Financial globalisation since the 1990s has led to large holdings of cross-border assets and liabilities in many countries. This column analyses the yields on assets and liabilities for 20 advanced and 22 emerging economies over 1999-2023, and finds that they were on a mostly downward trend, before increasing from 2020. Yields are driven by movements in exchange rates and interest rates, with significant heterogeneity across types of investments. Furthermore, the net impact of recent interest