In the first three stages, the country is a net borrower with a deficit on the investment-income account. As an “immature debtor-borrower,” its trade balance and current account are also in deficit; as a “mature debtor-borrower,” its trade balance enters surplus; and, as a “debtor-repayer,” its current account moves to surplus.
据经济学家杰弗里·克劳瑟（Geoffrey Crowther）的说法，一国的国际收支头寸分为六个不同的发展阶段，而净资产则是其中的关键变量——也就是一国的净国际投资头寸。在前三个阶段，国家是一个净借款人，投资收入账户也是逆差状态。作为一个“不成熟债务国-借款国（immature debtor-borrower）”，其贸易收支和经常账户都处于逆差状态；到达“成熟债务国-借款国（mature debtor-borrower）”阶段时，其贸易收支开始出现顺差；而成为“债务国-偿还国（debtor-repayer）”后经常账户也会实现顺差。