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International Investment Patterns

Gian Maria Milesi-Ferretti () and Philip Lane

No 4499, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We provide a systematic analysis of bilateral, source and host factors driving portfolio equity investment across countries, using newly released data on international equity holdings at the end of 2001. We develop a model that links bilateral equity holdings to bilateral trade in goods and services and find that the data strongly support such a correlation. Larger bilateral positions are also associated with proxies for informational proximity. We further document that the scale of aggregate foreign equity asset and liability holdings is larger for richer countries and countries with more developed stock markets.

Keywords: International portfolio equity investment; International trade; Gravity (search for similar items in EconPapers)
JEL-codes: F21 F34 (search for similar items in EconPapers)
Date: 2004-07
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Citations: View citations in EconPapers (80)

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Journal Article: International Investment Patterns (2008) Downloads
Working Paper: International Investment Patterns (2005) Downloads
Working Paper: International Investment Patterns (2004) Downloads
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