Global Bond Portfolios and EMU

Philip Lane

International Journal of Central Banking, 2006, vol. 2, issue 2

Abstract: This paper examines the bilateral composition of international bond portfolios for the euro area and the individual EMU member countries. I find considerable support for euroarea 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-à-vis external counterparties. My 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.

JEL-codes: E42 F41 G15 (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (137)

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Related works:
Working Paper: 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:ijc:ijcjou:y:2006:q:2:a:1

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