International finance through the lens of BIS statistics: offshore activity

Iñaki Aldasoro, Bryan Hardy, Goetz von Peter and Philip Wooldridge

BIS Quarterly Review, 2026

Abstract: Offshore activity has become an integral part of international finance, with companies increasingly issuing bonds via financial affiliates abroad while banks and other financial firms channel credit through financial centres. This article leverages BIS statistics to look through residence to nationality to show who ultimately borrows and lends offshore. By revealing who borrows and which banking systems hold the exposures, BIS statistics enhance the monitoring of vulnerabilities and international spillovers.

JEL-codes: F23 F36 G15 (search for similar items in EconPapers)
Date: 2026
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