EconPapers    
Economics at your fingertips  
 

Global Bond Portfolios and EMU

Philip Lane

MPRA Paper from University Library of Munich, Germany

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 and inward bond investments vis-a-vis external counterparties. At the aggregate level, it is those countries physically closest to the euro area that are both the most important destinations and sources for external bond investment vis-a-vis the euro area. Our empirical results support the notion that financial regionalization is the leading force underlying financial globalization.

JEL-codes: G0 (search for similar items in EconPapers)
Date: 2005-05-20, Revised 2006-02-15
New Economics Papers: this item is included in nep-cba
References: Add references at CitEc
Citations: View citations in EconPapers (141)

Published in International Journal of Central Banking Number 2.Volume(2006): pp. 1-23

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/654/1/MPRA_paper_654.pdf original version (application/pdf)

Related works:
Journal Article: Global Bond Portfolios and EMU (2006) Downloads
Working Paper: Global Bond Portfolios and EMU (2006) Downloads
Working Paper: Global bond portfolios and EMU (2005) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:654

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter (winter@lmu.de).

 
Page updated 2024-12-28
Handle: RePEc:pra:mprapa:654