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Bilateral Financial Linkages and Global Imbalances

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Author Info

  • Gian-Maria Milesi-Ferretti
  • Natalia T. Tamirisa
  • Francesco Strobbe

Abstract

We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence between country or region pairs with the largest gross versus net external positions, and the importance of international financial centers, including offshore centers, in intermediating financial flows. We also highlight some important data gaps in completing a network of cross-border holdings, related to the limited available information on the size and geographical pattern of external claims and liabilities of offshore centers, oil exporters, and other mostly emerging markets.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/257.

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Length: 54
Date of creation: 01 Nov 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/257

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Related research

Keywords: Developed countries; Emerging markets; Public debt; Public investment; claims; fdi; portfolio investment; foreign exchange; foreign exchange reserves; direct investment; portfolio investment assets; foreign banks; portfolio investments; foreign assets; international investment; foreign direct investment; international settlements; net foreign assets; claim; foreign bank; international trade; direct investments; foreign affiliates; conventions; direct investment survey; equity portfolio; foreign direct investment data; direct investment statistics; foreign currency; foreign liabilities;

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References

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  1. Daude, Christian & Fratzscher, Marcel, 2008. "The pecking order of cross-border investment," Journal of International Economics, Elsevier, vol. 74(1), pages 94-119, January.
  2. Edwin M. Truman & Anna Wong, 2006. "The Case for an International Reserve Diversification Standard," Working Paper Series WP06-2, Peterson Institute for International Economics.
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Citations

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Cited by:
  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6222.
  2. Sebnem Kalemli-Ozcan & Elias Papaioannou & Fabrizio Perri, 2012. "Global Banks and Crisis Transmission," NBER Working Papers 18209, National Bureau of Economic Research, Inc.
  3. Pierre-Olivier Gourinchas & Hélène Rey & Kai Truempler, 2011. "The Financial Crisis and The Geography of Wealth Transfers," NBER Chapters, in: Global Financial Crisis National Bureau of Economic Research, Inc.
  4. Hideaki Hirata & M. Ayhan Kose & Christopher Otrok, 2013. "Regionalization vs. Globalization," CAMA Working Papers 2013-09, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. Emilio Espino & Julian Kozlowski & Juan M. Sánchez, 2013. "Regionalization vs. globalization," Working Papers 2013-002, Federal Reserve Bank of St. Louis.
  6. Gabriel Zucman, 2012. "The missing wealth of nations: Are Europe and the U.S. net debtors or net creditors?," PSE Working Papers halshs-00565224, HAL.
  7. Prasad, Eswar, 2011. "Role Reversal in Global Finance," IZA Discussion Papers 6032, Institute for the Study of Labor (IZA).
  8. International Monetary Fund, 2010. "European Financial Linkages," IMF Working Papers 10/295, International Monetary Fund.

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