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International Financial Integration

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

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 behavior of the rates of return on foreign assets and liabilities, relating them to ‘market’ returns .

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Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp03.

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Date of creation: 01 Jul 2003
Handle: RePEc:iis:dispap:iiisdp03
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  17. Peter J. Buckley (ed.), 1990. "International Investment," Books, Edward Elgar Publishing, number 533, June.
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  19. Lane, P, 1999. "International Investment Positions: A Cross-Sectional Analysis," Trinity Economics Papers 995, Trinity College Dublin, Department of Economics.
  20. Sørensen, Bent E & Wu, Yi-Tsung & Yosha, Oved & Zhu, Yu, 2005. "Home Bias and International Risk Sharing: Twin Puzzles Separated at Birth," CEPR Discussion Papers 5113, C.E.P.R. Discussion Papers.
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  25. Devereux, Michael P. & Lockwood, Ben & Redoano, Michela, 2002. "Do Countries Compete over Corporate Tax Rates?," CEPR Discussion Papers 3400, C.E.P.R. Discussion Papers.
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  27. Hummels, David & Ishii, Jun & Yi, Kei-Mu, 2001. "The nature and growth of vertical specialization in world trade," Journal of International Economics, Elsevier, vol. 54(1), pages 75-96, June.
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