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Globalization and the Reach of Multinationals Implications for Portfolio Exposures, Capital Flows, and Home Bias

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Abstract

The residence-based framework of measuring international exposure is increasingly less informative, as a growing number of firms locate in low-tax jurisdictions and issue securities through offshore subsidiaries. This has clouded the view of capital flows and investor exposures from standard sources such as the IMF Balance of Payments and the Coordinated Portfolio Investment Survey.

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  • Carol C. Bertaut & Beau Bressler & Stephanie E. Curcuru, 2020. "Globalization and the Reach of Multinationals Implications for Portfolio Exposures, Capital Flows, and Home Bias," FEDS Notes 2020-12-18-2, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2020-12-18-2
    DOI: 10.17016/2380-7172.2829
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    File URL: https://www.federalreserve.gov//econres/notes/feds-notes/globalization-and-the-reach-of-multinationals-implications-for-portfolio-20201218.htm
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    Cited by:

    1. Karamysheva, Madina & Seregina, Ekaterina, 2022. "Prudential policies and systemic risk: The role of interconnections," Journal of International Money and Finance, Elsevier, vol. 127(C).

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