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International Financial Integration

Philip R. Lane

Trinity College (Dublin) - Department of Economics; Centre for Economic Policy Research (CEPR)

Gian Maria Milesi-Ferretti

International Monetary Fund (IMF); National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

April 2003

IMF Working Paper No. 03/86

In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to market returns.

Number of Pages in PDF File: 45

Keywords: International investment position, rates of return

JEL Classification: F31, F32

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Date posted: January 29, 2006  

Suggested Citation

Lane, Philip R. and Milesi-Ferretti, Gian Maria, International Financial Integration (April 2003). IMF Working Paper, Vol. , pp. 1-45, 2003. Available at SSRN: http://ssrn.com/abstract=879162

Contact Information

Philip R. Lane (Contact Author)
Trinity College (Dublin) - Department of Economics ( email )
Trinity College
Dublin 2
+353 1 608 2259 (Phone)
+353 1 677 2503 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Gian Maria Milesi-Ferretti
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
International Monetary Fund (IMF) ( email )
700 19th Street NW
Room 9-700
Washington, DC 20431
United States
202-623-7441 (Phone)
202-589-7441 (Fax)
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References:  42
Citations:  107

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