Global Capital Allocation

Sergio Florez-Orrego, Matteo Maggiori, Jesse Schreger, Ziwen Sun and Serdil Tinda

No 31599, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We survey the literature on global capital allocation. We begin by reviewing the rise of cross-border investment, the shift towards portfolio investment, and the literature focusing on aggregate patterns in multilateral and bilateral positions. We then turn to the recent literature that uses micro-data to document patterns in global capital allocations. We focus on the importance of the currency of denomination of assets in international portfolios and the role that tax havens and offshore financial centers play in intermediating global capital. We conclude with directions for future research in this area.

JEL-codes: F0 F3 F30 (search for similar items in EconPapers)
Date: 2023-08
New Economics Papers: this item is included in nep-int, nep-mac and nep-opm
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Published as Sergio Florez-Orrego & Matteo Maggiori & Jesse Schreger & Ziwen Sun & Serdil Tinda, 2024. "Global Capital Allocation," Annual Review of Economics, .

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Journal Article: Global Capital Allocation (2024)
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Working Paper: Global Capital Allocation (2023)
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