Bilateral Financial Linkages and Global Imbalances: A View on The Eve of the Financial Crisis

Gian Maria Milesi-Ferretti (), Natalia Tamirisa () and Francesco Strobbe

No 8173, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence between country or region pairs with the largest gross versus net external positions, and the importance of international financial centers, including offshore centers, in intermediating financial flows. We also highlight some important data gaps in completing a network of cross-border holdings, related to the limited available information on the size and geographical pattern of external claims and liabilities of offshore centers, oil exporters, and other mostly emerging markets.

Keywords: Capital flows; Global imbalances; International financial integration (search for similar items in EconPapers)
JEL-codes: F31 F32 (search for similar items in EconPapers)
Date: 2010-12
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Citations: View citations in EconPapers (74)

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Working Paper: Bilateral Financial Linkages and Global Imbalances: a View on The Eve of the Financial Crisis (2010)
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