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International Investment Patterns: The Case of German Sectors

Author

Listed:
  • Vahagn Galstyan

    () (Trinity College Dublin)

  • Adnan Velic

    () (Dublin Institute of Technology)

Abstract

In this paper we exploit the newly augmented Coordinated Portfolio Investment Survey data of the IMF to study the cross-border inter-sectoral portfolio asset holdings of Germany. Our analysis reveals a significant degree of heterogeneity in German international asset positions of various holding entities. The findings of our study also suggest differential relations between portfolio holdings and a set of ``gravity-style'' factors across holder-issuer pairings of various sectors. We conclude that aggregate-level patterns in international portfolio holdings may not persist in sectoral data.

Suggested Citation

  • Vahagn Galstyan & Adnan Velic, 2017. "International Investment Patterns: The Case of German Sectors," Trinity Economics Papers tep0217, Trinity College Dublin, Department of Economics, revised Mar 2018.
  • Handle: RePEc:tcd:tcduee:tep0217
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    File URL: https://www.tcd.ie/Economics/TEP/2017/TEP0217.pdf
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    References listed on IDEAS

    as
    1. Galstyan, Vahagn & Lane, Philip R. & Mehigan, Caroline & Mercado, Rogelio, 2016. "The holders and issuers of international portfolio securities," Journal of the Japanese and International Economies, Elsevier, vol. 42(C), pages 100-108.
    2. Okawa, Yohei & van Wincoop, Eric, 2012. "Gravity in International Finance," Journal of International Economics, Elsevier, vol. 87(2), pages 205-215.
    3. Baltzer, Markus & Stolper, Oscar & Walter, Andreas, 2013. "Is local bias a cross-border phenomenon? Evidence from individual investors’ international asset allocation," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 2823-2835.
    4. Christelis, Dimitris & Georgarakos, Dimitris, 2013. "Investing at home and abroad: Different costs, different people?," Journal of Banking & Finance, Elsevier, vol. 37(6), pages 2069-2086.
    5. Buch, Claudia M. & Koetter, Michael & Ohls, Jana, 2016. "Banks and sovereign risk: A granular view," Journal of Financial Stability, Elsevier, vol. 25(C), pages 1-15.
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    Cited by:

    1. Vahagn Galstyan & Caroline Mehigan & Rogelio Mercado, 2017. "The Currency Composition of International Portfolio Assets," Trinity Economics Papers tep1017, Trinity College Dublin, Department of Economics.

    More about this item

    Keywords

    international portfolios; sectoral holdings; gravity;

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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