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The financial crisis and U.S. cross-border financial flows

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Abstract

The financial crisis that began in the summer of 2007 caused notable changes in the composition of U.S. cross-border financial flows, especially in the fall of 2008, when the crisis intensified. This article documents three major channels through which financial flows and associated portfolio positions were affected: (1) ?flight to safety? shifts away from riskier securities and toward investments in safe and liquid markets, particularly U.S. Treasury securities; (2) unusual flows through the banking system resulting from a shortage of dollar liquidity abroad and a breakdown in interbank markets; and (3) a pullback from cross-border positions during the crisis.

Suggested Citation

  • Carol C. Bertaut, 2009. "The financial crisis and U.S. cross-border financial flows," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 95(Nov), November.
    • Handle: RePEc:fip:fedgrb:y:2009:i:nov:n:v.95
    DOI: 10.17016/bulletin.2009.95-11
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2009/pdf/Crossborder09.pdf
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    Cited by:

    1. Koepke, Robin, 2018. "Fed policy expectations and portfolio flows to emerging markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 55(C), pages 170-194.
    2. Kamin, Steven B. & DeMarco, Laurie Pounder, 2012. "How did a domestic housing slump turn into a global financial crisis?," Journal of International Money and Finance, Elsevier, vol. 31(1), pages 10-41.
    3. Julio, Brandon & Yook, Youngsuk, 2016. "Policy uncertainty, irreversibility, and cross-border flows of capital," Journal of International Economics, Elsevier, vol. 103(C), pages 13-26.
    4. Erika Brandner & Fang Cai & Ruth A. Judson, 2012. "Improving the measurement of cross-border securities holdings: the Treasury International Capital SLT," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue May.
    5. Carol C. Bertaut & Ruth A. Judson, 2014. "Estimating U.S. Cross-Border Securities Positions: New Data and New Methods," International Finance Discussion Papers 1113, Board of Governors of the Federal Reserve System (U.S.).
    6. Erika Brandner & Fang Cai & Ruth A. Judson, 2012. "Improving Measurement of Cross-Border Securities Holdings: The TIC SLT," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 98(1), May.

    More about this item

    Keywords

    Financial crises; Government securities;

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