International Financial Integration
Electronic Access:
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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. 2003/086
Subject:
External position Financial institutions Financial markets Foreign assets Foreign exchange Foreign liabilities Real exchange rates Stock markets Stocks
English
Publication Date:
April 1, 2003
ISBN/ISSN:
9781451850901/1018-5941
Stock No:
WPIEA0862003
Pages:
45
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