International Financial Integration in the Aftermath of the Global Financial Crisis
IMF Working Papers, May 10, 2017
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- International Financial Integration in the Aftermath of the Global Financial Crisis
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Bibliographic details
- Authors: Philip R. Lane, Gian M Milesi-Ferretti
- Published: May 10, 2017
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781484300336.001
Dataset and scope
- Updated dataset on external assets and liabilities covering over 210 economies for the period 1970-2015.
- Paper length: 53 pages.
- Authors: Philip R. Lane, Gian M Milesi-Ferretti.
- Publication date: May 10, 2017.
- Series: IMF Working Papers, Working Paper No. 2017/115.
- Volume: 2017; Issue: 115.
- DOI: https://doi.org/10.5089/9781484300336.001
- ISBN: 9781484300336
- ISSN: 1018-5941
Main findings on international financial integration
- The growth in cross-border positions in relation to world GDP has come to a halt.
- This halt reflects:
- Much weaker capital flows to and from advanced economies.
- Diminished cross-border banking activity.
- An increase in the weight of emerging economies in global GDP, with these economies having lower external assets and liabilities than advanced economies.
- Cross-border FDI positions have continued to expand.
- Positions in portfolio instruments and other investment have not continued to expand.
Patterns by asset class and geography
- Expansion of cross-border FDI positions reflects primarily positions vis-à-vis financial centers.
- The role of financial centers suggests that the complexity of the corporate structure of large multinational corporations is an important factor in observed FDI patterns.
Cross-country drivers of foreign ownership of domestic debt securities
- The paper explores cross-country drivers of foreign ownership of domestic debt securities.
- Highlights in particular the role of the euro debt crisis in explaining the evolution of foreign ownership of domestic debt securities.
Subject areas and keywords (as provided)
- Subject: Balance of payments, Financial crises, Financial institutions, Foreign direct investment, Global financial crisis of 2008-2009, Government securities, Securities.
- Keywords: aggregate portfolio debt category, central bank, country group, debt securities, equity liability, financial crisis, financial globalization, Foreign direct investment, Global, Global financial crisis of 2008-2009, Government securities, International financial integration, portfolio debt claim, portfolio debt liability, portfolio debt position, portfolio debt securities, portfolio equity liability, portfolio equity positions, portfolio holding, Securities, World GDP, world GDP share, WP.
Philip R. Lane and Gian M Milesi-Ferretti, "International Financial Integration in the Aftermath of the Global Financial Crisis", IMF Working Papers No. 2017/115, May 10, 2017; 53 pages; DOI: https://doi.org/10.5089/9781484300336.001; ISBN: 9781484300336; ISSN: 1018-5941.