DP7694 Cross-Border Investment in Small International Financial Centers
|Author(s):||Philip R. Lane, Gian Maria Milesi-Ferretti|
|Publication Date:||February 2010|
|Keyword(s):||Financial centers, foreign assets, portfolio investment|
|Programme Areas:||International Macroeconomics|
|Link to this Page:||cepr.org/active/publications/discussion_papers/dp.php?dpno=7694|
We document and assess the role of small financial centers in the international financial system using a newly-assembled dataset. We present estimates of the foreign asset and liability positions for a number of the most important small financial centers, and place these into context by calculating the importance of these locations in the global aggregate of cross-border investment positions. We also report data on bilateral cross-border investment patterns, highlighting which countries engage in financial trade with small financial centers.