A consolidated-by-nationality approach to Irish foreign exposure

Andre Sanchez Pacheco

International Economics, 2022, issue 170, 235-247

Abstract: How exposed is Ireland to foreign shocks? Relying on residence-based measures of foreign holdings to answer this question can be challenging. These statistics are obscured by the vast presence of Special Purpose Entities in the country. Alternatively, I construct an estimate of the Irish consolidated-by-nationality foreign balance sheet for the period between 2011 and 2019 based on a novel methodology that builds on firm-level data. I find that Ireland's consolidated foreign balance sheet is on average 46.7% smaller relative to its residence-based analogue. I interpret this result as an indication that Ireland is significantly less exposed to foreign shocks than what is suggested by residence-based statistics.

Keywords: International financial integration; Financial globalisation; Consolidated-by-nationality statistics (search for similar items in EconPapers)
JEL-codes: F21 F23 F36 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (4)

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Journal Article: A consolidated-by-nationality approach to Irish foreign exposure (2022)
Working Paper: A consolidated-by-nationality approach to Irish foreign exposure (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:cii:cepiie:2022-q2-170-15

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