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The Role of Country Concentration in the International Portfolio Investment Positions for the European Union Members

Author/Editor: Iuliia Brushko | Yuko Hashimoto
Authorized for Distribution: May 1, 2014
Electronic Access: Free Full Text (PDF file size is 1,300KB)
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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: This paper examines the international portfolio flows of European Union. Our analysis includes three dimensions: (1) the level of countries' portfolio investment concentration (those who invest evenly among counterparties versus those who invest more heavily in some counterparties); (2) the share of total portfolio investment assets invested at the destination; and (3) pre- and during the crisis periods. We find that portfolio investment positions respond differently to macroeconomic variables depending on the level of investment concentration and the share of invested assets. In particular, variables of health of the financial system become important determinants for portfolio investment during the crisis.
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Series: Working Paper No. 14/74
Subject(s): Investment | European Economic and Monetary Union | Capital flows | Asset management
    Published:   May 1, 2014        
    ISBN/ISSN:   9781475543759/1018-5941   Format:   Paper
    Stock No:   WPIEA2014074   Pages:   43
    Price:   US$18.00
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