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Global bond portfolios and EMU

Philip Lane

No 553, Working Paper Series from European Central Bank

Abstract: We examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member countries. We find considerable support for "euro area bias": EMU member countries disproportionately invest in one another relative to other country pairs. Another striking pattern is the positive connection between trade linkages and financial linkages in explaining asymmetries across EMU member countries in terms of their outward and inward bond investments vis- JEL Classification: E4, F2, F3, F4

Keywords: bond portfolios; EMU; financial integration (search for similar items in EconPapers)
Date: 2005-11
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Related works:
Journal Article: Global Bond Portfolios and EMU (2006) Downloads
Working Paper: Global Bond Portfolios and EMU (2006) Downloads
Working Paper: Global Bond Portfolios and EMU (2006) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:2005553

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