A consolidated-by-nationality approach to Irish foreign exposure

Andre Sanchez Pacheco

Economic Papers from Trinity College Dublin, Economics Department

Abstract: How exposed is Ireland to foreign shocks? Relying on residence-based measures of foreign holdings to answer this question can be challenging. These statistics are obscured by the vast presence of Special Purpose Entities in the country. Alternatively, I construct an estimate of the Irish consolidated-by-nationality foreign balance sheet for the period between 2011 and 2019 based on a novel methodology that builds on firm-level data. I find that Ireland's consolidated foreign balance sheet is on average 46.7% smaller relative to its residence-based analogue. I interpret this result as an indication that Ireland is significantly less exposed to foreign shocks than what is suggested by residence-based statistics.

Keywords: International financial integration; financial globalisation; consolidated-by-nationality statistics (search for similar items in EconPapers)
JEL-codes: F21 F23 F36 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2021-11, Revised 2021-12
New Economics Papers: this item is included in nep-int
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Journal Article: A consolidated-by-nationality approach to Irish foreign exposure (2022)
Journal Article: A consolidated-by-nationality approach to Irish foreign exposure (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:tcd:tcduee:tep1421

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