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Bilateral Financial Linkages and Global Imbalances: a View on The Eve of the Financial Crisis

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  • Mr. Gian M Milesi-Ferretti
  • Ms. Natalia T. Tamirisa
  • Mr. Francesco Strobbe

Abstract

We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence between country or region pairs with the largest gross versus net external positions, and the importance of international financial centers, including offshore centers, in intermediating financial flows. We also highlight some important data gaps in completing a network of cross-border holdings, related to the limited available information on the size and geographical pattern of external claims and liabilities of offshore centers, oil exporters, and other mostly emerging markets.

Suggested Citation

  • Mr. Gian M Milesi-Ferretti & Ms. Natalia T. Tamirisa & Mr. Francesco Strobbe, 2010. "Bilateral Financial Linkages and Global Imbalances: a View on The Eve of the Financial Crisis," IMF Working Papers 2010/257, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2010/257
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    WP; euro area; portfolio assets; vis-à-vis Japan; equity assets; portfolio liability;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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