Global Bond Portfolios and EMU

Philip Lane

The Institute for International Integration Studies Discussion Paper Series from IIIS

Abstract: We examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member countries. We find considerable support for "euro area" bias: EMU member countries disproportionately invest in one another relative to other country pairs. Another striking pattern is the positive connection between trade linkages and financial linkages in explaining asymmetries across EMU member countries in terms of their outward bond investments vis-a-vis external counterparties. Our empirical results underline the impact of currency union on financial integration and support the notion that financial regionalization is the leading force underlying financial globalization.

Date: 2006-08-02
New Economics Papers: this item is included in nep-cba, nep-eec, nep-fin and nep-fmk
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Related works:
Journal Article: Global Bond Portfolios and EMU (2006)
Working Paper: Global Bond Portfolios and EMU (2006)
Working Paper: Global bond portfolios and EMU (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:iis:dispap:iiisdp168

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