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International Investment Patterns

Philip Lane and Gian Maria Milesi-Ferretti ()

The Institute for International Integration Studies Discussion Paper Series from IIIS

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)
New Economics Papers: this item is included in nep-int
Date: 2005-01-28
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Related works:
Journal Article: International Investment Patterns (2008) Downloads
Working Paper: International Investment Patterns (2004) Downloads
Working Paper: International Investment Patterns (2004) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:iis:dispap:iiisdp024

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