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International Investment Patterns: the Case of German Sectors

Vahagn Galstyan and Adnan Velic ()

Open Economies Review, 2018, vol. 29, issue 3, 665-685

Abstract: Abstract In this paper we exploit the newly augmented Coordinated Portfolio Investment Survey data of the IMF to study the cross-border inter-sectoral portfolio asset holdings of Germany. Our analysis reveals a significant degree of heterogeneity in the international asset positions of various German holding entities. The findings of our study also suggest differential relations between portfolio holdings and a set of “gravity-style” factors across holder-issuer pairings of various sectors. We conclude that aggregate-level patterns in international portfolio holdings may not persist in inter-sectoral data.

Keywords: International portfolios; Sectoral holdings; Gravity (search for similar items in EconPapers)
JEL-codes: F30 F41 G15 (search for similar items in EconPapers)
Date: 2018
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