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Looking through cross-border positions in investment funds: evidence from Italy

In: Are post-crisis statistical initiatives completed?

Author

Listed:
  • Valerio Della Corte
  • Stefano Federico
  • Alberto Felettigh

Abstract

Motivated by the increasingly large weight of foreign investment funds on the portfolio of Italian residents, this paper provides an estimate of the composition, by instrument and by issuer country, of Italy�s portfolio assets after �looking through� cross-border positions in investment funds. Our main findings suggest that removing the statistical opacity arising from cross-border positions in investment funds has a significant impact on the composition of Italy�s portfolio investments. After �looking through� foreign funds� holdings, the share of debt securities on portfolio assets, which is equal to 40 per cent in the unadjusted data, rises to 75 per cent. The country composition of external portfolio assets also fundamentally changes in the direction of increasing its geographical diversification. The United States becomes Italy�s main destination country; the shares of France, Germany, the United Kingdom and Spain also increase, while that of Luxembourg, where most of the foreign investment funds are domiciled, drastically falls.
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Suggested Citation

  • Valerio Della Corte & Stefano Federico & Alberto Felettigh, 2019. "Looking through cross-border positions in investment funds: evidence from Italy," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Are post-crisis statistical initiatives completed?, volume 49, Bank for International Settlements.
    • Handle: RePEc:bis:bisifc:49-19
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    Cited by:

    1. is not listed on IDEAS
    2. Massimo Coletta & Raffaele Santioni, 2019. "Households' investments in foreign mutual funds made transparent," Questioni di Economia e Finanza (Occasional Papers) 533, Bank of Italy, Economic Research and International Relations Area.
    3. Diega Caprara & Riccardo De Bonis & Luigi Infante, 2018. "Household wealth in Italy and in advanced countries," Questioni di Economia e Finanza (Occasional Papers) 470, Bank of Italy, Economic Research and International Relations Area.
    4. Carvalho, Daniel, 2022. "The portfolio holdings of euro area investors: Looking through investment funds," Journal of International Money and Finance, Elsevier, vol. 120(C).
    5. Valerio Della Corte & Stefano Federico & Enrico Tosti, 2018. "Unwinding external stock imbalances? The case of Italy�s net international investment position," Questioni di Economia e Finanza (Occasional Papers) 446, Bank of Italy, Economic Research and International Relations Area.
    6. Martín Fuentes, Natalia & Born, Alexandra & Bremus, Franziska & Kastelein, Wieger & Lambert, Claudia, 2023. "A deep dive into the capital channel of risk sharing in the euro area," Working Paper Series 2864, European Central Bank.

    More about this item

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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