Evidence on Financial Globalization and Crisis: Geographic/Bilateral External Balance Sheets
This article reviews the main sources of data on the geographic composition of countries' external balance sheets, covering both international and country-specific sources. It examines the determinants of bilateral financial assets and liabilities and discusses how gravity models, traditionally used in the trade literature, have been applied to explain bilateral financial links. A new dataset is used to derive some stylized facts on how bilateral financial links look like, how they have evolved over time and how they compare with trade links. The role that cross-border financial links play in the international transmission of shocks is discussed, with reference to the 2007-2009 financial crisis.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jean Imbs, 2010.
"The First Global Recession in Decades,"
IMF Economic Review,
Palgrave Macmillan, vol. 58(2), pages 327-354, December.
- Jean Imbs, 2010. "The First Global Recession in Decades," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00612515, HAL.
- Imbs, Jean, 2010. "The First Global Recession in Decades," CEPR Discussion Papers 7973, C.E.P.R. Discussion Papers.
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