International Financial Integration in the Aftermath of the Global Financial Crisis /:
This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP h...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C. :
International Monetary Fund,
2017.
|
| Schriftenreihe: | IMF working paper ;
WP/17/115. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-a-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution. |
| Beschreibung: | 1 online resource |
| ISBN: | 1484300386 9781484300381 1484300335 9781484300336 |
| ISSN: | 1018-5941 ; |
Internformat
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| 245 | 1 | 0 | |a International Financial Integration in the Aftermath of the Global Financial Crisis / |c by Philip R. Lane and Gian Maria Milesi-Ferretti. |
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| 505 | 0 | |a Cover; Contents; I. Introduction; II. The Dataset; III. Dynamics of International Financial Integration; IV. External Balance Sheet and Global Macro-financial Trends; A. Banks; B. The Euro Area Crisis; C. FDI Measurement Issues; D. Emerging and Developing Economies and the Role of China; V. Foreign Holdings of Portfolio Debt Securities; VI. Conclustions; References; Tables; 1. The Size of Global Debt Securities' Markets: 2007 vs 2014; 2. Share of Debt Securities held by Nonresidents: 2007 and 2015. | |
| 505 | 8 | |a 3. Drivers of Foreign Share of Government Debt Securities, 2007 vs 2015 Cross-sectional Regressions4. Drivers of Change in Foreign Share of Government Debt Securities, 2007-2015; 5. Drivers of Foreign Share of Government Debt Securities, 2006-2015 Panel Regressions; Figures; 1. Global External Assets and Liabilities; 2. The Composition of World GDP; 3. Changes in External Assets, Liabilities and World GDP, 2007-2015; 4. Changes in External Assets and Liabilities, 2007-2015; 5. Gross and Net External Positions, Advanced Economies Excluding Financial Centers. | |
| 505 | 8 | |a 6. Net External Position: United States and Other Advanced Economies Excluding Financial Centers and United States7. Gross and Net External Positions, Financial Centers; 8. Gross and Net External Positions, Emerging and Developing Economies; 9. Net External Position: China and Other Emerging and Developing Economies; 10. External Assets of BIS-reporting Banks; 11. Claims of BIS-reporting Banks by Destination; 12. Intra-euro Area Assets; 13. Emerging and Developing Economies: Changes in Share of External Assets, Liabilities, and GDP to Global GDP. | |
| 505 | 8 | |a 14. Emerging Markets: Change in Share of Portfolio Liabilities to GDP15. Coefficients on Time Series Dummies; Appendices; 1. Data and Country Classification; 2. FDI in Financial Centers: the cases of Ireland and the Netherlands; Appendix Tables; A1. FDI Positions in Ireland; A2. The Netherlands: External Assets and Liabilities, Special Financial Institutions; A3. The Netherlands: External Assets and Liabilities, Excluding Special Financial Institutions. | |
| 520 | 3 | |a This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-a-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution. | |
| 650 | 0 | |a Financial crises. |0 http://id.loc.gov/authorities/subjects/sh89002668 | |
| 650 | 0 | |a Global Financial Crisis, 2008-2009. |0 http://id.loc.gov/authorities/subjects/sh2009003683 | |
| 650 | 0 | |a Economic policy. |0 http://id.loc.gov/authorities/subjects/sh85040837 | |
| 650 | 6 | |a Crise financière mondiale, 2008-2009. | |
| 650 | 6 | |a Politique économique. | |
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| author | Lane, Philip R. Milesi-Ferretti, Gian Maria |
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| contents | Cover; Contents; I. Introduction; II. The Dataset; III. Dynamics of International Financial Integration; IV. External Balance Sheet and Global Macro-financial Trends; A. Banks; B. The Euro Area Crisis; C. FDI Measurement Issues; D. Emerging and Developing Economies and the Role of China; V. Foreign Holdings of Portfolio Debt Securities; VI. Conclustions; References; Tables; 1. The Size of Global Debt Securities' Markets: 2007 vs 2014; 2. Share of Debt Securities held by Nonresidents: 2007 and 2015. 3. Drivers of Foreign Share of Government Debt Securities, 2007 vs 2015 Cross-sectional Regressions4. Drivers of Change in Foreign Share of Government Debt Securities, 2007-2015; 5. Drivers of Foreign Share of Government Debt Securities, 2006-2015 Panel Regressions; Figures; 1. Global External Assets and Liabilities; 2. The Composition of World GDP; 3. Changes in External Assets, Liabilities and World GDP, 2007-2015; 4. Changes in External Assets and Liabilities, 2007-2015; 5. Gross and Net External Positions, Advanced Economies Excluding Financial Centers. 6. Net External Position: United States and Other Advanced Economies Excluding Financial Centers and United States7. Gross and Net External Positions, Financial Centers; 8. Gross and Net External Positions, Emerging and Developing Economies; 9. Net External Position: China and Other Emerging and Developing Economies; 10. External Assets of BIS-reporting Banks; 11. Claims of BIS-reporting Banks by Destination; 12. Intra-euro Area Assets; 13. Emerging and Developing Economies: Changes in Share of External Assets, Liabilities, and GDP to Global GDP. 14. Emerging Markets: Change in Share of Portfolio Liabilities to GDP15. Coefficients on Time Series Dummies; Appendices; 1. Data and Country Classification; 2. FDI in Financial Centers: the cases of Ireland and the Netherlands; Appendix Tables; A1. FDI Positions in Ireland; A2. The Netherlands: External Assets and Liabilities, Special Financial Institutions; A3. The Netherlands: External Assets and Liabilities, Excluding Special Financial Institutions. |
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| discipline | Wirtschaftswissenschaften |
| era | 2008-2009 fast |
| era_facet | 2008-2009 |
| format | Electronic eBook |
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| id | ZDB-4-EBA-ocn989713643 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-27T13:27:52Z |
| institution | BVB |
| isbn | 1484300386 9781484300381 1484300335 9781484300336 |
| issn | 1018-5941 ; |
| language | English |
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| series | IMF working paper ; |
| series2 | IMF Working paper, |
| spelling | Lane, Philip R., author. International Financial Integration in the Aftermath of the Global Financial Crisis / by Philip R. Lane and Gian Maria Milesi-Ferretti. Washington, D.C. : International Monetary Fund, 2017. 1 online resource text txt rdacontent computer c rdamedia online resource cr rdacarrier data file IMF Working paper, 1018-5941 ; WP/17/115 Online resource; title from PDF file page (EBSCO, viewed October 9, 2018). Cover; Contents; I. Introduction; II. The Dataset; III. Dynamics of International Financial Integration; IV. External Balance Sheet and Global Macro-financial Trends; A. Banks; B. The Euro Area Crisis; C. FDI Measurement Issues; D. Emerging and Developing Economies and the Role of China; V. Foreign Holdings of Portfolio Debt Securities; VI. Conclustions; References; Tables; 1. The Size of Global Debt Securities' Markets: 2007 vs 2014; 2. Share of Debt Securities held by Nonresidents: 2007 and 2015. 3. Drivers of Foreign Share of Government Debt Securities, 2007 vs 2015 Cross-sectional Regressions4. Drivers of Change in Foreign Share of Government Debt Securities, 2007-2015; 5. Drivers of Foreign Share of Government Debt Securities, 2006-2015 Panel Regressions; Figures; 1. Global External Assets and Liabilities; 2. The Composition of World GDP; 3. Changes in External Assets, Liabilities and World GDP, 2007-2015; 4. Changes in External Assets and Liabilities, 2007-2015; 5. Gross and Net External Positions, Advanced Economies Excluding Financial Centers. 6. Net External Position: United States and Other Advanced Economies Excluding Financial Centers and United States7. Gross and Net External Positions, Financial Centers; 8. Gross and Net External Positions, Emerging and Developing Economies; 9. Net External Position: China and Other Emerging and Developing Economies; 10. External Assets of BIS-reporting Banks; 11. Claims of BIS-reporting Banks by Destination; 12. Intra-euro Area Assets; 13. Emerging and Developing Economies: Changes in Share of External Assets, Liabilities, and GDP to Global GDP. 14. Emerging Markets: Change in Share of Portfolio Liabilities to GDP15. Coefficients on Time Series Dummies; Appendices; 1. Data and Country Classification; 2. FDI in Financial Centers: the cases of Ireland and the Netherlands; Appendix Tables; A1. FDI Positions in Ireland; A2. The Netherlands: External Assets and Liabilities, Special Financial Institutions; A3. The Netherlands: External Assets and Liabilities, Excluding Special Financial Institutions. This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-a-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution. Financial crises. http://id.loc.gov/authorities/subjects/sh89002668 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Economic policy. http://id.loc.gov/authorities/subjects/sh85040837 Crise financière mondiale, 2008-2009. Politique économique. BUSINESS & ECONOMICS Industries General. bisacsh Economic policy fast Financial crises fast Global Financial Crisis (2008-2009) fast https://id.oclc.org/worldcat/entity/E39Qhp4vBbr3T8xBMDbJhDhGmm 2008-2009 fast Milesi-Ferretti, Gian Maria, author. http://id.loc.gov/authorities/names/no92024826 IMF working paper ; WP/17/115. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1529349 Volltext |
| spellingShingle | Lane, Philip R. Milesi-Ferretti, Gian Maria International Financial Integration in the Aftermath of the Global Financial Crisis / IMF working paper ; Cover; Contents; I. Introduction; II. The Dataset; III. Dynamics of International Financial Integration; IV. External Balance Sheet and Global Macro-financial Trends; A. Banks; B. The Euro Area Crisis; C. FDI Measurement Issues; D. Emerging and Developing Economies and the Role of China; V. Foreign Holdings of Portfolio Debt Securities; VI. Conclustions; References; Tables; 1. The Size of Global Debt Securities' Markets: 2007 vs 2014; 2. Share of Debt Securities held by Nonresidents: 2007 and 2015. 3. Drivers of Foreign Share of Government Debt Securities, 2007 vs 2015 Cross-sectional Regressions4. Drivers of Change in Foreign Share of Government Debt Securities, 2007-2015; 5. Drivers of Foreign Share of Government Debt Securities, 2006-2015 Panel Regressions; Figures; 1. Global External Assets and Liabilities; 2. The Composition of World GDP; 3. Changes in External Assets, Liabilities and World GDP, 2007-2015; 4. Changes in External Assets and Liabilities, 2007-2015; 5. Gross and Net External Positions, Advanced Economies Excluding Financial Centers. 6. Net External Position: United States and Other Advanced Economies Excluding Financial Centers and United States7. Gross and Net External Positions, Financial Centers; 8. Gross and Net External Positions, Emerging and Developing Economies; 9. Net External Position: China and Other Emerging and Developing Economies; 10. External Assets of BIS-reporting Banks; 11. Claims of BIS-reporting Banks by Destination; 12. Intra-euro Area Assets; 13. Emerging and Developing Economies: Changes in Share of External Assets, Liabilities, and GDP to Global GDP. 14. Emerging Markets: Change in Share of Portfolio Liabilities to GDP15. Coefficients on Time Series Dummies; Appendices; 1. Data and Country Classification; 2. FDI in Financial Centers: the cases of Ireland and the Netherlands; Appendix Tables; A1. FDI Positions in Ireland; A2. The Netherlands: External Assets and Liabilities, Special Financial Institutions; A3. The Netherlands: External Assets and Liabilities, Excluding Special Financial Institutions. Financial crises. http://id.loc.gov/authorities/subjects/sh89002668 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Economic policy. http://id.loc.gov/authorities/subjects/sh85040837 Crise financière mondiale, 2008-2009. Politique économique. BUSINESS & ECONOMICS Industries General. bisacsh Economic policy fast Financial crises fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh89002668 http://id.loc.gov/authorities/subjects/sh2009003683 http://id.loc.gov/authorities/subjects/sh85040837 |
| title | International Financial Integration in the Aftermath of the Global Financial Crisis / |
| title_auth | International Financial Integration in the Aftermath of the Global Financial Crisis / |
| title_exact_search | International Financial Integration in the Aftermath of the Global Financial Crisis / |
| title_full | International Financial Integration in the Aftermath of the Global Financial Crisis / by Philip R. Lane and Gian Maria Milesi-Ferretti. |
| title_fullStr | International Financial Integration in the Aftermath of the Global Financial Crisis / by Philip R. Lane and Gian Maria Milesi-Ferretti. |
| title_full_unstemmed | International Financial Integration in the Aftermath of the Global Financial Crisis / by Philip R. Lane and Gian Maria Milesi-Ferretti. |
| title_short | International Financial Integration in the Aftermath of the Global Financial Crisis / |
| title_sort | international financial integration in the aftermath of the global financial crisis |
| topic | Financial crises. http://id.loc.gov/authorities/subjects/sh89002668 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Economic policy. http://id.loc.gov/authorities/subjects/sh85040837 Crise financière mondiale, 2008-2009. Politique économique. BUSINESS & ECONOMICS Industries General. bisacsh Economic policy fast Financial crises fast |
| topic_facet | Financial crises. Global Financial Crisis, 2008-2009. Economic policy. Crise financière mondiale, 2008-2009. Politique économique. BUSINESS & ECONOMICS Industries General. Economic policy Financial crises |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1529349 |
| work_keys_str_mv | AT lanephilipr internationalfinancialintegrationintheaftermathoftheglobalfinancialcrisis AT milesiferrettigianmaria internationalfinancialintegrationintheaftermathoftheglobalfinancialcrisis |