International Financial Integration

Gian Maria Milesi-Ferretti () and Philip Lane

No 3769, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: In recent decades, foreign assets and liabilities in advanced countries have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. In this Paper, we describe the broad trends in international financial integration for a sample of industrial countries, and seek to explain the cross-country and time-series variation in the size of international balance sheets. We also examine the behaviour of the rates of return on foreign assets and liabilities, relating them to ?market? returns.

Keywords: International financial integration; Capital flows; Rates of return (search for similar items in EconPapers)
JEL-codes: F21 F34 (search for similar items in EconPapers)
Date: 2003-02
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Citations: View citations in EconPapers (204)

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Related works:
Working Paper: International Financial Integration* (2003)
Working Paper: International Financial Integration (2003)
Working Paper: International Financial Integration (2003)
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