%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

% This file generates all the data pictures for 'The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States'

% first version 2/22/2023   
% last version  5/1/2023

% all the data are read from the the excel file master_AHP.xlsx
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

%% some global baseline options for graphs
mlw=1.5; % lines are 1.5 thick
mfs=11;  % fontsize is 11
% color scheme for lines is is 'b','r','g','m'




%% dn is the common quarterly date vector: 1990q1 -2023q4 %%

dn2=datenum(1990,1+[0:3:12*(2024-1990)].',1);  % make time vector from 1990q1, to 2024q1
[datestr(dn2(1)) '<->' datestr(dn2(end))]        % show what it spans

ldn2=max(size(dn2));
dn=dn2(1:ldn2-1);   % make the time vector going from 1990q1 to 2023q4, size 136
sdn=max(size(dn));



%% read quarterly data start date is 1990.Q1, end date is 2023.Q4


%%% NFA related 
M = readmatrix('master_AHP.xlsx','Sheet','NFA related','Range','E4:EJ21');

row_tass=M(1,:);           % total assets      (row)
row_tlia=M(2,:);           % total liabilities (row)
row_ca=-M(3,:);             % current account (row), note this is annual, and + means Row saving
row_tass_val=M(4,:);       % valuations in total assets (row)
row_tlia_val=M(5,:);       % valuations in total liabilities (row)
row_tvc=M(6,:);            % Total volume changes (row)
row_eq_ass=M(7,:);         % equity assets (row)
row_eq_lia=M(8,:);         % equity liabilities (row)
row_eq_ass_val=M(9,:);     % equity assets valuations (row)
row_eq_lia_val=M(10,:);    % equity liabilities valuations (row)
p_eq_lia=M(11,:);          % Price of equity liabilities (US)
p_eq_ass=M(12,:);          % Price of equity assets (US)
DVf=M(15,:);               % foreign DV ratio
Sd=M(16,:);                % Statistical discrepancy
Ovc=M(17,:);               % Other volume changes
row_ca_ft=M(18,:);         % currentaccount (row) using financial transactions, note this is annual and +  means Row saving


row_nfa=row_tass-row_tlia;        % row net foreign assets
row_nfep=row_eq_ass-row_eq_lia;   % row net foreign equity position
row_nnep=row_nfa-row_nfep;        % row net non equity position


% series for non financial corporations
Mnf = readmatrix('master_AHP.xlsx','Sheet','Corporate sector','Range','F3:EK16');

nos_nf=Mnf(1,:);              % net operating surplus, non financial corp (US)
taxiw_nf=Mnf(2,:);           % taxes on income wealth , non financial corp
ncf_nf=Mnf(3,:);             % net capital formation, non financial corp
nonfa_nf=Mnf(4,:);           % replacement value non financial assets, non financial corp
fa_nf=Mnf(5,:);              % value of financial assets, non financial corp
fl_nf=Mnf(6,:);              % financial liabilities, non financial corp
ev_nf=Mnf(7,:);              % enterprise value, non financial corp
cfc_nf=Mnf(8,:);             % consumption of fixed capital, non financial corp
gva_nf=Mnf(9,:);             % Gross value added
wl_nf=Mnf(10,:);             % Compensation of employees
taxprd_nf=Mnf(11,:);         % taxes on production , non financial corp
taxtra_nf=Mnf(12,:);         % taxes: paid transfers , non financial corp
mval_eq_nf=Mnf(13,:);        % mkt value of equity, non fin corp
mval_pteq_nf=Mnf(14,:);      % mkt value of publicly traded equity, non fin corp

fcf_nf=nos_nf-taxiw_nf-ncf_nf;   % free cash flow non financial sector
ear_nf=fcf_nf+ncf_nf;            % earnings of non financial sector


% series for financial corporations
Mf = readmatrix('master_AHP.xlsx','Sheet','Corporate sector','Range','F21:EK33');

nos_f=Mf(1,:);              % net operating surplus,  financial corp (US)
taxiw_f=Mf(2,:);           % taxes on income wealth,  financial corp
ncf_f=Mf(3,:);             % net capital formation,  financial corp
nonfa_f=Mf(4,:);           % replacement value non financial assets,  financial corp
fa_f=Mf(5,:);              % value of financial assets,  financial corp
fl_f=Mf(6,:);              % finacial liabilities,  financial corp
ev_f=Mf(7,:);              % enterprise value,  financial corp
cfc_f=Mf(8,:);             % consumption of fixed capital, financial corp
gva_f=Mf(9,:);             % Gross value added
wl_f=Mf(10,:);             % Compensation of employees
taxprd_f=Mf(11,:);         % taxes on production , financial corp
taxtra_f=Mf(12,:);         % taxes: paid transfers , financial corp
mval_eq_f=Mf(13,:);        % mkt value of equity, fin corp


fcf_f=nos_f-taxiw_f-ncf_f;      % free cash flow financial sector
ear_f=fcf_f+ncf_f;              % earnings of financial sector



% Economy wide series
Mew = readmatrix('master_AHP.xlsx','Sheet','Economy wide','Range','F3:EK5');
gdp = Mew(1,:);       % GDP (nominal)
gdp_def = Mew(2,:);   % GDP deflator (2017=100)
spf10   = Mew(3,:);   % SPF growth mean growth expectations


% aggregation across non financial and financial
gva=gva_nf+gva_f;                 % gross value added of corporate sector
ev=ev_f+ev_nf;                    % enterprise value
cfc=cfc_f+cfc_nf;                 % consumption of fixed capital
ear=ear_f+ear_nf;                 % earnings 
fcf=fcf_f+fcf_nf;                 % free cash flow
wl=wl_f+wl_nf;                    % compensation of employees
nonfa = nonfa_f+nonfa_nf;         % replacement value of non financial assets
tt_f=taxiw_f+taxprd_f;
tt_nf=taxiw_nf+taxprd_nf;
taxes = tt_f+tt_nf;               % total taxes, these measures of taxes do not include transfers paid




% derived series

nfa=row_tlia-row_tass;                % NFA (US)
nfa_gdp=nfa./gdp;

ca_gdp=-row_ca./gdp;                  % CA (US)

row_neq_lia=row_tlia-row_eq_lia;      % non equity liabilities (row)  
row_neq_ass=row_tass-row_eq_ass;      % non equity assets (row)


net_val=row_tlia_val-row_tass_val;         % net total valuations (US)
net_eq_val=row_eq_lia_val-row_eq_ass_val;  % net equity valuations (US)
net_neq_val=net_val-net_eq_val;             % net non equity valuations (US)

cum_net_eq_val=cumsum(net_eq_val);
cum_net_neq_val=cumsum(net_neq_val);


% Al these cumulated are from the US  point of view

cum_ca=cumsum(-row_ca)/4;     % divide by 4 because ca is reported at annual rate 
cum_ca_ft=cumsum(-row_ca_ft)/4;     % divide by 4 because ca is reported at annual rate 

cum_tvc=cumsum(-row_tvc);  
cum_val=cumsum(net_val);

cum_eq_val=cumsum(net_eq_val);  
cum_neq_val=cumsum(net_neq_val);

cum_ovc=cumsum(-Ovc);

check=nfa-cum_ca-cum_tvc-cum_val-nfa(1);


%% FIGURE 1 %%
figure
p=plot(dn,nfa_gdp,'b');
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
grid on
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
ylabel('Fraction of U.S. GDP')
title('Net Foreign Asset Position')
set(p,'Linewidth',mlw)
h=gca;
set(h,'Fontsize',mfs)


export_fig nfa_gdp -pdf -transparent



figure
p=plot(dn,ca_gdp,'b');
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data

grid on
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
ylabel('Fraction of U.S. GDP')
title('Current Account')
set(p,'Linewidth',mlw)
h=gca;
set(h,'Fontsize',mfs)

export_fig ca_gdp -pdf -transparent







%% FIGURE 2 %%
figure
p=plot(dn,nfa./gva,'b',dn,cum_ca./gva,'r',dn,cum_tvc./gva,'m',dn,cum_val./gva,'g');
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time


grid on
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

xlim([dn(1) dn(end)])                    % fit axes to range of actual data
ylim([-1.3 0.5]);


ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
str = '$$\sum_{j=1}^{t} CA_j$$';
text(h, dn(50), -0.8, str, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color','r')

str = '$$\sum_{j=1}^{t} VA_j$$';
text(h, dn(118), -0.05, str, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color','g')


str = '$$\sum_{j=1}^{t} RES_j$$';
text(h, dn(110), 0.37, str, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color','m')


str = '$$NFA_t$$';
text(h, dn(105), -0.6, str, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color','b')

export_fig nfa_comp -pdf -transparent



%% FIGURE 2, Appendix Version %%
figure
p=plot(dn,nfa./gva,'b',dn,cum_ca./gva,'r',dn,cum_tvc./gva,'g',dn,cum_val./gva,'m',dn,cum_ovc./gva,dn,cum_ca_ft./gva);
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time


grid on
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

xlim([dn(1) dn(end)])                    % fit axes to range of actual data
ylim([-1.3 0.5]);


ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)

str1 = '$$NFA_t$$';
text(h, dn(90), -0.4, str1, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color','b')

str2 = '$$\sum_{j=1}^{t} CA_j$$';
text(h, dn(50), -0.8, str2, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color','r')

str3 = '$$\sum_{j=1}^{t} RES_j$$';
text(h, dn(110), 0.37, str3, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color','g')



str4 = '$$\sum_{j=1}^{t} VA_j$$';
text(h, dn(118), -0.05, str4, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color','m')

str5 = '$$\sum_{j=1}^{t} OV_j$$';
text(h, dn(118), -0.3, str5, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color',[0.47,0.67,0.19])


str6 = '$$\sum_{j=1}^{t} NFT_j$$';
text(h, dn(110), -0.6, str6, 'Interpreter', 'latex', 'FontSize', mfs+1,'Color',[0.30,0.75,0.93])



%legend(str1,str2,str3,str4,str5,str6, 'Location','Southwest', 'Interpreter', 'latex')

export_fig nfa_comp_app -pdf -transparent





%% FIGURE 3 %%

p=plot(dn,row_eq_lia./gva,'b',dn,row_neq_lia./gva,'r');
title('U.S. owned assets abroad')
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
ylim([0 2]);

grid on
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])



ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
text(dn(80), 1.4,'Equity','Color','b', 'FontSize', mfs+1)
text(dn(90), 0.4,'Non Equity','Color','r', 'FontSize', mfs+1)
export_fig us_ass_abroad -pdf -transparent


figure
p=plot(dn,row_eq_ass./gva,'b',dn,row_neq_ass./gva,'r');
title('Foreign owned assets in the U.S.')

set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])              % fit axes to range of actual data
ylim([0 2]);


grid on
ylabel('Fraction of U.S. Corporate GVA')
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

h=gca;
set(h,'Fontsize',mfs)
text(dn(80), 1.4,'Non Equity','Color','r', 'FontSize', mfs+1)
text(dn(90), 0.6,'Equity','Color','b', 'FontSize', mfs+1)
export_fig foreign_assets_us -pdf -transparent


%% FIGURE 4 %%


figure
p=plot(dn,cum_eq_val./gva,'b',dn,cum_neq_val./gva,'r');
title('Cumulated net valuation changes')
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
%ylim([-0.6 0.4]);

grid on
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
text(dn(30), 0.1,'Non Equity','Color','r', 'FontSize', mfs+1)
text(dn(105), -0.38,'Equity','Color','b', 'FontSize', mfs+1)
export_fig cum_vals -pdf -transparent


figure
p=plot(dn,p_eq_ass/p_eq_ass(77),'b',dn,p_eq_lia/p_eq_lia(77),'r');  % normalize the prices to be 1 in 2009-Q1
title('Prices of US equity positions')
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
%ylim([-0.6 0.4]);

grid on
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

ylabel('Index, 2009Q1=1')
h=gca;
set(h,'Fontsize',mfs)
text(dn(100), 4,'Liabilities','Color','r', 'FontSize', mfs+1)
text(dn(105), 1.5,'Assets','Color','b', 'FontSize', mfs+1)
export_fig P_eq_pos -pdf -transparent


%% FIGURE 5 %%
%% Alternative cumulative equity valuations
p_eq_asse=ones(sdn+1,1);       
p_eq_liae=ones(sdn+1,1); 
p_eq_asse(2:end)=p_eq_ass;  % these are the price of equity extended to last Q of 1989 (normalized to 1)
p_eq_liae(2:end)=p_eq_lia;


figure
% computing the alternative equity valuations
% alternative 1 is gross positions 10%, alternative 2 is gross position 100%
agp1=1.2;
agp2=0.2;
v_alt1=((p_eq_asse(2:end)./p_eq_asse(1:end-1)).*(p_eq_liae(1:end-1)./p_eq_liae(2:end))-1).*agp1.*gva';
v_alt2=((p_eq_asse(2:end)./p_eq_asse(1:end-1)).*(p_eq_liae(1:end-1)./p_eq_liae(2:end))-1).*agp2.*gva';


cum_v_alt1=cumsum(v_alt1);
cum_v_alt2=cumsum(v_alt2);

p=plot(dn,cum_eq_val./gva,'b',dn,cum_v_alt1./gva','r--',dn,cum_v_alt2'./gva,'r:');
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
grid on 
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
%text(dn(50), 0.3,'Actual','Color','b', 'FontSize', mfs+1)
%text(dn(40), -0.4,'Gross Eq. Pos = 100% of GVA','Color',[0.93,0.69,0.13], 'FontSize', mfs+1)
%text(dn(80), 0.3,'Gross Eq. Pos = 10% of GVA','Color','r', 'FontSize', mfs+1)
l=legend('Actual','Gross Eq. Pos = 120% of GVA','Gross Eq. Pos = 20% of GVA','Location','SouthWest','Box','off','color','none')


export_fig counter -pdf -transparent






%% FIGURE 7 and 7a %%
%% Ratio of FCF to corp GVA
figure
fcf=fcf_f+fcf_nf;      % free cash flow of the corporate sector
p=plot(dn,fcf./gva,'b');
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
grid on 
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)

export_fig fcf_gva -pdf -transparent


figure
fcf=fcf_f+fcf_nf;      % free cash flow of the corporate sector
p=plot(dn,fcf./gva,'b',dn,fcf_nf./gva_nf,'r--');
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
grid on 
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
l=legend('Corporate sector','Non-Financial Corporate Sector','Location','NorthWest','Box','off','color','none')

export_fig fcf_gva_nf -pdf -transparent





%% FIGURE 8 and 8a %%
%% Enterprise and replacement value

nonfa=nonfa_nf+nonfa_f;      % replacement value of non financial assets
ev=ev_nf+ev_f;               % enterprise value

p=plot(dn,nonfa./gva,'r',dn,ev./gva,'b');
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
grid on 
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
text(dn(72), 3.7,'Enterprise value','Color','b', 'FontSize', mfs+1)
text(dn(90),1.8,'Replacement value','Color','r', 'FontSize', mfs+1)

export_fig evrv_gva -pdf -transparent

figure
p=plot(dn,nonfa./gva,'r',dn,ev./gva,'r--',dn,nonfa_nf./gva_nf,'b:',dn,ev_nf./gva_nf,'b-.');
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
grid on 
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
%text(dn(72), 3.7,'Enterprise value','Color','b', 'FontSize', mfs+1)
%text(dn(90),1.8,'Replacement value','Color','r', 'FontSize', mfs+1)

l=legend('Replacement value: corp. sector','Enterprise value: corp. sector','Replacement value: non-fin. corp. sector','Enterprise value: non-fin corp. sector','Location','NorthWest','Box','off','color','none')

export_fig evrv_gva_nf -pdf -transparent



%% Enterprise value, equity value and publicly traded equity

figure
p=plot(dn,ev_nf./gva_nf,'b',dn,mval_eq_nf./gva_nf,'r--',dn,mval_pteq_nf./gva_nf,'g:');
set(p,'Linewidth',mlw);
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
grid on 
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

ylabel('Fraction of U.S. Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
%text(dn(72), 3.7,'Enterprise value','Color','b', 'FontSize', mfs+1)
%text(dn(90),1.8,'Replacement value','Color','r', 'FontSize', mfs+1)

l=legend('Enterprise value','Mkt value of equity ','Mkt value of publicly traded equity','Location','NorthWest','Box','off','color','none')


export_fig ev_eq_gva_nf -pdf -transparent





%% Free cash flow to Enterprise value

figure

rat=fcf./ev;
rat(end)=NaN;  % this two lines are here because we do not have FCF for last quarter of 2023
p=plot(dn,rat,'b');  
set(p,'Linewidth',mlw);


xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data
grid on 
set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

ylabel('Ratio')
h=gca;
set(h,'Fontsize',mfs)


export_fig fcf_ev -pdf -transparent


%%%%%%  APPENDIX FIGURE OF CORP GVA over GDP   %%%% 


figure
p=plot(dn,gva./gdp,'b');
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data

grid on
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
ylabel('Fraction of U.S. GDP')
%title('Current Account')
set(p,'Linewidth',mlw)
h=gca;
set(h,'Fontsize',mfs)

export_fig corpgva_gdp -pdf -transparent


%%%%%%  APPENDIX FIGURE for 1-lambda, i.e. foreign ownership of US firms   %%%% 


figure
p=plot(dn,row_eq_ass./ev,'b');
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data

grid on
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
%ylabel('Fraction of U.S. GDP')
%title('Current Account')
set(p,'Linewidth',mlw)
h=gca;
set(h,'Fontsize',mfs)

export_fig row_ass_us_ev -pdf -transparent



%%%%%%  APPENDIX FIGURE for D*_t/V*_v  %%%% 


figure
p=plot(dn,DVf,'b');
xticks([ dn(1) dn(21) dn(41) dn(61) dn(81) dn(101) dn(121) dn(135) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn(1) dn(end)])          % fit axes to range of actual data

grid on
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn(1)	dn(5) dn(9)	dn(13)	dn(17)	dn(21)	dn(25)	dn(29)	dn(33)	dn(37)	dn(41)	dn(45)	dn(49)	dn(53)	dn(57)	dn(61)	dn(65)	dn(69)	dn(73)	dn(77)	dn(81)	dn(85)	dn(89)	dn(93)	dn(97)	dn(101)	dn(105)	dn(109)	dn(113) dn(117)	dn(121)	dn(125)	dn(129)	dn(133)])

set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
%ylabel('Fraction of U.S. GDP')
%title('Current Account')
set(p,'Linewidth',mlw)
h=gca;
set(h,'Fontsize',mfs)

export_fig foeign_dv -pdf -transparent


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%% YEARLY FIGURES OF Alternative measures of FDI          %%%%%%%
%% ydn is the yearly date vector: 1990 -2023              %%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
ydn=[1990:2023];

%%% Read annual data
FDI = readmatrix('master.xlsx','Sheet','Annual NFA and FDI','Range','D2:AK14');

TA=FDI(1,:);                        % Total assets US
TL=FDI(2,:);                        % Total liab US
FDI_A_mkt=FDI(3,:);        % Fdi assets mkt value
FDI_A_cc=FDI(4,:);         % Fdi assets current cost
FDI_L_mkt=FDI(5,:);        % Fdi assets mkt value
FDI_L_cc=FDI(6,:);         % Fdi assets current cost

POR_A_VAL=FDI(7,:);        % Portfolio Investment asset vals
FDI_A_VAL=FDI(8,:);        % FDI investment asset vals
POR_L_VAL=FDI(9,:);       % Portfolio Investment liabilities vals
FDI_L_VAL=FDI(10,:);       % FDI investment liabilities vals

GVA_nf=FDI(11,:);           % Fdi assets mkt value
GVA_f=FDI(12,:);            % Fdi assets mkt value


POR_N_VAL=POR_A_VAL-POR_L_VAL;    % Net valuations portfolio
FDI_N_VAL=FDI_A_VAL-FDI_L_VAL;    % Net valuations FDI

POR_CN_VAL=cumsum(POR_N_VAL);   % cumulated net valuations portfolio
FDI_CN_VAL=cumsum(FDI_N_VAL);   % cumulated net vvaluations FDI

GVA=GVA_nf+GVA_f;

figure

l1=(TA-TL)./GVA;
l2=((TA-FDI_A_mkt+FDI_A_cc)-(TL-FDI_L_mkt+FDI_L_cc))./GVA;


p=plot(ydn,l1,'b',ydn,l2,'r--');  
set(p,'Linewidth',mlw);
grid on;

ylabel('Fraction of Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
xlim([ydn(1) ydn(end)])          % fit axes to range of actual data

l=legend('NFA with FDI at mkt value','NFA with FDI at current cost','Location','SouthWest','Box','off','color','none')
set(l,'FontSize',mfs)
export_fig nfa_fdi -pdf -transparent


l1=POR_CN_VAL./GVA;
l2=FDI_CN_VAL./GVA;


p=plot(ydn,l1,'b',ydn,l2,'r--'); 
set(p,'Linewidth',mlw);
grid on;

ylabel('Fraction of Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
xlim([ydn(1) ydn(end)])          % fit axes to range of actual data

l=legend('Portfolio Net Revaluations','FDI Net Revaluations','Location','SouthWest','Box','off','color','none')
set(l,'FontSize',mfs)
export_fig equity_revals -pdf -transparent






%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%% YEARLY FIGURES OF FOREIGN V and D                      %%%%%%
%%% ydn is the yearly date vector: 1990 -2022              %%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%



ydn=[1990:2022];

%%% Read annual data
UF = readmatrix('master.xlsx','Sheet','US_Foreign','Range','B64:AH72');

US_gva=UF(1,:);             % Corp GVA US
EU_gva=UF(2,:);             % Corp GVA EU (in Euros)
G6_gva=UF(3,:);             % Corp GVA G6
US_po=UF(4,:);              % Corp payouts US
EU_po=UF(5,:);              % Corp payouts EU (in Euros)
G6_po=UF(6,:);              % Corp payouts G6
US_ev=UF(7,:);             % Corp EV US
EU_ev=UF(8,:);             % Corp EV EU (in Euros)
G6_ev=UF(9,:);             % Corp EV G6


figure

l1=US_po./US_gva;
l3=EU_po./EU_gva;
l2=G6_po./G6_gva;

p=plot(ydn,l1,'b',ydn,l2,'r--',ydn,l3,'g:');  
set(p,'Linewidth',mlw);
grid on;

ylabel('Fraction of Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
xlim([ydn(1) ydn(end)])          % fit axes to range of actual data

l=legend('U.S.','G6','European Union','Location','SouthEast','Box','off','color','none')
set(l,'FontSize',mfs)
export_fig foreignD2 -pdf -transparent


figure

l1=US_ev./US_gva;
l3=EU_ev./EU_gva;
l2=G6_ev./G6_gva;

p=plot(ydn,l1,'b',ydn,l2,'r--',ydn,l3,'g:');  
set(p,'Linewidth',mlw);
grid on;

ylabel('Fraction of Corporate GVA')
h=gca;
set(h,'Fontsize',mfs)
xlim([ydn(1) ydn(end)])          % fit axes to range of actual data

l=legend('U.S.','G6','European Union','Location','NorthWest','Box','off','color','none')
set(l,'FontSize',mfs)
export_fig foreignEV2 -pdf -transparent



%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%% MSCI Indexes %%%%%%
%%% Read monthly MSCI data, current range is Jan 1970, Mar 2024
%%% then do quarterly figures
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%


MSCIm = readmatrix('master.xlsx','Sheet','MSCI Index','Range','G3:YG5');

nm=max(size(MSCIm));
nq=nm/3;    % number of quarters (make sure nm is divisible by 3)

% matrix for frequency conversion
for j=1:nq
    mqmat(j,[1+(j-1)*3:3+(j-1)*3])=1/3;
end

MSCIq=MSCIm*mqmat';
msci_us=MSCIq(1,:);
msci_w_loc=MSCIq(2,:);
msci_w_usd=MSCIq(3,:);


% 2003 Q1 =133
% 2007 Q4 =133+20-1=152
q11=133;
q12=152;

%% dn3 is the quarterly date vector for the first episode: 2003q1 -2007q4 %%

dn3=datenum(2003,1+[0:3:12*(2007-2003)+9]',1);  % make time vector from 2002q1, to 2007q4
[datestr(dn3(1)) '<->' datestr(dn3(end))]        % show what it spans




figure
p=plot(dn3,msci_us(q11:q12)'/msci_us(q11),'b',dn3,msci_w_usd(q11:q12)'/msci_w_usd(q11),'r--',dn3,msci_w_loc(q11:q12)'/msci_w_loc(q11),'g:');
xticks([ dn3(1) dn3(9) dn3(17) dn3(20) ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn3(1) dn3(end)])          % fit axes to range of actual data

l=legend('MSCI USA','MSCI Row in USD','MSCI Row in LOC','Location','NorthWest','Box','off','color','none');
set(l,'FontSize',mfs)


grid on
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn3(1) dn3(9) dn3(17) dn3(20)])

set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
%ylabel('Fraction of U.S. GDP')
title('Equity Price Indexes, 2003-2007')
ylabel('Index 2003Q1=1')
set(p,'Linewidth',mlw)
h=gca;
set(h,'Fontsize',mfs)

export_fig msci_1 -pdf -transparent

% 2009 Q1 =161
% 2023 Q3 =161+11*4-1=204
q11=161;
q12=204;

%% dn4 is the quarterly date vector for the first episode: 2010q1 -2020q4 %%

dn4=datenum(2010,1+[0:3:12*(2020-2010)+9]',1);  % make time vector from 2010q1, to 2020q4
[datestr(dn4(1)) '<->' datestr(dn4(end))]        % show what it spans




figure
p=plot(dn4,msci_us(q11:q12)'/msci_us(q11),'b',dn4,msci_w_usd(q11:q12)'/msci_w_usd(q11),'r--',dn4,msci_w_loc(q11:q12)'/msci_w_loc(q11),'g:');
xticks([ dn4(1) dn4(9) dn4(17) dn4(25) dn4(33) dn4(41)    ])
datetick('x','QQ-YY','keepticks')        % format axes as time
xlim([dn4(1) dn4(end)])          % fit axes to range of actual data

l=legend('MSCI USA','MSCI Row in USD','MSCI Row in LOC','Location','NorthWest','Box','off','color','none');
set(l,'FontSize',mfs)


grid on
set(gca,'XMinorTick','on')
set(get(gca(),'XAxis'),'MinorTickValues',[dn4(1) dn4(9) dn4(17) dn4(25) dn4(33) dn4(41)  ])

set(gca, 'XMinorGrid', 'on', 'YMinorGrid', 'off')
%ylabel('Fraction of U.S. GDP')
title('Equity Price Indexes, 2010-2020')
set(p,'Linewidth',mlw)
h=gca;
set(h,'Fontsize',mfs)
ylabel('Index 2010Q1=1')



export_fig msci_2 -pdf -transparent