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International Investment Patterns: the Case of German Sectors

Author

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  • Vahagn Galstyan

    (Trinity College Dublin)

  • Adnan Velic

    (Dublin Institute of Technology)

Abstract

In this paper we exploit the newly augmented Coordinated Portfolio Investment Survey data of the IMF to study the cross-border inter-sectoral portfolio asset holdings of Germany. Our analysis reveals a significant degree of heterogeneity in the international asset positions of various German holding entities. The findings of our study also suggest differential relations between portfolio holdings and a set of “gravity-style” factors across holder-issuer pairings of various sectors. We conclude that aggregate-level patterns in international portfolio holdings may not persist in inter-sectoral data.

Suggested Citation

  • Vahagn Galstyan & Adnan Velic, 2018. "International Investment Patterns: the Case of German Sectors," Open Economies Review, Springer, vol. 29(3), pages 665-685, July.
  • Handle: RePEc:kap:openec:v:29:y:2018:i:3:d:10.1007_s11079-018-9483-2
    DOI: 10.1007/s11079-018-9483-2
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    Cited by:

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    3. Carvalho, Daniel, 2022. "The portfolio holdings of euro area investors: Looking through investment funds," Journal of International Money and Finance, Elsevier, vol. 120(C).
    4. Martijn A. Boermans & Robert Vermeulen, 2020. "International investment positions revisited: Investor heterogeneity and individual security characteristics," Review of International Economics, Wiley Blackwell, vol. 28(2), pages 466-496, May.
    5. Carvalho, Daniel & Schmitz, Martin, 2021. "Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: looking-through investment funds," Working Paper Series 2526, European Central Bank.
    6. Michael Curran & Adnan Velic, 2020. "The CAPM, National Stock Market Betas, and Macroeconomic Covariates: a Global Analysis," Open Economies Review, Springer, vol. 31(4), pages 787-820, September.
    7. Carvalho, Daniel & Schmitz, Martin, 2022. "Brexit, what Brexit? Euro area portfolio exposures to the United Kingdom since the Brexit referendum," Working Paper Series 2734, European Central Bank.

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    More about this item

    Keywords

    International portfolios; Sectoral holdings; Gravity;
    All these keywords.

    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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