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The holders and issuers of international portfolio securities

Author

Listed:
  • Galstyan, Vahagn
  • Lane, Philip R.
  • Mehigan, Caroline
  • Mercado, Rogelio

Abstract

Research on the geographical distribution of international portfolios has mainly focused on data aggregated to the country level. We exploit newly-available data that disaggregates the holders and issuers of international securities along sectoral lines. We find that patterns evident in the aggregate data do not uniformly apply across the various holding and issuing sectors, such that a full understanding of cross-border portfolio positions requires granular-level analysis.

Suggested Citation

  • Galstyan, Vahagn & Lane, Philip R. & Mehigan, Caroline & Mercado, Rogelio, 2016. "The holders and issuers of international portfolio securities," Journal of the Japanese and International Economies, Elsevier, vol. 42(C), pages 100-108.
  • Handle: RePEc:eee:jjieco:v:42:y:2016:i:c:p:100-108
    DOI: 10.1016/j.jjie.2016.08.001
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    References listed on IDEAS

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    12. Okawa, Yohei & van Wincoop, Eric, 2012. "Gravity in International Finance," Journal of International Economics, Elsevier, vol. 87(2), pages 205-215.
    13. Vahagn Galstyan & Caroline Mehigan & Rogelio Mercado, 2017. "The Currency Composition of International Portfolio Assets," Trinity Economics Papers tep1017, Trinity College Dublin, Department of Economics.
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    17. Galstyan, Vahagn & Lane, Philip R., 2013. "Bilateral portfolio dynamics during the global financial crisis," European Economic Review, Elsevier, vol. 57(C), pages 63-74.
    18. Philip R. Lane & Gian Maria Milesi-Ferretti, 2008. "International Investment Patterns," The Review of Economics and Statistics, MIT Press, vol. 90(3), pages 538-549, August.
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    Citations

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    Cited by:

    1. Avdjiev, Stefan & Hardy, Bryan & Kalemli-Ozcan, Sebnem & Serv�n, Luis, 2017. "Gross Capital Inflows to Banks, Corporates and Sovereigns," CEPR Discussion Papers 11806, C.E.P.R. Discussion Papers.
    2. Rogelio Mercado Jr., 2018. "Bilateral Capital Flows: Transaction Patterns and Gravity," Trinity Economics Papers tep0218, Trinity College Dublin, Department of Economics, revised Feb 2018.
    3. Mary Everett & Vahagn Galstyan, 2017. "Cross-Border Banking and Macroeconomic Determinants," Trinity Economics Papers tep0317, Trinity College Dublin, Department of Economics.
    4. Vahagn Galstyan & Caroline Mehigan & Rogelio Mercado, 2017. "The Currency Composition of International Portfolio Assets," Trinity Economics Papers tep1017, Trinity College Dublin, Department of Economics.
    5. Martijn Boermans & Robert Vermeulen, 2018. "Quantitative easing and preferred habitat investors in the euro area bond market," DNB Working Papers 586, Netherlands Central Bank, Research Department.
    6. Stefan Avdjiev & Bryan Hardy & Sebnem Kalemli-Ozcan & Luis Servén, 2017. "Gross Capital Flows by Banks, Corporates and Sovereigns," NBER Working Papers 23116, National Bureau of Economic Research, Inc.
    7. Pierre Bui Quang & Jonas Heipertz & Natacha Valla, 2017. "International equity portfolio diversification: a sectoral and security-by-security analysis," EconomiX Working Papers 2017-2, University of Paris Nanterre, EconomiX.
    8. repec:kap:openec:v:29:y:2018:i:3:d:10.1007_s11079-018-9483-2 is not listed on IDEAS
    9. Martijn Boermans & Robert Vermeulen, 2016. "International investment positions revisited: Investor heterogeneity and individual security characteristics," DNB Working Papers 531, Netherlands Central Bank, Research Department.
    10. repec:eee:jimfin:v:77:y:2017:i:c:p:164-179 is not listed on IDEAS
    11. Hellmanzik, Christiane & Schmitz, Martin, 2017. "Taking gravity online: The role of virtual proximity in international finance," Journal of International Money and Finance, Elsevier, vol. 77(C), pages 164-179.
    12. Vahagn Galstyan & Adnan Velic, 2018. "International Investment Patterns: the Case of German Sectors," Open Economies Review, Springer, vol. 29(3), pages 665-685, July.
    13. Coates, Dermot & Osborne-Kinch, Jenny & Brian Power, 2017. "Securities Holdings Statistics in Ireland: Introducing the Enhanced Quarterly Statistics," Quarterly Bulletin Articles, Central Bank of Ireland, pages 70-86, January.

    More about this item

    Keywords

    International portfolios; International capital flows; Gravity models;

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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