As an “immature creditor-lender,” the trade balance and current account are in surplus as well; as a “mature creditor-lender,” the trade balance returns to deficit; finally, as a “creditor-borrower,” the country’s current account swings into deficit. A country in the later stages of development can use investment income from its past accumulation of net foreign assets to compensate for the decline in citizens’ incomes due to aging and other changes.
在随后的几个阶段中，国家成为一个净债权国，投资收入为正。首先是“不成熟债权国-出借国（immature creditor-lender）”阶段贸易收支和经常账户都实现顺差；成为“成熟债权国-出借国（mature creditor-lender）后贸易收支回到逆差状况，到了最后的“债权国-借款国（creditor-borrower）”阶段，国家的经常账户收支也转为逆差。发展到后面这三个阶段的国家可以动用过去积累下来的净国外资产所产生的投资收益来补偿国内民众因为老龄化和其他变化所导致的收入降低。