This aspect is particularly important for investors resident abroad ( see Section 4.6 .

But it matters little for foreign investors.

A sectoral breakdown of resident and non resident issuers of securities is required .

Final consumption expenditure of resident and non resident households on the economic territory . 3 .

But investors do not seem to think so.

A little bad for monkey investors.

The third parties are usually ( resident or non resident ) financial vehicles , which issue securities to finance the credits acquired .

they introduce a split between the residents of their country , i.e. domestic residents , and the residents of third countries .

Capital and reserves Remaining liabilities A. Domestic Non MFIs Other resident sectors C. Rest of the world D. Not allocated Other resident sectors Non MFIs

A. Domestic Non MFIs Other resident sectors D. Not allocated Other resident sectors Non MFIs

External liabilities of the euro area MFI sector mainly include deposits held by non euro area residents and loans from non euro area residents .

In addition , when markets are developed , large fluctuations in interest flows ( notably between residents and non residents ) could be observed .

Non financial corporations

Non banks Other residents Non banks Other residents

Domestic Domestic NonMFIs Domestic Domestic NonMFIs Domestic Domestic NonMFIs

For example , in France , statistics show that a non resident investor holds shares on average only for five months ( compared to eleven months for resident investors23 .

Domestic Securities other than shares Domestic NonMFIs Securities other than shares

This should not only protect investors and improve market efficiency .

This suggests that investors lack confidence in the durability of the recovery.

Large portfolio investors don t put all of their funds in a single currency.

Other residents Other residents

Repos Other residents

Other residents Foreign currency

Other residents

It would in particular help investors situated abroad , and which are not in the same position as domestic investors to travel , to exercise their rights .

It provides information on the MFI sector 's assets and liabilities vis à vis residents of the euro area not belonging to this sector ( i.e. general government and other euro area residents ) and vis à vis non euro area residents .

The significant improvement in the net external position of MFIs mainly reflected strong inflows of funds by non MFIs into the euro area in the period from June to December 2001 . Data from the balance of payments suggest that this development

Short and long term loans taken by NFC from resident OFI and ICPF and non residents Short term loans taken by ICPF from resident ICPF and non residents Long term loans taken by ICPF from resident OFI and ICPF and non residents Prepayments of insurance premiums and reserves for outstanding claims incurred by ICPF

Explanation As of now , investors ( including private , retail investors ) may legitimately own shares or units of third country domiciled AIFs .

It provides information on the MFI sector 's assets and liabilities vis à vis residents of the euro area not belonging to this sector ( i.e. general government and other euro area residents ) and vis à vis non residents of the euro area .

The billion dollar aids for banks in Europe and in the U.S. are not assuaging investors' doubts.

We were not all investing geniuses after all.

Construction in the Compiling Economy ( code 251 ) Comprises construction services provided to residents of the compiling economy by nonresident construction enterprises ( debit ) and the goods and services purchased in the compiling economy by these non resident enterprises ( credit ) .

Since the start of Stage Three of EMU , euro denominated bonds issued by non euro area residents have to a significant extent been targeted at and purchased by euro area investors .

13 11 Liabilities to euro area and non euro area residents denominated in foreign currency

2 By maturity ( 3 bands ) 3 Claims on euro area residents denominated in foreign currency Domestic Loans Non financial corporations Loans

A. Domestic Non MFIs Other resident sectors Other general government Banks General government ( S. 13 ) Other resident sectors Non banks Non MFIs Total 26.9.2003

A. Domestic Non MFIs Other resident sectors Other general government Banks General government Other resident sectors Non banks Non MFIs Total 26.9.2003

Certain classes of investment may not earn the risk adjusted returns that private investors demand.

Short and long term loans taken by NFC from resident OFI and ICPF and non residents Short term loans taken by ICPF from resident ICPF and non residents Long term loans taken by ICPF from resident OFI and ICPF and non residents Prepayments of insurance premiums and reserves for outstanding claims incurred by ICPF Deposits of GG Deposits of NFC and HH with resident OFI Deposits of NFS and ICPF with resident GG

Unlike banks, though, they do not pay the government to insure their investors.

If investors don t want to hold euros, pounds, or yen, where else can they go?

So I promised my investors this would not be another made in fifth world country production.

This may be particularly so with regard to cross border investors .

And yet investors have reason to be concerned.