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An earlier study in this journal investigated comparative advantage for trade in financial services. The current paper extends that analysis over a time-series dataset in order to examine changing comparative advantage over the period 1974-1989. One suggested hypothesis is that the 1982 debt crisis would adversely affect the comparative positions of the major lending countries, the United States and the United Kingdom. The interpretation of results based on cross-border claims is, however, hampered by the growth of off-balance-sheet activities (OBSAs).   JEL: G15