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Global Capital Allocation

Author

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  • Florez-Orrego, Sergio
  • Maggiori, Matteo
  • Schreger, Jesse
  • Sun, Ziwen
  • Tinda, Serdil

Abstract

We survey the literature on global capital allocation. We begin by reviewing the rise of cross-border investment, the shift towards portfolio investment, and the literature focusing on aggregate patterns in multilateral and bilateral positions. We then turn to the recent literature that uses micro-data to document patterns in global capital allocations. We focus on the importance of the currency of denomination of assets in international portfolios and the role that tax havens and offshore financial centers play in intermediating global capital. We conclude with directions for future research in this area.

Suggested Citation

  • Florez-Orrego, Sergio & Maggiori, Matteo & Schreger, Jesse & Sun, Ziwen & Tinda, Serdil, 2023. "Global Capital Allocation," CEPR Discussion Papers 18480, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18480
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    2. Kimiko Terai, 2025. "The Sovereign Bond Issuance and Tax Competition for Portfolio Investment," Keio-IES Discussion Paper Series DP2025-024, Institute for Economics Studies, Keio University.
    3. Kaufmann, Christoph & Leyva, Jaime & Storz, Manuela, 2024. "Insurance corporations’ balance sheets, financial stability and monetary policy," Working Paper Series 2892, European Central Bank.
    4. Kubitza, Christian & Sigaux, Jean-David & Vandeweyer, Quentin, 2025. "The implications of CIP deviations for international capital flows," Working Paper Series 3017, European Central Bank.
    5. Allen, Cían & Juvenal, Luciana, 2025. "The role of currencies in external balance sheets," Journal of International Economics, Elsevier, vol. 157(C).
    6. Kimiko Terai, 2025. "The Sovereign Bond Issuance and Tax Competition for Portfolio Investment: A Political Economy Approach," Keio-IES Discussion Paper Series DP2025-016, Institute for Economics Studies, Keio University.
    7. Holland, Sara B. & Sarkissian, Sergei & Schill, Michael J. & Warnock, Francis E., 2024. "Nonlinearities and a pecking order in cross-border investment," Journal of Banking & Finance, Elsevier, vol. 166(C).
    8. Patrick McGuire & Goetz Peter & Sonya Zhu, 2025. "International Finance Through the Lens of BIS Statistics: Residence vs Nationality," Springer Books, in: Ursula Schipper & Robert Kirchner & Jens Walter (ed.), Measuring International Economics, pages 189-206, Springer.

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    JEL classification:

    • F3 - International Economics - - International Finance

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