The Dynamics of Portfolio Holdings in Emerging Europe

Vahagn Galstyan and Philip Lane ()

The Institute for International Integration Studies Discussion Paper Series from IIIS

Abstract: In this paper we examine shifts in the bilateral patterns in international portfolio holdings in emerging Europe during the 2001-2008 period. In relation to the 2001-2007 pre-crisis period, we find some evidence that shifts in the geographical composition of portfolio debt liabilities reflect shifts in bilateral trade patterns. In addition, we find that the new member states disproportionately attracted portfolio equity investment from other members of the European Union after 2004. During the crisis period, we find that the bilateral composition of the shift in portfolio positions is affected by the scale of pre-crisis holdings and the geographical proximity of creditors. We also find that countries in the euro area are more likely to maintain portfolio positions in emerging Europe than were investors from other regions.

Keywords: Portfolio holdings; crises; emerging Europe (search for similar items in EconPapers)
JEL-codes: F30 F32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-fmk and nep-ifn
Date: 2010-11
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