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

Author/Editor: Milesi-Ferretti, Gian Maria | Strobbe, Francesco | Tamirisa, Natalia T.
Authorized for Distribution: November 1, 2010
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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: 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.
 
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Series: Working Paper No. 10/257
Subject(s): Balance of trade | Cross country analysis | Developed countries | Economic integration | Emerging markets | Globalization | Public debt | Public investment
Author's keyword(s): International financial integration; global imbalances
 
English  
    Published:   November 1, 2010        
            Format:   Paper
    Stock No:   WPIEA2010257   Pages:   54
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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