Bilateral Financial Linkages and Global Imbalances: a View on The Eve of the Financial Crisis

By Gian M Milesi-Ferretti, Natalia T. Tamirisa, Francesco Strobbe

November 1, 2010

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Gian M Milesi-Ferretti, Natalia T. Tamirisa, and Francesco Strobbe. Bilateral Financial Linkages and Global Imbalances: a View on The Eve of the Financial Crisis, (USA: International Monetary Fund, 2010) accessed December 3, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

We present a novel and comprehensive dataset of bilateral gross and net external positions in various financial instruments for the main advanced and emerging economies and regions, designed to improve our understanding of cross-border financial linkages. The data show no strong correspondence between country or region pairs with the largest gross versus net external positions, and the importance of international financial centers, including offshore centers, in intermediating financial flows. We also highlight some important data gaps in completing a network of cross-border holdings, related to the limited available information on the size and geographical pattern of external claims and liabilities of offshore centers, oil exporters, and other mostly emerging markets.

Subject: Banking, Emerging and frontier financial markets, External position, Financial instruments, Foreign banks

Keywords: Equity assets, Euro area, Portfolio assets, Portfolio liability, Vis-à-vis Japan, WP

Publication Details

Pages:

54
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2010/257
Stock No:

WPIEA2010257
ISBN:

9781455209576
ISSN:

1018-5941

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