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International Investment Patterns

Author/Editor: Lane, Philip R. | Milesi-Ferretti, Gian Maria
Authorized for Distribution: July 1, 2004
Electronic Access: Free Full Text (PDF file size is 1,069KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: The paper provides a systematic analysis of bilateral, source and host factors driving portfolio equity investment across countries, using newly-released data on international equity holdings at the end of 2001. It develops a model that links bilateral equity holdings to bilateral trade in goods and services and finds that the data strongly support such a correlation. Larger bilateral positions are also associated with proxies for informational proximity. It further documents that the scale of aggregate foreign equity asset and liability holdings is larger for richer countries and countries with more developed stock markets.
 
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Series: Working Paper No. 04/134
Subject(s): International trade | Foreign investment | Bilateral trade
Author's keyword(s): International portfolio equity investment | gravity | international trade
 
English  
    Published:   July 1, 2004        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1342004   Pages:   45
    Price:   US$15.00 (Academic Rate: US$15.00 )
       
     
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