International Financial Integration

WPIEA0862003 Image
Price:  $15.00

Author/Editor: Gian Maria Milesi-Ferretti, Philip R. Lane
Release Date: © April, 2003
ISBN : 978-1-45185-090-1
Stock #: WPIEA0862003
Stock Status: On back-order

Languages and formats available



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.


Economic development , Foreign exchange , International financial system , Investment

More publications in this series: Working Papers

More publications by: Gian Maria Milesi-Ferretti ; Philip R. Lane