| Description |
1 online resource. |
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data file |
| Series |
IMF Working paper ; WP/17/115
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IMF working paper ; WP/17/115.
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| Contents |
Cover; Contents; I. Introduction; II. The Dataset; III. Dynamics of International Financial Integration; IV. External Balance Sheet and Global Macro-financial Trends; A. Banks; B. The Euro Area Crisis; C. FDI Measurement Issues; D. Emerging and Developing Economies and the Role of China; V. Foreign Holdings of Portfolio Debt Securities; VI. Conclustions; References; Tables; 1. The Size of Global Debt Securities' Markets: 2007 vs 2014; 2. Share of Debt Securities held by Nonresidents: 2007 and 2015. |
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3. Drivers of Foreign Share of Government Debt Securities, 2007 vs 2015 Cross-sectional Regressions4. Drivers of Change in Foreign Share of Government Debt Securities, 2007-2015; 5. Drivers of Foreign Share of Government Debt Securities, 2006-2015 Panel Regressions; Figures; 1. Global External Assets and Liabilities; 2. The Composition of World GDP; 3. Changes in External Assets, Liabilities and World GDP, 2007-2015; 4. Changes in External Assets and Liabilities, 2007-2015; 5. Gross and Net External Positions, Advanced Economies Excluding Financial Centers. |
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6. Net External Position: United States and Other Advanced Economies Excluding Financial Centers and United States7. Gross and Net External Positions, Financial Centers; 8. Gross and Net External Positions, Emerging and Developing Economies; 9. Net External Position: China and Other Emerging and Developing Economies; 10. External Assets of BIS-reporting Banks; 11. Claims of BIS-reporting Banks by Destination; 12. Intra-euro Area Assets; 13. Emerging and Developing Economies: Changes in Share of External Assets, Liabilities, and GDP to Global GDP. |
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14. Emerging Markets: Change in Share of Portfolio Liabilities to GDP15. Coefficients on Time Series Dummies; Appendices; 1. Data and Country Classification; 2. FDI in Financial Centers: the cases of Ireland and the Netherlands; Appendix Tables; A1. FDI Positions in Ireland; A2. The Netherlands: External Assets and Liabilities, Special Financial Institutions; A3. The Netherlands: External Assets and Liabilities, Excluding Special Financial Institutions. |
| Summary |
This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-a-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution. |
| Local Note |
eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America |
| Subject |
Financial crises.
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Financial crises. |
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Global Financial Crisis, 2008-2009.
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Global Financial Crisis (2008-2009) |
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Economic policy.
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Economic policy. |
| Genre/Form |
Electronic books.
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| Added Author |
Milesi-Ferretti, Gian Maria, author.
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| ISBN |
1484300386 (electronic book) |
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9781484300381 (electronic book) |
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1484300335 |
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9781484300336 |
| ISSN |
1018-5941 |
| Standard No. |
10.5089/9781484300336.001 |
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