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How foreign investors have reacted to global crises since 1977



1978-79   Second oil-price shock     Foreigners are net sellers of U.S.
                                     securities for six months in 1979



1987      Oct. 17 stock              Net $41 billion of U.S. securities
          market crash               are sold in October and November



1990-91   Persian Gulf War           Net outflows hit $6.4 billion in two
                                     months after Iraq invades Kuwait



1997      Asian currency crisis      The flows to U.S. dip briefly



1998      Russian debt crisis,       Net outflows of $15.5 billion in
          Long-Term Capital          August-September. By November,
          Management collapse        net investment reaches $54 billion



Data: Morgan Stanley Dean Witter & Co.