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 |
JEL(s): | F31, F32 |
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.