Global Capital Allocation

Sergio Florez-Orrego, Matteo Maggiori, Jesse Schreger, Ziwen Sun and Serdil Tinda

No 18480, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We survey the literature on global capital allocation. We begin by reviewing the rise of cross-border investment, the shift towards portfolio investment, and the literature focusing on aggregate patterns in multilateral and bilateral positions. We then turn to the recent literature that uses micro-data to document patterns in global capital allocations. We focus on the importance of the currency of denomination of assets in international portfolios and the role that tax havens and offshore financial centers play in intermediating global capital. We conclude with directions for future research in this area.

Keywords: Tax havens/financial centers; Us dollar; International investment positions (search for similar items in EconPapers)
JEL-codes: F3 (search for similar items in EconPapers)
Date: 2023-09
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Related works:
Journal Article: Global Capital Allocation (2024)
Working Paper: Global Capital Allocation (2023)
Working Paper: Global Capital Allocation (2023)
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