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International Financial Integration

  • Lane, Philip R.
  • Milesi-Ferretti, Gian Maria

In recent decades, foreign assets and liabilities in advanced countries have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. In this Paper, we describe the broad trends in international financial integration for a sample of industrial countries, and seek to explain the cross-country and time-series variation in the size of international balance sheets. We also examine the behaviour of the rates of return on foreign assets and liabilities, relating them to ‘market’ returns.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3769.

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Date of creation: Feb 2003
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Handle: RePEc:cpr:ceprdp:3769
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  13. Geert Bekaert & Campbell R. Harvey, 1997. "Foreign Speculators and Emerging Equity Markets," William Davidson Institute Working Papers Series 79, William Davidson Institute at the University of Michigan.
  14. Kei-Mu Yi, 2000. "Can vertical specialization explain the growth of world trade?," Staff Reports 96, Federal Reserve Bank of New York.
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