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The International Investment Position of the United States at Yearend 2005

Option buyers pay a price for the right to buy or sell the underlying security. This price is called the option premium. The premium is paid to the writer, or seller, of the option. In return, the writer of a call option is obligated to deliver the underlying security (in return for the strike price per share) to an option buyer if the call is exercised and, likewise, the writer of a put option is obligated to take delivery of the underlying security (at a cost of the strike price per share) from an option buyer if the put is exercised. Whether or not an option. | July 2006 9 The International Investment Position of the United States at Yearend 2005 By Elena L. Nguyen The net international investment position of the United States was - 2 693.8 billion preliminary at yearend 2005 compared with - 2 360.8 billion revised at yearend 2004 with direct investment valued at current cost table 1 chart 1 . The value of foreign-owned assets in the United States continued to exceed the value of U.S.-owned assets abroad. The - 333.0 billion change in the net investment position from yearend 2004 to yearend 2005 was largely due to record private net foreign purchases of U.S. securities including Treasury securities and to depreciation of most major foreign currencies against the U.S. dollar which lowered the dollar value of U.S.-owned assets abroad. The impact of these net foreign purchases and exchange-rate changes was partly offset by price appreciation of U.S.-held foreign stocks that surpassed by a large amount price appreciation of for-eign-held U.S. stocks. On an alternative valuation basis with direct investment valued at the current stock market value of owners equity the net investment position was - 2 546.2 billion preliminary at yearend 2005 compared with - 2 448.7 billion revised at yearend 2004. This article features estimates valued at the current cost of direct Valuing Direct Investment Positions and Other Components of the U.S. International Investment Position Virtually all of the categories in the international investment position accounts except direct investment positions can be directly estimated with reference to readily observable market prices. For example the value of positions in portfolio investment securities gold loans currencies and bank deposits can be directly estimated based on face values or market prices of recent transactions. In contrast direct investment positions typically involve illiquid ownership interests in companies that may possess many unique attributes such as customer base management and .