French direct investment stocks - French holdings of foreign equity increased in 2015 and 2016

Ariane Hautcoeur and Jean-Luc Cayssials

Quarterly selection of articles - Bulletin de la Banque de France, 2017, issue 48, 45-60

Abstract: France’s international investment position is a statement of French residents’ claims and liabilities vis-à-vis non-residents. The direct investment component, which consists of holdings of equity, is structurally positive, and at end-2016 showed a net asset position of EUR 533 billion, up from EUR 520 billion at end-2015 and EUR 490 billion at end-2014. As a result, net income from direct investments abroad made a positive contribution of EUR 40 billion to the current account balance in both 2015 and 2016. In terms of counterparty countries, France’s largest net asset position for direct investment is with the United States. Consequently, the bulk of the rise in France’s direct investment position in 2015 stemmed from exchange rate effects linked to the appreciation of the dollar. The stock of foreign direct investment in France amounted to EUR 630 billion at end-2015, up from EUR 580 billion a year earlier. Inward direct investment flows exceeded EUR 42 billion over the year. The total stock of French direct investment abroad rose to EUR 1,150 billion at end-2015, from EUR 1,070 billion a year earlier, driven by new outward investment flows and by exchange rate effects.

Keywords: direct investment; international investment; position; equity; subsidiaries; direct investment income (search for similar items in EconPapers)
JEL-codes: F21 F23 G34 L22 (search for similar items in EconPapers)
Date: 2017
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