Consider the following hypothetical data for an open economy (in millions): Assets owned inside the U. S. by U. S. citizens = $140 comma 000140,000 Assets owned outside the U. S. by U. S. citizens = $23 comma 35723,357 Assets owned outside the U. S. by foreign citizens = $110 comma 000110,000 Assets owned inside the U. S. by foreign citizens = $22 comma 78622,786 The value of the International Investment Position (IIP) of the U. S. is $nothing million. (Enter your answer as a whole number. Include a minus sign if necessary.)

The value of the International Investment Position (IIP) of the U.S. is $23,357 million.

Explanation:

a) Calculation of the IIP:

                                                                               Inside U.S.    Outside U.S.

Assets owned outside the U.S. by U.S. citizens = $23,357

Assets owned inside the U.S. by foreign citizens =                    $22,786

The value of the International Investment Position (IIP) of the U.S. is $23,357 million

The NIIP (or net IIP) = $571 million ($23,357 million - $22,786 million).

b) The International Investment Position (IIP) is a statistical statement that shows at a point in time the value of financial assets of residents of an economy that are claims on nonresidents and the liabilities of residents of an economy to nonresidents.

c) A net international investment position (NIIP) can be viewed as a nation’s balance sheet with the rest of the world at a specific point in time, in that it measures the gap between a nation’s stock of foreign assets and foreigner's stock of that nation's assets.