International Financial Integration
By Philip R. Lane, G. Milesi-Ferretti. Social Science Research Network, 2003
447 citations recorded by the source corpus.
In recent decades, foreign assets and liabilities in advanced countries have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding the size of net positions. Moreover, the portfolio equity and foreign direct investment (FDI) categories have grown in importance relative to international debt stocks. In this paper, we describe the broad trends in international financial integration for a sample of industrial countries and seek to explain the cross-country and time-series variation in the size of international balance sheets. We also examine the behavior of the rates of return on foreign assets and liabilities, relating them to “market” returns.
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/eba29c0a0b794a091e20df3ccd72cbb615f586cc
Citations in the corpus
- Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing (2005, unknown): “See Lane and Milesi-Ferretti (2001, 2003, 2004), Tille (2003), IMF (2005).”
- Exchange Rate, Equity Prices and Capital Flows (2006, unknown): “29 Lane and Milesi-Ferretti (2003) also report a negative correlation between domestic real return in local currency and the real exchange rate at the yearly horizon.”
- Demography and the Long-Run Predictability of the Stock Market (2004, unknown): “Welch (1979) found evidence that wages depend on cohort sizes for the period preceeding 1980: for the period after 1980, as Macunovich (2002) has shown, additional variables are needed to explain the movements in wages. (19)The MY ratio obtained by using the size of the cohort 40-59 to the size of t”
- Financial Exchange Rates and International Currency Exposures (2010, unknown): “…that endogenize 1Gourinchas and Rey (2007a, 2007b) and Tille (2003, 2005) have made studies of the valuation channel for the United States, while Lane and Milesi-Ferretti (2001, 2003, 2005, 2007a, 2007b, 2007c) have examined valuation effects for a large panel of countries in a variety of…”
- Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows (2009, unknown): “As we argue below, this is at least in part likely a measurement issue: Lane and Milesi-Ferretti (2003), as many other authors, use the binary capital controls dummy discussed in the previous section, a crude indicator which is hides important cross-country and time variation in the degree of…”
- Global Bond Portfolios and Emu (2006, unknown): “In terms of focus, we place a special emphasis on investigating the connections between bilateral 1See, for instance, Lane and Milesi-Ferretti (2003).”
- A Global Perspective on External Positions (2005, unknown): “11 See Tille (2003) for an interesting study of valuation effects during the period 1990-2002.”