International Financial Integration

Author/Editor:

Philip R. Lane ; Gian M Milesi-Ferretti

Publication Date:

April 1, 2003

Electronic Access:

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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:

In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.

Series:

Working Paper No. 03/86

Subject:

English

Publication Date:

April 1, 2003

ISBN/ISSN:

9781451850901/1018-5941

Stock No:

WPIEA0862003

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

45

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