999) The GlobalLatin Economy 56 fr
                                                                              Lewis, Cleona (1948)
                                 Table
                 pp. 34, 39, 68, 78. 43                       Page 602                                                      Calculated as Total
                                                                                                             Calculated as Enterprise - railways minus government minus r
                                1875,
            1914 1880, 90, 13, 28, 39 85, 95, 1905, 13                                 1938
                                                         1938 1897, 1908, 14, 19, 24, 29, 35                 1902, 1913                   1914
Million £        Million £      Million £      Million US$    Million US$    Million US$       Million US$   Million FF       Million £




                                                                                                                          0




                                                                                                                          0
                                                                                                                                            0
         Non-RR UK                                     Non-RR US
 Rippy           Stone87         Lewis48      Lews38/ECLA        Lewis48
                                The Composition and Distribution and “British Investments America and Foreign Investment Problems
Rippy, J.F (1959) British Investments in Latin (1948) The United States and Foreign TheLatinin Latin America, 1939” in Journal of Political Economy 56 #1, (1948)
                                                UN-ECLA (1965) External FinancingInvestment States
                                                              Lewis, Cleona (1948) in United America,
               Stone, I. (1987)Lewis, Cleona America, 1822-1949of British Investment in Latin Problems 1865 to 1913
               Calc. Based on Table
Calculated as Enterprise - railways 43        Calculated as total minus government minus railroads
                28, 39                  1                              1
1880, 90, 1913,1865, 75, 85, 95, 1905, 13 938 1897, 1908, 14, 19, 24, 29 938
Million £       Million £       Million US$   Million US$       Million US$


                            0
                            0
            0
                            0
            0
                            0
                                                            0




                            0


                                                            0




            0               0
                                                            0




                                                            0




                                                            0



            0
                                                            0
    0   0
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