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Cross-Border Investment in Small International Financial Centers

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  • Philip R. Lane
  • Gian-Maria Milesi-Ferretti

Abstract

This note documents and assesses the role of small financial centers in the international financial system using a newly-assembled dataset. It presents estimates of the foreign asset and liability positions for a number of the most important small financial centers, and places these into context by calculating the importance of these locations in the global aggregate of cross-border investment positions. It also reports some information on bilateral cross-border investment patterns, highlighting which countries engage in financial trade with small financial centers.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/38.

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Length: 33
Date of creation: 01 Feb 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/38

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Keywords: Capital flows; Asset management; Banking; Financial institutions; Foreign direct investment; international financial; international balance sheet; fdi; international financial centers; direct investment; international investment; portfolio investment; foreign assets; financial intermediation; foreign asset; global financial system; foreign exchange; international financial system; international settlements; international financial flows; international financial statistics; direct investment stocks; foreign liabilities; exchange rates; global capital; financial markets; international financial integration; financial integration; international financial market; capital markets; global financial crisis;

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References

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  1. Dhammika Dharmapala, 2008. "What Problems and Opportunities are Created by Tax Havens?," Working Papers, Oxford University Centre for Business Taxation 0820, Oxford University Centre for Business Taxation.
  2. Dhammika Dharmapala & James R. Hines Jr., 2006. "Which Countries Become Tax Havens?," NBER Working Papers 12802, National Bureau of Economic Research, Inc.
  3. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2001. "The external wealth of nations: measures of foreign assets and liabilities for industrial and developing countries," Journal of International Economics, Elsevier, Elsevier, vol. 55(2), pages 263-294, December.
  4. Alberto Felettigh & Paola Monti, 2008. "How to interpret the CPIS data on the distribution of foreign portfolio assets in the presence of sizeable cross-border positions in mutual funds. Evidence for Italy and the main euro-area countries," Questioni di Economia e Finanza (Occasional Papers), Bank of Italy, Economic Research and International Relations Area 16, Bank of Italy, Economic Research and International Relations Area.
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Cited by:
  1. Nicola Cetorelli & Linda S. Goldberg, 2011. "Liquidity management of U.S. global banks: Internal capital markets in the great recession," NBER Working Papers 17355, National Bureau of Economic Research, Inc.
  2. Gourinchas, Pierre-Olivier & Rey, Hélène & Truempler, Kai Alexander, 2011. "The Financial Crisis and the Geography of Wealth Transfers," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8567, C.E.P.R. Discussion Papers.
  3. Butkiewicz, James L. & Gordon, Leo-Rey C., 2013. "The Economic Growth Effect of Offshore Banking in Host Territories: Evidence from the Caribbean," World Development, Elsevier, Elsevier, vol. 44(C), pages 165-179.
  4. Olaf Unteroberdoerster & Runchana Pongsaparn, 2011. "Financial Integration and Rebalancing in Asia," IMF Working Papers, International Monetary Fund 11/243, International Monetary Fund.
  5. Garratt, Rodney & Mahadeva, Lavan & Svirydzenka, Katsiaryna, 2011. "The contagious capacity of the international banking network: 1985-2009," University of California at Santa Barbara, Economics Working Paper Series qt0r89f16p, Department of Economics, UC Santa Barbara.

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