Bertaut, Carol C.; Griever, William L. - In: Federal Reserve Bulletin (2004) Win, pp. 19-31
Securities have replaced bank lending in recent years as the primary means through which funds are invested … internationally, and in the process, the share of U.S. securities owned by foreigners has grown markedly. Between 1974 and 2002, the … proportion of the value of outstanding U.S. long-term securities (equities and long-term debt) that was foreign-owned increased …