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

55 Pages Posted: 1 Feb 2011

See all articles by Gian Maria Milesi-Ferretti

Gian Maria Milesi-Ferretti

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

Francesco Strobbe

World Bank

Natalia T. Tamirisa

International Monetary Fund (IMF)

Multiple version iconThere are 2 versions of this paper

Date Written: November 2010

Abstract

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.

Keywords: Balance of trade, Cross country analysis, Developed countries, Economic integration, Emerging markets, Globalization, Public debt, Public investment

Suggested Citation

Milesi-Ferretti, Gian Maria and Strobbe, Francesco and Tamirisa, Natalia T., Bilateral Financial Linkages and Global Imbalances: A View on the Eve of the Financial Crisis (November 2010). IMF Working Papers, Vol. , pp. 1-54, 2010. Available at SSRN: https://ssrn.com/abstract=1750746

Gian Maria Milesi-Ferretti

International Monetary Fund (IMF) ( email )

700 19th Street NW
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202-623-7441 (Phone)
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National Bureau of Economic Research (NBER)

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Cambridge, MA 02138
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Centre for Economic Policy Research (CEPR)

London
United Kingdom

Francesco Strobbe

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Natalia T. Tamirisa

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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