The paper makes two contributions. First, it analyzes net foreign assets (NFA) and liabilities in selected Arab countries. Second, the paper examines the effects of policy variables that affect the accumulation of NFA and its components, analyzing how the existence of a sovereign wealth fund (SWF), the country's exchange rate regime, and the development of its financial system affect its NFA. The main findings show that the presence of a SWF is positively and significantly associated with foreign direct investment in Arab countries. While financial development matters, intermediate exchange rate regimes are associated to more uncertainty compared to fixed or flexible ones. Our results remain robust even we control for the endogeneity between SWF and NFA components.

中文翻译：

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阿拉伯国家的外部财富：结构、趋势和政策影响

这篇论文有两个贡献。首先，它分析了选定阿拉伯国家的净外国资产 (NFA) 和负债。其次，本文考察了影响 NFA 及其组成部分积累的政策变量的影响，分析了主权财富基金 (SWF) 的存在、该国的汇率制度及其金融体系的发展如何影响其 NFA。主要调查结果表明，主权财富基金的存在与阿拉伯国家的外国直接投资呈显着正相关。虽然金融发展很重要，但与固定或灵活的汇率制度相比，中间汇率制度与更多的不确定性有关。即使我们控制了 SWF 和 NFA 组件之间的内生性，我们的结果仍然稳健。