In this appendix I describe the estimation of net foreign investment, that is, the balance of trade plus invisibles, such as dividend and interest payments to foreigners and net tourist expenditures abroad. The balance of trade plus invisibles is called in the Russian and later Soviet literature the raschetny balans, whereas in the early Soviet literature the compilation of the raschetny balans generally followed the procedures of the League of Nations for calculating net foreign investment.

The subject of net foreign investment was one of considerable concern preceding and following the introduction of the gold standard in 1897. Much discussion was devoted to the issue: Was the Russian raschetny balance positive or negative? The debate was summarized by Migulin, writing in 1902, and by Engeev, writing in 1928. Various attempts have been made to estimate net foreign investment, the first being 01's estimates (1897) for 1881 to 1895, followed by Vyshnegradsky's estimates for 1888 to 1895. Khrulev, writing in 1916, estimated net foreign investment for 1908 to 1913. In the late 1920s, estimates were made by Engeev for 1881 to 1913 and Pasvolsky and Moulton for 1894 to 1914. Later Soviet reference works typically cite Engeev's estimates, although in some instances those of Khrulev are used. Bukovetsky apparently compiled independent estimates for 1911 to 1913, but he supplies no explanatory notes to his figures.