Evidence on Financial Globalization and Crisis: Geographic/Bilateral External Balance Sheets
AbstractThis article reviews the main sources of data on the geographic composition of countries' external balance sheets, covering both international and country-specific sources. It examines the determinants of bilateral financial assets and liabilities and discusses how gravity models, traditionally used in the trade literature, have been applied to explain bilateral financial links. A new dataset is used to derive some stylized facts on how bilateral financial links look like, how they have evolved over time and how they compare with trade links. The role that cross-border financial links play in the international transmission of shocks is discussed, with reference to the 2007-2009 financial crisis.
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Bibliographic InfoPaper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 1038.
Date of creation: 16 Aug 2010
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Bilateral financial links; international financial network;
Find related papers by JEL classification:
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
This paper has been announced in the following NEP Reports:
- NEP-ACC-2010-08-28 (Accounting & Auditing)
- NEP-ALL-2010-08-28 (All new papers)
- NEP-BAN-2010-08-28 (Banking)
- NEP-CBA-2010-08-28 (Central Banking)
- NEP-IFN-2010-08-28 (International Finance)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jean Imbs, 2010.
"The First Global Recession in Decades,"
IMF Economic Review,
Palgrave Macmillan, vol. 58(2), pages 327-354, December.
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